Abroad: Redevco to launch residential real estate fund

Redevco currently manages a portfolio with a total value of around €7.4 billion, consisting mainly of retail properties. According to the company, target markets for the new investment segment are initially the Netherlands and Germany; Spain and the UK are to follow. A first deal has already been closed: The fund has acquired building land in the greater Amsterdam area. Around 300 rental apartments are to be built there by 2022.

"The residential real estate market is characterized by robust core data," says Redevco CEO Andrew Vaughan. Over the next 30 years, he said, 70 million people are expected to move to Europe's major metropolitan areas. Redevco also believes that the strongest and most sustainable investment locations are those where people can find the right mix of living, working, shopping and leisure. "From that perspective, we consider entering the residential market as an 'adjacent' segment to retail real estate makes perfect sense for us."

According to the company, the pan-European residential real estate fund intends to invest both in existing assets and in project developments, in each case for the medium rental price segment. It plans to acquire around 2,500 units and develop around 1,000 apartments over the next five years. (ah)