Bouwfonds European Residential fund has expanded its residential portfolio with acquisitions in Germany and France, growing its total portfolio to EUR 722 million. Bouwfonds Investment Management invested a total amount of EUR 33 million in these three properties.

In Germany, the fund acquired a residential property of approx. 5,000 sq. m. at Haarener Gracht 7 in the city of Aachen from the German company Campus Wohnen Objekt Gracht GmbH. The property consists of 221 apartments and 86 bicycle spaces. The investment volume is EUR 10.4 million. The fund also purchased a property of around 5,000 sq. m. at Münchner Straβe 14 in Dresden. The building is under construction and will be finished in the summer of 2014. On completion, it will consist of 144 appartments with floor space ranging from 24 to 69 sq. m. The investment volume amounts to EUR 12 million and the vendor is Bau Werk Projektentwicklungs GmbH, which is a local property developer.

In France, a property of approx. 3,900 sq. m. has been acquired in the city of Bordeaux. The property is currently under construction and will consist of 160 student housing appartments, ranging from 21 to 25 sq. m. per unit. The investment volume amounts to EUR 10 million and the vendor is VINCI, the largest property developer in France. After Paris, Lyon and Lille, Bordeaux is the largest university city in France. Xavier Jongen, the Bouwfonds IM France Country Manager, says, “Bouwfonds IM is extremely pleased with this purchase, since this acquisition is in line with our strategic goal of developing a portfolio of first-class residential properties in important city centres. This student housing property is located in a prime location in Bordeaux and it is a fantastic long-term addition to our residential portfolio.”