GARBE Institutional Capital has acquired a recently completed apartment building with 13,500 sqm of GLA across 219 units in Schiedam, a municipality which is part of the Rotterdam metropolitan area. The building will be part of the “GARBE European Residential Fund” (GARBE EUResi).
The property is situated at s-Gravelandseweg 565-1065 adjacent to the historical city centre of Schiedam and is excellently connected within the Rotterdam public transport network. Centrally located within the A20 Rotterdam city ring and at short biking distance to the Rotterdam city centre.
The apartment building is a high-quality transformation from a former office building, delivered in 2021 and called ‘SCYE010’. -The apartments are positioned in the mid-price segment and are fully let. The transformation includes new facades, new installations and new apartments.
The installations include heat and cold storage as well as solar panels, resulting in high energy efficient A+ label according to Dutch energy efficiency standards. The 157 parking spaces include several charging stations.
Michiel Dubois, Managing Director at GARBE Institutional Capital, says: “The apartments provide affordable living space within the Rotterdam urban agglomeration which has a pronounced housing shortage. With projected population growth of over 20 % until 2050, housing demand in Schiedam outstrips the national average (at 11.5 %). With this sustainable high-quality transformation, a huge amount of CO2 has been preserved. In combination with affordable rents and its excellent location, we are convinced of the assets’ sustainability.”
The port of Schiedam is part of the port of Rotterdam. The area is seeing several large redevelopment schemes which are upgrading the area into a sought-after residential area and centre for maritime offshore technology. It is also part of the Randstad, which is with approximately 8 million inhabitants one of the largest metropolitan conurbations in Europe.
GARBE EUResi was launched together with the capital management company (KVG) INTREAL and is funded by institutional investors. It invests in Germany, the Netherlands, France, Spain and the United Kingdom. The investment strategy follows a "boots on the ground" approach: the fund only invests in locations where GARBE can act as a local investor through a local presence. The target Gross Asset Value (GAV) is (more than) EUR 800 million. GARBE Institutional Capital aims for a maximum LTV of 50 %.
In the transaction, GARBE Institutional Capital was advised by Osborne Clark (legal), Deloitte (tax), Cushman & Wakefield (technical & ESG) and RESI (commercial).