Deutsche Finance International (DFI) has marked its first investment in the Dutch market with the acquisition of a site for a €200m residential regeneration project.
The €2.4bn private equity real estate investor, on behalf of its DFI European Value-Add Fund (DFI EVAF), has bought the Meneba flour mill factory in the Amsterdam suburb of Zaanstad-Wormerveer in a joint venture with development manager Waterland Real Estate and contractor Van Wijnen.
DFI EVAF is the majority investor in a joint venture.
The 4.6-hectare 100-year-old industrial site has been bought for the development of more than 600 residential units, including build-to-rent and for-sale homes as well as ancillary commercial uses.
Paul Nearchou, director at DFI, said: “This acquisition presented a significant opportunity to sustainably develop a new district that will both incorporate and be sympathetic to the site’s heritage properties while at the same time benefit the local community.
“This transaction also kicks-off our joint-venture in the Dutch residential market alongside specialist partners who bring extensive experience of the Dutch real estate sector.”
Gavin Neilan, co-founder and co-managing partner at DFI said: “This latest transaction for DFI EVAF, which is our first in the Netherlands, aligns with our investment strategy to identify themes such as residential asset classes that are underpinned by long term growth dynamics and proactively reposition under-managed and under-invested assets to deliver strong returns to our investors.”
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