Prime Pitch Asset Management has closed the acquisition of a recently built residential building in the centre of Breda, The Netherlands. The seller is Ontwikkelingscombinatie Donkvaart, a joint venture between local developers Pakhuys Vastgoed and Vers Vastgoed. The building has been designed by Rienks Architects and has been completed in 2015 by contractor Moonen. Prime Pitch has realised this acquisition on behalf of a selected group of professional investors.
The property is conveniently located, close tot he city center, schools and shops. The completion of the building was in september 2015. All units but two, are currently let. The building comprises 95 non-independent units, ranging in size from 20 tot 30 m². In addition there are eight communal kitchens and other common areas included in the building, as well as 10 parking spaces and a shelter for bicycles. The property has an A ++ energy label.
The investment is in line with investor demand for stable, predictable cash flows. The high demand for good and modern accommodation for students, matches this goal, according to Prime Pitch. Although Breda is not a typical college town, there are more than 22,500 students studying in the city, with the majority (15,000) studying at the Avans University. In total, the city has five educational institutions.
This investment is characterised by a modern building, a strategic location and a conservative capital structure. Debt financing was provided by NIBC. The equity is placed with a number of clients from Wilton Family Office.
Prime Pitch accounted for the acquisition and structuring of this private placement and will also be responsible for the asset management.
Amersfoort, December 22nd, 2015