CBRE Global Investment Partners (CBRE GIP) and IC Netherlands (IC NL) have bought 429 apartments in Amsterdam.

The investors, via their Dutch Urban Living Venture (DULV) partnership, have paid an undisclosed amount to buy the recently completed residential element of the Don Bosco scheme.

DULV invests in newly built urban young professional accommodation in the Netherlands through forward funding turnkey purchase contracts.

Alexander van Riel, head of continental Europe investments, CBRE GIP, said: “The growing demand for rental housing in a market with limited supply makes Don Bosco a particularly attractive investment, especially given its location in a vibrant and upcoming district with enduring appeal.

“This acquisition fits perfectly with our global strategy to establish programmatic ventures with sector specialists and we look forward to working with IC to unlock this high-quality asset’s significant potential.”

Wouter van den Eijnden, CEO of IC Netherlands, said: “The residential concept of Don Bosco is adding value to the renewing vision of Centrum Nieuw-West.

“Our generation Y and Z tenants are creating more diversity in this part of the city and our operating concept is facilitating the “meet each other” factor.”

To read the digital edition of the latest IPE Real Assets magazine click here.