The Amber portfolio comprises 2,023 dwellings, of which 96% multi-family homes, and 60 commercial units. The assets are located in 29 different Dutch municipalities and 60% of the portfolio’s cash flow stems from the dwellings located in the Randstad area.

Bas Wilberts, Head of Alternative Investment at Savills in the Netherlands, says: “We started this process in February, in very different market conditions. Appetite to invest in a stabilised income residential portfolio, with a continuous imbalance of supply and demand throughout the Netherlands, was extremely high. It is exactly that – the structural shortfall in supply and underlying demographics – that make the Dutch residential market relativily resilient in the event of an economic downturn – or even recession. This was confirmed by the high level of interest and the quantity of bids we received during this sales process. It is a positive sign that there are still many parties with equity capital active in the market, looking to acquire product like this. Following the acquistion in 2014, we are very proud to have successfully closed this sale for our client, especially in these uncertain times.”

PATRIZIA was advised by Savills (commercial and technical), Loyens & Loeff (legal), PwC (corporate and tax) and SGS Search (environmental).