Catella Dutch Residential Fund II acquires office conversion housing scheme in Zeist for EUR18m
Maastricht-based Catella IM Benelux (CIMB) has acquired a housing development in the Dutch town of Zeist, seven km to the east of Utrecht, on behalf of the Catella Dutch Residential Fund ll, for approximately EUR18 million from Green Living Investments BV.
The completion of the development is expected by the end of 2020.
The scheme, located on the Utrechtseweg in Zeist, is a redevelopment from an office building into residential dwellings and consists of 94 affordable rental apartments with a total area of 4,600 sq m, targeting sub-segments of the residential market where there is strong demand, such as housing for starters, middle-aged couples and seniors. The site also has 170 parking places and space for more than 100 bikes.
Voas Brouns, Managing Director, Catella IM Benelux, says: “This type of affordable housing in one of the best residential areas of the Netherlands is very scarce and we are stepping up these investments where we can because of the strong market demand, which is not being satisfied by the limited supply. The property in Zeist is located in a very green area and close to Utrecht, with all the services the city has to offer, which makes it very appealing to a wide range of social groups, from starters to seniors.”
Utrecht is one of the fastest growing university cities in the Netherlands and about 35 kms to the south of Amsterdam. The Utrechtseweg district of Zeist, in contrast to surrounding neighbourhoods, consists mainly of larger villas and shops and is a green and leafy environment with two parks located close to the property acquired by the Catella fund. A doctor’s surgery, a pharmacy, supermarket and primary school are also located in the immediate vicinity of the site.
CIMB was legally assisted in the transaction by Loyens & Loeff. PVM provided technical advice on the project.