One of the biggest international investors in Dutch real estate in the wake of the 2008 crash has bought a major residential portfolio in the country.
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Catella Investment Management Benelux has sold its Dutch multi-asset residential portfolio to a Lone Star Funds partner for €215.5M.
The portfolio includes 13 residential assets in key locations, such as Amsterdam, Eindhoven, Nijmegen and Rotterdam, comprising 923 residential units, eight commercial units and 505 parking spaces and measuring more than 62K square meters.
More than 90% of the portfolio was built or renovated from 2000 onward, as the fund benefited from regulatory changes in the Dutch residential market and extra liquidity generated by social housing companies during this early phase.
The deal marks the planned liquidation of the Panta Rhei Dutch Residential, a fund managed by Catella.
The fund was managed through a core-plus strategy, focusing on constructing a diverse portfolio of rental housing in regions with promising demographic outlooks and limited supply.
During its 14-year life, the fund raised more than €150M in equity and invested over €250M across more than 16 assets, delivering an average net return of 5.5% per year, according to Catella.
Opportunity and value-add fund manager Lone Star said it aims to “pursue an active asset management strategy across the portfolio.”
Jérôme Foulon, global head of commercial real estate at Lone Star, said the investor sees “compelling potential” in the portfolio and the wider Dutch residential real estate market.
In 2015, Lone Star bought a portfolio of offices from CBRE IM for €350M, and in 2016, it teamed up with J.P. Morgan to buy a portfolio of distressed loans and assets called Propertize from the Dutch state for €895M.
The deal comes as transaction volumes in the Dutch residential investment market are on the rise, reaching €4.8B in the first half of 2026, up 42% from H1 2025, according to Capital Value, a specialist in residential real estate. International investors’ share increased to 17% from a historic low of 8% in 2025, as the market slowly recovered.
However, this international investment went nearly entirely into existing residential portfolios rather than development, with international capital making up 31% of acquisitions of existing portfolios, as evident in the Lone Star deal.
Overall, there has been quite a lot of movement in the Dutch residential market in the past few days, particularly the midrent market.
Earlier this week, CBRE Investment Management, working on behalf of pension fund ABP, struck a deal to purchase a residential development consisting of 437 midmarket rental homes in Amsterdam from Orion Investment Partners for an undisclosed sum.
Being built at Overschiestraat 182-188 in Schinkelkwartier, the new scheme includes smaller apartments with an average floor space of 52 square meters and 950 square meters of commercial space, with 40 parking spaces and bicycle parking in an underground garage.
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