Prime Pitch buys 149 residences in two transactions
6 december 2017
Prime Pitch Asset Management has completed the purchase of 87 residences in the mid-rent segment. A portfolio of multi-family homes in Sittard, Rotterdam and Bussum, as well as single-family homes in Rijen, was acquired from vendor Mulleners Vastgoed in Echt, The Netherlands. This purchase represents an expansion of the portfolio with 62 homes in Zutphen that Prime Pitch acquired from housing association Ieder1, last week. The transactions also include 5 commercial spaces and approximately 85 parking spaces.
The houses were acquired for two investment vehicles under management of Prime Pitch. The purchases fit Prime Pitch's strategy which is aimed at long-term direct rental returns with an exposure to the housing markets of medium-sized Dutch cities. Most of the portfolio will be held and operated for a longer investment term, while pursuing a further optimisation of the rental income and investment value. A small number of objects are eligible for individual sale upon vacancy.
The debt financing was provided by ING Real Estate Finance. Seller Mulleners was advised by ABC Capital. Buyer Prime Pitch was assisted by Eminent Real Estate. The legal support was provided by the notary office of Pels Rijcken & Droogleever Fortuijn.
About Prime Pitch Asset Management
Prime Pitch is active in asset management and property investment. The investment focus of Prime Pitch is focused on retail property, healthcare real estate and residential investments in the Netherlands and Germany. Prime Pitch initiates, structures and manages real estate investment funds and portfolios for professional investors with a core-plus and value-add strategy.
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