Sale of a sizable residential portfolio including 5,500 dwellings

Vestia asked us to assist with the sale of a large residential portfolio of 5,500 dwellings spread throughout the Netherlands. The transaction has so far been the largest residential investment transaction with an international investor as the buyer.

Our approach

Vestia was tasked with selling a considerable part of its portfolio with a view to improving its liquidity position. We evaluated the intended sales strategy and made a selection of complexes to be sold.

For several reasons, the sales process needed to be effectively structured whereby communication to the parties involved played a major role. The sale involved subsidised rented homes and tenants had to be well informed about the sale. In addition, the complexes were located in over 60 municipalities, all of which had to be informed about the plans. We set up a communication plan together with Vestia, which ensured that all stakeholders received information in an accurate and timely manner.

We analysed the entire portfolio in advance and advised Vestia to divide it up into sub-portfolios:regulated and 'to be deregulated'. An international marketing campaign was launched for the sale. We assisted Vestia throughout the process, including with the selection of external advisers (legal, environmental), viewings of the complexes with several investors and the negotiation process. Within a very tight time frame, bids were made by many interested investors. We also further assisted in the approval process by the Ministry of the Interior and Kingdom Relations and supported Vestia in communicating with the various stakeholders (including obtaining the views of the municipalities).

The result

Due to the transparency and competitive nature of the process, a very high purchase price was achieved. The portfolio was sold for EUR 577 million to German residential investor Patrizia. The transaction has so far been the largest residential investment transaction with a international investor as the buyer.

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