The purchase was made for a separate account. The building is one of a total of five new apartment complexes to be built in the Sphinx quarter, five minutes from the Markt and Vrijthof squares in Maastricht (for private rent and for sale).
The building to be built consists of 5 floors with 92 apartments of 43m² on average, 25 parking spaces in the underground garage, a bicycle shed, a south-sided common roof terrace and a garden. All apartments have a separate bedroom, luxurious furnishings including complete kitchen, bathroom, flooring and curtains. The rentable area is approximately 3,968 m². The rental prices will be around 755 € per apartment. The main target group is one-person households, for which growth of 23% is forecasted by 2040. Next to that, it will be marketed to expats, a growing community, seeking the ease of city living.
The seller is Sphinx Zuid BV, a joint venture between 3W and RO groep, both developers with a strong local presence. Contractor is Jongen Bouwpartners, part of VolkerWessels. The cooperation between Primevest Capital Partners and RO groep dates back to 2015, when an exclusivity agreement was closed with the municipality of Maastricht to invest a significant amount in residential buildings for rent. In 2018 this led to the first acquisition of Block 5, consisting of 70 apartments with an average size of 85 m² and 70 parking spaces. Both acquisitions are proof that both Primevest Capital Partners and RO Groep “do things a little differently” than usual in the market, as both parties work closely together to meet a specific need and give a qualitative boost to local market requirements. They are open to more municipalities in the Netherlands that are looking for rental projects that offer good rental housing for tenants, especially in the market for low and medium rent levels. Buyer has been supported by BOAG for technical Due Diligence and CMS for Legal.
About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique that specializes in innovative real estate and property investments. Due to the extensive industry knowledge with a focus on specialized investment sectors such as parking, telecommunications and affordable, contemporary living, Primevest Capital Partners has developed into a leading provider in these areas. Our top priority is to achieve attractive risk-adjusted returns for our customers. In doing so, we pay attention to sustainable income and value creation. Primevest Capital Partners currently manages assets of 1.6 billion euros, spread across eight sector-specific funds and two individual institutional mandates. Primevest Capital Partners currently has 40 employees at its locations in Utrecht and Berlin.
About RO Group
RO group is a strongly regionally linked developer, mainly active in social real estate. The main activities focus on housing issues of health institutions, educational organizations, housing associations and investors. RO group has 25 real estate professionals and is located in Maastricht and Eindhoven.
For more information, please contact:
Lisette van der Ham
Head of Marketing & Corporate Communications
lisette.vanderham@primevestcp.com
www.primevestcp.com