Redevco has acquired a 280-flat scheme in Düsseldorf for more than €100m (£87m) as part of a strategy to deploy €500m in resi across Europe.
The deal is Redevco’s first foray into residential after launching the fund, targeting the Netherlands, Germany, Spain and the UK, in 2018.
The investment manager bought the 409,000 sq ft asset in an off-market deal from Bayerische Versorgungskammer, Germany’s largest public pension group.
It follows a development acquisition of land in Amsterdam, where it aims to build 300 homes by 2022.
Andrew Vaughan, chief executive of Redevco, said: “As an investor in retail and urban living, we can add value with our specialist know-how and we look forward to continuing to deliver on our residential strategy.”
Redevco has approximately 300 assets under management, with a total portfolio value of around €7.5bn, focused on urban retail destinations across Europe.
It aims to build a pan-European PRS portfolio of 2,500 homes and to build a further 1,000 homes, targeting mid-market renters.
Colliers advised Redevco and Barings Real Estate advised BVK.
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