LaSalle purchases €70M PRS portfolio in the Netherlands and expands its Dutch capabilities
LONDON November 30, 2015 – LaSalle has acquired a substantial private rented sector (“PRS”) portfolio comprising 460 units in two Dutch cities for in the region €70 million on behalf of a separate account client.
The Netherlands has been identified as a key growth country for LaSalle and it has already made significant headway in building up its assets under management (“AUM”). The latest acquisition is the eighth purchase in the last two years and the second in the PRS sector. Two further investments in advanced due diligence will, if completed, take total AUM to around €430 million. LaSalle is focusing on existing assets across the commercial property sectors in major Dutch cities such as Amsterdam, Rotterdam and The Hague. It also aims to capture further PRS opportunities, as well as deploying capital for debt investments.
The residential portfolio acquired by LaSalle consists of a mix of regulated and unregulated apartments with accompanying car parking spread across four new high quality buildings in Breda and Tilburg. All the assets are centrally located and well-connected to public transport. The micro-apartments are targeted at young professionals and are finished to a particularly high standard for the Dutch market with top-end kitchens and bathrooms, high speed internet connections and electronic door systems.
LaSalle has recently appointed Diederik Bakker as National Director to manage the Amsterdam office and to head up asset management across the Benelux region. Diederik joins LaSalle from UBS Global Real Estate where he worked for seven years as Head of Asset Management Benelux. During this time, he helped establish a pan-European residential fund and was involved with a multitude of acquisitions, dispositions and asset management projects.
Prior to UBS Global Real Estate, Diederik worked at Bouwfonds Investment Management for seven years in a variety of functions including asset management, research and strategy, as well as a period in the corporate finance department of Bouwfonds Holding. He holds a degree in Business – Financial Management from Nyenrode University and is a Fellow of the Royal Institution of Chartered Surveyors acting as a European board member for three years.
Diederik Bakker, National Director, Benelux, LaSalle Investment Management, said: “I will be working closely with my European colleagues to underwrite and manage our investments. I look forward to drawing on my 15 years of experience in this country, as we continue to deploy capital and increase our exposure in this important growth market.”
Andy Watson, CIO Continental Europe, LaSalle Investment Management, said: “Given the country’s position in the cycle, our recent investments in the Netherlands have been largely contra cyclical plays. This latest acquisition reinforces our early mover advantage and signals our intent to make substantial investments in what we perceive to be a recovering market. The acquisition team led by Nadine Gelke in Munich have done a first class job in deploying capital over the last two years. Going forward, Diederik’s appointment will ensure that our clients benefit from experienced local knowledge.”
LaSalle’s European network consists of eight offices – Amsterdam, London, Luxembourg, Madrid, Milan, Munich, Paris and Prague.