PATRIZIA AG announces the acquisition of a 114-unit turnkey residential development in Amsterdam, the Netherlands, for EUR 51 million from Biesterbos Groep, a Dutch real estate investor and conceptual developer.
The high-quality scheme, which will comprise around 7,700 s qm of rental accommodation across 14 floors, is due to be completed in the autumn of 2020.
The asset is located on the waterfront in the NDSM area of Amsterdam Noord, formerly the largest shipyard in Europe, which is now undergoing a transformation into a vibrant, high density urban area with a unique and historical industrial character. The area is already home to notable companies including Viacom, Greenpeace and Red Bull, as well as restaurants, shops and other amenities. The city centre can be reached in 15 minutes via metro, and is also easily accessible via bus, bike and free ferry transport connections.
Emile Poort, Head of Transactions BENELUX at PATRIZIA, commented: “This investment provides our clients with access to a modern, high quality development in a sought-after location of Amsterdam where residential demand is rising. The long-term fundamentals underpinning demand for good quality rental accommodation will remain, despite the current challenges posed by coronavirus. The NDSM district is one of the most exciting areas of the city and is undergoing significant regeneration, which we expect will see it further established as an attractive location for residents and businesses alike over the long term.”
Ted Biesterbos, CEO of Biesterbos Groep, says: “This high quality residential development in combination with the commercial amenities is of great value for Amsterdam. This transaction enables us to further expand our activities in the realization in this segment of (mixed) residential properties.”
Fabian Penninkhof, Associate Residential Investment at Savills in the Netherlands, adds: “The Pontkade acquisition is unique; 114 private sector new-build apartments in a very attractive area in Amsterdam, which will be completed within six months. The NDSM shipyard has, in recent years, developed into one of the most desirable locations to live in Amsterdam, and Pontkade is in the center of this area. We are therefore very excited that we have been able to advise PATRIZIA on the acquisition of this remarkable development.”
The apartments will be available for rent before the Summer of 2020.