Vesteda invests in 171 mid-rental segment apartments in Groningen

Residential investor Vesteda recently closed an acquisition agreement with project developer Van Omme & De Groot for 171 rental apartments in the energy-neutral neighbourhood of Westerwal in Groningen. At the same time, Vesteda and construction firm Friso Bouwgroup signed a turnkey building contract for the realisation of the apartments. The homes will be in the mid-rental segment of the market.

New-build area Westerwal is currently being developed on a former factory site in the highly popular Zeeheldenbuurt area on the west side of the city of Groningen. The apartments vary in size between around 48 m2 and 87 m2 and will be fitted with individual thermal storage systems and solar panels, which will give them an Energy Performance Coefficient (EPC) of 0. Construction work on the apartments is expected to start in the first quarter of 2020.

Pieter Knauff, director Acquisitions at Vesteda: “Vesteda is very pleased to add the Westerwal project to its portfolio. Thanks to the varied range of homes, we will be able to offer a broad target group an attractive, affordable and sustainable home ‘inside the ring’, just a five-minute bike ride from the city centre of Groningen and Central Station.”

About Vesteda

Vesteda is a Dutch residential investor that focuses primarily on the mid-rental segment. Vesteda invests funds for institutional investors, such as pension funds and insurers. As per 30 June 2019, Vesteda had invested a total of €7.9 billion in Dutch residential real estate. The company’s rental portfolio stood at a total of more than 28,000 residential units. Vesteda’s homes are mainly located in economically strong regions and core urban regions.