The partnership will build on the seed portfolio built to date with the aim of at least doubling the number of homes for rent under management.
”The partnership will target some of the largest Dutch cities with a high number of young professionals and families looking to take their first steps up the property ladder, but who are unable to do so because of local supply/demand imbalances,” said the companies in joint statement.
Round Hill Capital will lead operations; acquiring and managing properties across the Netherlands, with a focus on well located and well-designed residential assets that promote affordable, sustainable lifestyles for local communities.
“We are delighted to broaden our relationship with Ivanhoe Cambridge and add them as a key strategic partner alongside Mubadala in our Dutch Residential Investment Strategy,” said Michael Bickford, founder and CEO of Round Hill Capital.
“The world’s leading institutional investors see the accommodation asset class as a highly attractive and a resilient investment opportunity. Added to that, the Netherlands is a prime location for well-managed, sustainable residential assets. We have an active pipeline of opportunities and the operational expertise to deliver quality housing to residents. We look forward to working with our partners to address demand in the Dutch market,” added Bickford.
“Mubadala remains committed to investing in sustainable residential opportunities globally, with a long term view to providing sustainable and affordable housing that also allows people to comfortably explore the new normal of flexible working alternatives. Within this context, we are excited to join Round Hill Capital and Ivanhoe Cambridge in this Dutch affordable housing venture to enable us to deliver on our strategic and financial objectives,” commented Michael Campbell, Head of Real Estate Investments at Mubadala Real Estate and Infrastructure Investments.
“For Ivanhoé Cambridge, this partnership is part of our strategy to continue investing in quality sustainable and affordable residential assets in Europe. Ivanhoé Cambridge’s residential assets represents C$12B globally. We are pleased to build on our existing relationship with Round Hill Capital and work alongside Mubadala, on this residential investment partnership in the Netherlands,” aded Charles-Antoine Lussier, Senior Vice President, Residential and Hotels at Ivanhoé Cambridge.