Vesteda, the largest residential property investor in the Netherlands, has acquired a large property portfolio of rental homes from insurer NN Group for €1.5bn, NN said on Friday.

The transaction involves a portfolio of 5,983 existing homes and 794 units in development projects, both part of the former residential real estate portfolio of Delta Lloyd which was acquired by NN in December 2016.

The rental properties are located in Amsterdam, Amstelveen and Utrecht. The deal is expected to be completed this month.

Vesteda is financing the acquisition by paying about 25% in cash and the remainder in Vesteda participation rights. NN will thus remain an indirect investor in the property sector.

The single family houses and apartments are in non-rent controlled sector and rent for between €700 and €1,000 per month.

After the takeover Vesteda have a portfolio of 27,000 rental homes worth €6.3bn  largely in Amsterdam, Utrecht, Eindhoven and Maastricht.