Angelo Gordon and Stadium Capital partners are the new owners of the resi-retail complex ‘De Kameleon’ in Amsterdam Southeast. The investors acquired the complex from Woonstichting De Key. The sale and transfer have been completed.

‘De Kameleon’ is located at the Karspeldreef, one of the main arteries of Amsterdam Southeast, adjacent to the Kraaiennest subway station. The building was completed in 2012 and comprises approximately 10,000 sq m of commercial space, 222 private sector rental apartments and 439 parking spaces.

Great interest
‘De Kameleon’ offers a unique combination of living and daily shopping facilities in one asset. Much interest was shown by national private investors as well as international institutional investors.

Cornerstone of urban renewal
De Key developed and realised ‘De Kameleon’. The project was the cornerstone and grand finale of the K-quarter. Since the introduction of the new housing act and the focus on first-time buyers De Key is disposing assets outside this sector. With the proceeds from sales, De Key invests in new developments for first-time buyers within the A10 ringroad, such as the ‘Zuidblokken’ and ‘Startblok Elzenhagen’.

Richard Stolle, Managing Partner Stadium Capital Partners:
“We - together with our partner Angelo Gordon - are very enthustiastic about the acquisition of ‘De Kameleon’ in Amsterdam Southeast. Companies, investors and individuals have rediscovered Amsterdam Southeast as a location to rent office-, retail- and residential space and to invest in (large-scale) real estate projects.

‘De Kameleon’ offers a good mix of living, parking and daily shopping. The complex is siuated right next to a subway station, with excellent connectivity (10 minutes) to Amsterdam City Centre. The complex also offers diverse housing types of two-, three- and four- rooms, varying between 53 and 136 sq m and indoor parking.The apartments have a high quality finish. The building has a lot to offer.” 

Bas Wilberts, Head of Alternative Investments, Savills Netherlands:
“’De Kameleon’ was a perfect opportunity to acquire an attractive investment product. The timing of the sale of this asset type was therefore excellent. The asset offers ample opportunities for parties looking to invest in existing properties in the strongest economic region of the Netherlands. ‘Big is beautiful’ still applies in 2017; investors prefer one large acquisition above several acquisitions of smaller volume. At the end of the day this is one of the few large-scale complexes with a proven track record, to be sold in Amsterdam this year. We are very proud to have guided the sale of ‘De Kameleon’ on behalf of De Key.”

De Key was advised by Savills (commercial) and Van Doorne (legal). Buyer was advised by Loyens & Loeff (legal). Vivo Wonen will manage the property.