Round Hill Capital acquires a 3,786 unit residential property portfolio from Wooninvesteringsfonds for approximately EUR 365 million

London / Netherlands, 28 November 2014Round Hill Capital (“Round Hill”), the fully integrated global real estate investment management firm, and Wooninvesteringsfonds (”WIF”), a Dutch Housing Association, are pleased to announce that they have signed an agreement for the acquisition by Round Hill of a Dutch residential property portfolio for approximately EUR 365 million.

The WIF in Zeist was founded in 2005 with the purpose of acquiring homes from housing associations and then selling them at a later stage. However, Dutch housing associations now have several alternatives due to changes in legislation and regulations since WIF was founded.

The WIF portfolio comprises 3,786 units with approximately 326,000 sq m of lettable area and is situated in attractive markets across the Netherlands. This transaction marks Round Hill Capital’s second successful acquisition in the Dutch residential property market, following the firm’s June 2014 acquisition of a residential portfolio of 1,534 units from funds managed by CBRE Global Investors for EUR 180 million. In addition to its existing Dutch residential management business, Round Hill has an established track record of managing German residential property including social housing.

The agreement was concluded today, subject to regulatory approval by the Ministry of the Interior and Kingdom Relations. The external regulators must also give their consent. In this process, tenants and councils are given the opportunity to express their views.The transfer of title is expected to occur in mid-March 2015.

Commenting on the acquisition, Michael Bickford, Founder and CEO of Round Hill Capital, said:

“With over eight years of successfully investing in and managing European residential property, we will use our established track record and experience, as well as our local Dutch knowledge and operations to manage our portfolio and ensure that WIF’s tenants benefit from our focus on long-term ownership and expertise in the residential market.”

“This represents Round Hill’s second acquisition in the Dutch residential market as we continue to deliver on our strategy of expanding our residential platform across Europe. We continue to believe that the housing market in the Netherlands represents an attractive investment opportunity due the positive fundamental backdrop in the Dutch market, together with the stable cash flow of this asset class and our established residential management capabilities.”

Jacques Thielen, Director of the Wooninvesteringsfonds:

“All stakeholders have been taken into account in this transaction. The certificate holders are being offered certainty and the tenants will have a reliable landlord in Round Hill Capital, who intend to continue operational processes in already in place and will take on WIF’s employees. The current tenants will retain the rights and obligations of their tenancy agreement.”

The sale was completed with support from Capital Value.

01-Dec-2014