AEW has bought a prime residential asset in the Oostenburg urban development project in Amsterdam on behalf of a new mandate for a German insurance group.

The global real estate investment manager said the De Amsterdam asset was acquired through a forward funding agreement with developer Stadswerf Oostenburg Ontwikkeling.

De Amsterdam, which is due to complete in the second quarter of the year, will deliver 32 freehold apartments over four floors totalling 2,100sqm.

Christopher Thiele, separate account manager at AEW, said: “Amsterdam is one of the strongest business locations and fastest-growing metropolises in Europe. Due to its canals and countless historic buildings, it is rare to have an opportunity to develop new space in the city - especially in central locations such as Oostenburg.

”The comprehensive urban development project currently underway in Oostenburg, which will see new amenities and enhanced public transport access, makes this micro-location one of the most dynamic areas in the Netherlands. De Amsterdam ties into this wider regeneration project and represents the ideal first acquisition for our new mandate.”

Frederique Weber, country manager for The Netherlands at AEW, said: “This transaction allows us to acquire a high quality, centrally located residential development project for our client, in a market where such opportunities are hard to come by.”

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