Invesco Real Estate’s core pan-European vehicle has expanded its residential program with the acquisition of a Dutch residential development.
Invesco said it has acquired two residential buildings in Holland Park, a 30,000sqm residential development in Amsterdam from Bergwijkstadspark for an undisclosed sum.
The 14-storey development complex will comprise over 300 residential blocks and two commercial units and will include an underground car park with 199 parking spaces. Completion of the complex is at the end of 2021.
The forward-funded development is the second residential asset for Invesco’s €3.7bn core pan-European programme. In October last year, the manager bought its first residential asset for this strategy in Germany with the acquisition of the 22,600sqm Mainwald residential complex.
Jon Pierce, senior director in charge of fund management at Invesco, said together with Mainwald in Frankfurt, the strategy is delivering around €270m of residential in two assets, both within a 10-minute commute of the thriving gateway European cities of Amsterdam and Frankfurt.
“Given the strong fundamentals, we expect the acquisition of Holland Park to drive sustainable net operating income growth for our strategy and ultimately the returns for our investors.”
Fabian Manegold, a senior director in charge of transactions at Invesco, said: “With Holland Park, we were able to secure a fantastic opportunity by investing in a core location in an attractive residential hotspot.
”This will allow our strategy to benefit from the positive developments we expect for Amsterdam’s housing market in the coming years, such as increasing prices and rental growth above inflation.”