Saturday 23 June 2018

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Vesteda buys NN rental housing portfolio in mega property deal

Vesteda buys NN rental housing portfolio in mega property deal

Vesteda, the largest residential property investor in the Netherlands, has acquired a large property portfolio of rental homes from insurer NN Group for €1.5bn, NN said on Friday. The transaction involves a portfolio of 5,983 existing homes and 794 units in development projects, both part of the former residential real estate portfolio of Delta Lloyd which was acquired by NN in December 2016. The rental properties are located in Amsterdam, Amstelveen and Utrecht. The deal is expected to be completed this month. Vesteda is financing the acquisition by paying about 25% in cash and the remainder in Vesteda participation rights. NN will thus remain an indirect investor in the property sector. The single family houses and apartments are in non-rent controlled sector and rent for between €700 and €1,000 per month. After the takeover Vesteda have a portfolio of 27,000 rental homes worth €6.3bn  largely in Amsterdam, Utrecht, Eindhoven and Maastricht.  More >

House prices reach a new record

House prices reach a new record, are 28% up on five years ago House prices in the Netherlands have now reached their highest ever level, surpassing the previous peak of August 2008, before the start of the economic crisis. House prices in May were an average 9% up on a year ago, according to new figures from the national statistics office CBS and land registry Kadaster. The average price of a property changing hands was €283,945, although there are extremely wide regional variations. House prices have now risen 28% since their lowest point in June 2013. In total, 18,237 homes changed hands in May, up 2,000 on April.  More >

Housing corporations evict fewer tenants

Housing corporations evict fewer tenants, say more can still be done Dutch housing corporations evicted far fewer people for non-payment of bills last year, umbrella group Aedes said on Thursday. In 2017, 3,700 tenants were evicted, a drop of almost a quarter on 2016, Aedes said. Eight in 10 were evicted for not paying their rent. The others either caused a nuisance, were growing marijuana, or had sublet or left the property empty. In total, 84% were single people. ‘There are often sad personal stories behind evictions, so housing corporations do all they can to prevent people from ending up on the streets,’ Aedes chairman Marnix Norder said in a statement. Corporations are, for example, increasingly making agreements with local authorities about poverty, debt and evictions and Noorder said the eviction rate can be reduced still further. ‘The tax office and government fines department have priority in collecting debts, but add on enormous process costs,’ Norder said. ‘If we want to reduce the eviction rate, then the government has to ditch its priority claim and work with councils and housing corporations.’ Rent, gas, water and electricity should have priority when debts are being settled, he said, adding ‘a roof over your head is more important than paying a fine.’  More >