TW Residential acquires 181 residential properties from Newomij
A consortium led by TW Residential that includes City Development has acquired the ‘Noah residential portfolio’ from real estate company Newomij. The portfolio consists of 181 residential properties.
The properties – around 70% of which are apartments and 30% one-family homes – are situated at 26 locations including Leiderdorp, Leiden, Badhoevedorp, Dordrecht, Leidschendam and Utrecht. Approximately 60% of the properties are let in the regulated sector and all are located on freehold land. Another key feature of the portfolio is the high proportion of properties in the Randstad conurbation (70%).
TW Residential is a niche player in the Dutch housing market, focusing on residential property investments for clients and itself. Every investment is based on a strategic operation plan that takes account of the risk/return profile. The Noah portfolio was acquired because of its strong locations within municipalities in the Randstad area. Many of the current rental levels are below the market rate, which is above the boundary for free-market rentals in most cases. In addition, TW Residential sees sufficient opportunity for further optimising the portfolio before ultimately reducing it to several key locations by means of individual sales. TW Residential is responsible for investment and asset management for the Noah portfolio.
CBRE advised the vendor in the transaction. TW Residential received legal advice from Eversheds Sutherland. Newomij received legal advice from Dentons Boekel.
Newomij is a large private real estate company with more than 60 years’ experience. Its portfolio consists of residential properties, offices, business accommodation and shops. Newomij is also active in real estate finance, managing owners’ associations and insurance brokerage.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.