German real estate investor PATRIZIA has acquired the new build property 'De Citadel' in Amsterdam Nieuw-West for one of its funds. The development comprises of 149 dwellings divided into one-, two- and three-room units with 62 underground parking spaces, private storage space and a bicycle shed that can accommodate up to 400 bicycles.

The location, near Station Amsterdam Lelylaan, offers a perfect base to reach the city by public transport and also by bicycle. The rental dwellings are currently being built by Van Wijnen and will be completed in the second quarter of 2022. The seller is ML Holding a Privately held company. MVSA Architects were responsible for the design.

Bas Wilberts, Head of Residential & Hotel Investment in the Netherlands, says: "'De Citadel' will be a leading new building complex that responds to the ever-increasing demand for private rental dwellings in Amsterdam. The undulating façade design makes the five-storey complex a real architectural eye-catcher in the Nieuw-West district. The 149 apartments are intended for a broad target group, varying from young professionals to senior citizens. In the public space between the complex and the street, a place with greenery and terraces will be created for local residents to meet and interact with each other."

Alexander van Gastel of the PATRIZIA Netherlands: “Apartments in the Citadel will appeal in particular to young professionals and first-time renters who are ineligible for regulated social housing and unable to afford the high city-centre rents. This acquisition benefits from strong local market demand and aligns with PATRIZIA’s long-term investment strategy of focusing on providing affordable housing in key markets throughout Europe where the underlying fundamentals are compelling.”

In this transaction PATRIZIA was commercially advised by Savills, technically advised by CBRE, and legally/fiscally advised by Loyens en Loeff. Seller was advised technically advised by Maarten van Gent cs., legally/notarial by Bijkerkaarts and fiscally by Dirkzwager.