Axa Investment Managers (Axa IM) has bought a portfolio of residential property in the east of the Netherlands for the sum of €31.75 million.
The purchase was made from Dutch firm Almelose Woningstchting, also known as Beter Wonen – or Better Living, in English.
The portfolio consists of 138 residential units that were purpose-built for the rental market between 2003 and 2009. The units, split across three properties totalling 16,282 sqm, are nearly all occupied.
It marks the third residential acquisition in the Netherlands by the French fund manager following its entry into the market back in 2016.
According to Axa IM, demand for modern private stock with affordable rents is set to increase, “underpinned by robust economic and strong demographic drivers”.
Axa IM now has more than €15 billion of residential assets across 10 countries. Earlier in October, it also added to its office portfolio with the acquisition of NorthStar Realty Europe for €1.1 billion.
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