Dutch real estate investment manager Bouwfonds has announced the acquisition of a student residential home in Stuttgart and two residential properties in Stockholm for a total of EUR 33 mln.

The purchases were carried out for its EUR 350 mln Bouwfonds European Residential Fund, which aims to reach a volume of EUR 1 bn.

The new residential complex in Stuttgart for students consists of a commercial unit and 173 residential units with a total of 404 rooms. The gross purchase price for the property was EUR 23.4 mln for a gross initial rate of return of 6.6%.

In Stockholm Bouwfonds has acquired 49 newly built apartment units totalling 3,243 m2 for EUR 10 mln. The gross initial rate of return with full occupancy is 5.4%.

Bouwfonds European Residential Fund focuses on the core European countries of Germany, France and the Benelux.