ASR Vastgoed Vermogensbeheer has sold approximately EUR 95 million worth of residential property portfolio to Quadrigo. The gross initial yield is 8.22 percent. As claimed by sources involved in the sale. The buyer and seller are not available for comments.
The portfolio consists of more than 900 apartments and a few dozen homes, spread all over the Netherlands. Quadrigo is a new British-Dutch private investment vehicle of about four Dutch financial executives.

The most prominent investor is Volkert Doeksen, CEO of AlpInvest. The CEO of the Netherlands’ largest private equity fund – sold in 2011 by ABP and PGGM to The Carlyle Group – is considered the most influential player in the Dutch financial sector. Co-investor is Rolly van Rappard, CEO of venture investor CVC Capital and commissioner at VolkerWessels. The other investors are Jan Wieger van der Linden (owner of the Amsterdam Hoen Vastgoedbeheer) and corporate lawyer Egbert van der Grijp. The latter is director of
Quadrigo.For now the biggest property transaction of the year is the first tangible evidence that the Dutch property investment market is seriously in the picture of a new group of investors. For more than a year, British, American and German investors have been exploring the market without striking.

There are rumours from different sides that yet another major property deal of about EUR 100 million is underway. Parties that are allegedly interested in selling are Bouwinvest, CBRE Global Investors, Amvest, Altera and Vesteda. Their potential purchasing partners are specifically private equity investors from the US, United Kingdom and Germany. About a quarter of the sold portfolio consists of large apartment complexes from the 70s in Amsterdam Buitenveldert.

The residential towers and the apartments are in a good condition, according to a source. The other homes and apartments are, among others, in The Hague, Maastricht, Arnhem, Spijkenisse, Dordrecht, Gouda, Etten-Leur, Weert and Velp. Some of the apartments are in less common locations and are relatively outdated, reason for the high gross initial yield. ASR Vastgoed Vermogensbeheer focuses mainly on rental accommodation in the Randstad area and the other major cities with rent ranging from EUR 650 to EUR 1,200 per month. The sold portfolio is reportedly less in line with that profile. ABC Capital, formerly known as ABC Beleggingen, part of ABC Vastgoed Groep, allegedly coordinated the structured sales process on behalf of ASR. The market leader in the area of residential property consultancy would neither confirm nor deny the transaction.