AXA IM Alts has acquired, on behalf of clients, The Ridge, a modern c.300 unit multifamily residential complex in Delft, The Netherlands.
Delivered in two phases in 2018 and 2020, the building comprises a mix of semi-furnished and furnished apartments and studios, over five floors.
Residents benefit from a range of high-quality amenities including an in-house gym and sauna, lounge areas, as well as a private common garden that runs alongside a canal.
The Ridge is currently fully occupied by a mix of young professionals and both employees and students of the adjacent University of Technology Campus of Delft. In line with AXA IM Alts’ global sustainability strategy, the building’s features include a thermal energy storage system for heating and cooling, 700 rooftop solar panels and an Energy Label A rating on c. 90% of the units.
Located in the Randstad Urban Region, one of the largest metropolitan areas in Europe, the property is a 10-minute cycle from the city’s main railway station and nine minutes from the historic city centre. The University of Technology Campus is an increasingly key contributor to the local economy, reflecting its growing prominence as a technology and life sciences hub, with student numbers forecast expected to increase c. 43% by 2030.
The Ridge is AXA IM Alts’ seventh residential acquisition in the Netherlands, as the country’s robust economic and demographic drivers underpin increasing demand for modern private stock let off affordable rents. AXA IM Alts currently manages over €25 billion of residential assets globally spread across 16 countries.
Bernard d’Ocquier, Head of Transactions Benelux at AXA IM Alts, commented: “This was a rare opportunity to acquire a modern, fully occupied scheme in one of our high conviction sectors, in a country where we have near-term ambitions to grow our residential footprint. Occupying a sought-after micro location extends our footprint in the structurally undersupplied residential-for-rent sub sector. Furthermore, the property’s environmental credentials are aligned with our strong belief in the importance of minimising a building’s carbon footprint, reducing operating costs and the tenant wellbeing offering across our real estate portfolio.”