Prime Pitch Asset Management has acquired a housing complex in Dinslaken in the German state Nordrhein Westfalia, on behalf of one of its clients. The 64 apartments are located in 4 buildings and the property is almost fully let.
The acquisition suits the investor’s strategy to build a diversified and well-let property portfolio that combines stable rental income with opportunities to add value. The property portfolio is added to an investment vehicle for a family advised by Wilton family office. The investment strategy focuses on long-term capital growth. Prime Pitch is also responsible for asset management.
The homes are attractively located in a suburb of the German city of Dinslaken (70,000 inhabitants), on short distance from the cities of Krefeld, Duisburg and Düsseldorf. The rentability of the (3- and 4-bedroom) apartments is good and there is virtually no vacancy. This partly reflects the current rent, which is on average below market level. Although the apartments are generally in good condition, some apartments will be successively modernised by Prime Pitch, enabling further rental appreciation.
Prime Pitch Asset Management is active in the field of asset management and property investment. The investment focus of Prime Pitch is on commercial real estate, healthcare and residential real estate investments in the Netherlands and Germany. Since inception in 2009, Prime Pitch successfully initiated various real estate investments in Germany and the Netherlands. Prime Pitch acts as initiator, manager and co-investor of real estate investments, mainly for family offices and their clients.
Amersfoort, February 18, 2016