Haag Wonen sells residential complex in the Hague to Heitman
13 maart 2018
Haag Wonen recently sold a characteristic residential complex in The Hague. The complex, called 'Drentse Hoek', consists of 91 apartments in total. In addition to the apartments, the complex has two commercial spaces and 85 parking spaces on its own grounds. The buyer is global real estate investment management firm, Heitman, which acquired the property on behalf of an affiliate of the firm. Capital Value advised Haag Wonen on the sale. Loyens & Loeff from Amsterdam acted as legal advisor for the seller and Greenberg Traurig for the buyer.
The building is located in the district of Morgenstond, in the southwest of The Hague. The apartments are mainly let in the non-regulated sector. The two commercial spaces have been leased on a long-term basis to a dental practice and a physiotherapist. The parking spaces are located on a private enclosed area behind the complex.
Karin van Dreven, chairman of the Board at Haag Wonen: "We are 100% social. These are non-regulated rental apartments and two commercial spaces. That is why we sell this characteristic residential building. We use the proceeds for the construction, improvement and sustainability of social housing in The Hague. We provide good housing in The Hague for people with a modest income and we are pleased that Heitman will continue renting this beautiful residential building in The Hague Southwest to people from the Hague with a middle income. There is a need for this in our city and it is good for the flow-through in the neighbourhood."
Commented Sébastian Cavé, Managing Director of Germany for Heitman's portfolio management and acquisitions for focused rented-residential strategy: "Capitalizing on strong fundamentals in the Dutch residential market, the investment made represents an attractive add-on acquisition of a high-quality and well-occupied asset to our existing Dutch portfolio. I am very pleased with the portfolio of Dutch rented-residential properties we have built and look forward to continuing to grow Heitman's European living sector strategy."
Gerry Alberti, real estate advisor Capital Value: "In recent years, both housing associations and investors have invested heavily in The Hague Southwest and the neighbourhood has improved considerably. Many buildings from the 1950s have been demolished and are replaced by more contemporary residential complexes. Drentse Hoek, with its striking architecture, is a good example of this. Drentse Hoek is seen as a landmark for the area. Many investors, and especially international investors, showed interest in acquiring the complex. Due to the scarcity of mid-priced rental housing in the large cities, investors' demand for this type of complexes has increased even further."