Canadian reit buys over 900 Dutch apartments
Canadian Apartment Properties Real Estate Investment Trust (Capreit) has bought a portfolio of 18 Dutch properties containing 942 residential suites for €163.8 million ($NZ200 million) at an average $NZ212,300/suite.
The Toronto-based trust’s president & chief executive, Mark Kenney, said on 1 August: “We continue building scale in the robust Netherlands multi-residential market. The Netherlands residential rental market remains highly fragmented, with strong demand for rental accommodation driven by an acute housing shortage, high population growth & strong macro-economic fundamentals.”
The apartments are in 7 urban growth markets, 91% of them built since 1970, current occupancy 98%.
Capreit is one of Canada’s largest residential landlords. It manages 61,189 residential units – 49,512 residential suites & 72 manufactured home communities comprising 11,677 land lease sites in & near major urban centres in Canada, the Netherlands & Ireland.
The Canadian trust financed the acquisition through its Euro acquisition & operating facility and will make it available to its European Residential Real Estate Investment Trust when that trust is in a position to acquire it.
Capreit, which has a market capitalisation of $NZ7.5 billion, bought its first Dutch properties in 2016. This acquisition increases that portfolio by 28%.