City ID, a Dutch apartment hotel group jointly owned by APG and Australia’s Aware Super, has acquired its first London development site.
City ID, which already operates three apartment hotels in Amsterdam, will develop 116 studio, one and two-bedroom apartments in Victoria. The property is expected to open in 2024.
Alek Misev, Aware Super’s senior portfolio manager–property, told IPE Real Assets that London marked the start of what was expected to be rapid expansion for the business across several key cities in Europe.
City ID was currently looking at sites in Dublin, Madrid and Lisbon, among other locations, he said. Over the next five years, the partners planned to deploy €1bn to grow the portfolio.
“We expect either Dublin or Madrid to be the next city for us. We are looking at development sites and assets which could be redeveloped or refurbished.”
Robert-Jan Foortse, the head of European property investments at APG, said: “We are very pleased to see the first City ID overseas acquisition become reality.
“We look forward to significantly accelerating the company’s international growth programme in coming years.”
Aware Super and Dutch pension fund manager APG formed the 50/50 partnership a year ago, with City ID management holding a small stake in the business.
To read the digital edition of the latest IPE Real Assets magazine click here.
