American investment house Blackstone is planning to spend at least €200m buying residential property from private investors in Amsterdam and Rotterdam, the Financieele Dagblad said on Tuesday.

The paper bases its claim on several industry sources who say that local dealers have been acquiring housing on the open market and at auction on behalf of a private equity group.

Several foreign investors, including Patrizia and Round Hill have weighed into the Dutch housing market in recent years, but have bought their portfolios either from developers or housing corporations.

Blackstone’s decision to put a portfolio together from scratch raises a number of questions, the FD said, not least whether or not the private equity group is looking to make a quick profit.

However, one source told the FD the group is taking a long-term view to meet the growing need for rental property.

Blackstone declined to comment on the reports, the FD said.