The assets are spread over 61 complexes and represent a non-core portion of Patrizia's total residential holdings in the Netherlands.

'The current Dutch housing market creates opportunity to optimise our portfolio, in line with our strategy to focus on the most attractive Dutch cities – as defined by Patrizia,' said Peter Helfrich, Managing director of the German company's Dutch business. 'Due to the quality and size of the portfolio, we were able to complete this transaction in a very short time span, with a surprising combination of buyers as a result.'

The assets were acquired from Patrizia by Woonzorg Nederland, a housing association specialising in senior and sheltered living, and Amvest, a Dutch residential developer and real estate fund manager. It is the first time that an investor and a housing association have joined forces to acquire a portfolio of this size.

Woonzorg Nederland and Amvest jointly submitted a bid, with Woonzorg Nederland acquiring 1,306 social houses for senior citizens and Amvest acquiring 422 residential properties, mainly in the private rental sector. The complexes are spread across 30 municipalities in the Netherlands.

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Cees van Boven, chairman of Woonzorg Nederland, commented: 'We see a growing demand for senior housing in the social housing sector and we are pleased that we have been able to acquire these properties. With this acquisition, Woonzorg Nederland ensures that these homes will remain available to this growing demographic, who are dependent on social housing.

'Another important reason for the interest in this portfolio is that 20 complexes were previously owned by the former Reformed Building Association for Elderly (SGBB), a similar housing association to Woonzorg Nederland. The houses fit well within our existing portfolio. In addition to acquiring existing assets, together with municipalities, developers and investors, we also looking to develop new housing concepts for seniors in the coming years, to meet the growing demand for housing.'

Institutional client
Amvest, developer and fund manager of residential investment funds, has acquired the properties on behalf of one of its institutional clients. Wienke Bodewes, CEO at Amvest, added: 'Woonzorg Nederland and Amvest make a good partnership, having much in common in terms of ambition and strength. By joining forces we have achieved the best result for both of us through this strategic cooperation and we will ensure that this portfolio is maintained for the social and mid-priced free market rental sector.'

Patrizia was advised by Savills, SGS Search and Loyens & Loeff during the sales process.

Bas Wilberts, head of alternative investments at Savills Netherlands, commented on the sale: 'In the first three quarters of 2017, €2.68 bn was invested in the Dutch residential market, compared to €3.17 bn in the same period of 2016. This decrease is not caused by lack of investor appetite, but by a lack of available product. A large volume portfolio like this is therefore well sought after, and will mean a great boost for the total investment volume, which Savills expects to exceed that of last year.'