On 22 January 2019, Primevest Capital Partners acquired their first student housing in Oostersingel/ Nieuweweg, in the Dutch city Groningen for an European residential real estate mandate.
There are 200,000 inhabitants in Groningen, with about 50,000 students; of which 9,000 are from abroad – mainly from Germany. The huge demand for student living in Groningen can currently not be met by the number of apartments or rooms available for rent. The new asset for the separate account is a student housing development close to the city centre. The building complex includes 275 studios on six levels, with a total of 6,427 sqm. The completion of construction is estimated for September 2019.
The Seller – Plegt-Vos-Bouwgroep is at the same time the developer of the building. During the acquisition process the seller was supported by Huizingh Advocaten of Enschede and MWPO, the buyer was assisted by CMS and BOAG. The Asset and Fund Manager Primevest Capital Partners currently has 1.4 billion Euro in assets in-vested in Europe and intends to further extend their activities in the residential sector.