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Sunday 25 August 2019

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PMT sells real estate portfolio of 500 homes

Written by Sunniva Kolostyak
04/03/2019

MN, the asset manager for Stichting Pensioenfonds Metaal en Techniek (PMT), has sold a real estate portfolio consisting of more than 500 homes, a few commercial spaces and various parking facilities.

The portfolio, called Platinum, includes housing from 23 developments spread across the Netherlands, all built between 1955 and 2007.

The buyer, Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), is a real estate investor listed on the Toronto Stock Exchange, and Capital Value negotiated the deal on behalf of MN.

CAPREIT has made several purchases in the Netherlands over the past year and owns more than 48,000 homes in total. For its Dutch activities, it has entered into a partnership with Rubens Capital Partners (RCP), an asset and investment manager based in Amsterdam.

Commenting on the sale, Capital Value director Marijn Snijders said: “This transaction is in line with the results of our recently published research, which shows that foreign investors want to invest more in Dutch rental properties in the coming years. In the coming years, they indicate representing approximately €12bn.”

PMT has been the owner of many of the 500 homes since construction, and many of the homes have been in its real estate portfolio for more than 30 years. MN will use the proceeds from the sale on new investments in sustainable housing on behalf of PMT.

Supporting the sale process legally was Houthoff on behalf of the seller and Loyens & Loeff on behalf of the buyer.



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