Real estate developer Boelens de Gruyter has sold the private sector residential part of the Amadeiro development in the centre of ‘s-Hertogenbosch, the Netherlands, to Pensioenfonds Metaal en Techniek (PMT) for an undisclosed price.

The development consists of four parts: 62 new social rental homes in the North Block, offices in the Middle Block, 158 new mid-range private sector rental properties in the South Block, and an underground parking garage. The 158 apartments that PMT has acquired are spread across 13 buildings and range in size between 50 and 130 sq m.

The project is called Amadeiro, a reference to the eponymous carnival prince of Oeteldonk, as ‘s-Hertogenbosch is called during carnival. “We will develop a mix of high-quality apartments and great tenant amenities in this bustling part of the historic centre of ‘s-Hertogenbosch: ranging from compact to very luxurious,” says developer Maarten de Gruyter. “This is a unique opportunity for tenants to get their hands on a characteristic part of the city centre, which is less than a five-minute walk from St. John’s Cathedral.”

Ronald Koemans, Associate Director Residential Investment at Savills in the Netherlands says: “Selling a new-build development in a historical city centre is complex and special. There was a lot of interest in Amadeiro and we are proud that we assisted Boelens de Gruyter throughout the entire transaction.”

It is expected that the project will start in late 2020 and complete in 2023.

Boelens de Gruyter was advised by Savills (commercial), PwC (tax) and lHMK and Osborne Clarke (legal). MN, PMT’s asset manager, was advised by Zuiderlink Vastgoed (commercial) and BarendsKrans (legal).