Dutch housing corporation Vestia has sold 5,500 homes to German investment group Patrizia for €577m.

This is the biggest residential property deal ever made in the Netherlands, Vestia said in a statement. The agreement still has to be approved by the home affairs ministry.

The properties are spread all over the country. Vestia, which nearly went bankrupt after getting into difficulty with risky investments, is pulling back to its core cities of Rotterdam and The Hague.

By 2022, the corporation hopes to have reduced its housing stock from 96,000 to 65,000 units.

The statement did not stay if the properties are rent-controlled or free sector.