Netherlands: Real estate manager Redevco has created a pan-European residential asset management platform, called Redevco Living.
Unveiled at MIPIM 2024, the platform aims to create “the next generation of mixed-use rental housing” in Europe, and will include the housing projects of Dutch residential real estate specialist LIFE Europe, which was acquired by Redevco last year.
Redevco Living is targeting a residential development pipeline of 10,000-plus units in partnership with like-minded investors over the next five to 10 years. This would double the size of its current housing portfolio with projects in 11 cities in Benelux, the UK and Germany.
With 5,000 units currently under development or in the pre-development phase, Redevco Living aims to organically grow this portfolio into a pan-European residential platform.
Projects in the longer-term include 2,000 units to be developed at Redevco retail warehouse parks in Belgium. This forms part of the residential ‘densification strategy’ within Redevco’s Retail Warehouse Park asset management platform, with €4.5 billion AUM mainly invested in Belgium and Germany. The Spanish market is also being targeted.
The platform is in talks with various stakeholders such as developers, family offices, and institutional investors in its current portfolio, and is flexible in the type of asset management and development contracts it signs up to.
Redevco Living projects has a focus on potential projects with a minimum of 200 units, or 10,000 square metres gross floor area. All portfolio assets will have strong sustainability credentials with BREEAM certification and only renewable energy sources used.
Steven Zeeman, managing director of Redevco Living, said: “One of the biggest challenges facing European societies is the severe shortage of modern, affordable, and sustainable residential supply in our cities in the face of soaring demand. The housing crisis leads to growing inequality, delayed family formation for young people unable to find homes and increased political polarisation fed by the perception of widening social injustice. By targeting the root cause of the problem through boosting residential supply in European markets, Redevco is fulfilling its core mission of making cities more sustainable and liveable and also creating compelling opportunities for investors.”
“Europe’s huge unmet demand for new homes offers compelling investment opportunities for investors seeking defensive counter-cycle, long-term stable and usually index-linked income returns, balanced by strong societal and climate impact components. Redevco’s long-term corporate strategy is also to substantially expand and diversify the company’s €9.0 billion AUM portfolio, which is currently mainly retail-anchored, into a multi-sector approach focused on maximising the climate and societal impact of our investments, whilst working with investment partners,” he added.
