Bouwinvest, which seeks to grow its managed assets in North American, has invested $100m (€86.1m) in Tishman Speyer’s Hudson Yards development project.
The Dutch institutional investment manager has joined Tishman Speyer and over a dozen of real estate investors in The Spiral project to build the 314-metre tall skyscraper in the centre of the Hudson Yards district of Manhattan’s Midtown West area.
The Spiral is a $3.7bn Hudson Yards office development project. Construction of the 260,000sqm building is expected to begin next month and is scheduled to complete in 2022.
Bouwinvest said its investment in the project is part of the group’s strategy to grow North American assets under management by one third in the next few years.
As at the end of last year, North American investments managed by Bouwinvest amounted to €1.02bn.
Gijs Plantinga, Bouwinvest’s director of Northern America investments, said: “After its completion, it will be a long-term core asset that increases our exposure to the office sector in one of the world’s largest real estate markets.
“This investment takes us another step towards our goal of lifting assets under management on this continent to €1.5bn by 2020.”