Prime Pitch buys 205 apartments Apeldoorn and Zaandam

Prime Pitch Asset Management has completed the purchase of 205 residential apartments in Apeldoorn and Zaandam, the Netherlands. The apartments are added to a housing fund with a long-term investment horizon with a core-plus strategy. 155 apartments in three residential towers in Apeldoorn were acquired from an investment fund run by Annexum. In addition, 38 apartments in Zaandam and 12 apartments in Apeldoorn were purchased from private investors.

The purchases are in line with Prime Pitch's strategy, which focuses on long-term direct rental returns with exposure to the housing markets of medium-sized cities. The emphasis is on rental housing in the affordable and medium-priced segment.

Sustainability

The dwellings in the three residential towers in Apeldoorn will be operated for a longer period. The aim is explicitly to make the individual houses and the residential complex as a whole more sustainable. The residential complexes from 1973 will undergo an upgrade under the new owner whereby, among other things, the energy label will be improved from the current E level to C or B levels. Targeted investments aim to improve living enjoyment, energy performance and rental value. The other apartments in Apeldoorn and the apartments in Zaandam will be sold upon lease termination. This combined investment strategy offers Prime Pitch investors an attractive return-risk profile.

The portfolio is financed by ING Real Estate Finance. Seller Annexum was advised by JLL and CORE notary. Prime Pitch was legally advised by Bilt advocaten. Property management is in the hands of NederWoon Vastgoedbeheer.

About Prime Pitch:

Prime Pitch is active in the field of asset management and real estate investment. Prime Pitch's investment focus is on retail property, healthcare property 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.

Amersfoort, September 13th, 2019

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