Catella Real Estate has raised 鈧�155m from six investors for its open-ended Dutch residential fund.
The Munich-based investment manager said its core-plus AIF Panta Rhei Dutch Residential, launched in 2015 with Panta Rhei Advisory, had 鈧�260m to invest in the sector.
Thomas Beyerle, head of group research at Catella, said: 鈥淭he positive price trends for residential real estate in the Netherlands continue.鈥�
Prices rose by 2.7% in the second quarter and are only 7% below the record prices of 2008 and 14% above the price levels of 2013, he said.
鈥淭he current housing shortage in Dutch metropolitan areas is expected to persist,鈥� he added.
鈥淭he number of new residential units is stagnating, and the volume of planning permissions is on the decline. This makes the market very attractive for institutional investors.鈥�
The fund has invested 鈧�79.3m in seven properties in Eindhoven, Nijmegen, Rijswijk, Utrecht-Nieuwegein, Rotterdam and Leidschendam, with a lease rate of 98%.
Another 鈧�20m will be invested by year-end.
The fund invests in the provinces of Groningen, Randstad, North Brabant and Arnhem/Nijmegen.
