Patrizia has invested an undisclosed sum to buy a 114-unit turnkey residential development in Amsterdam, the Netherlands.

The real estate investment manager said the assets, acquired on behalf of its clients, was bought from Biesterbos Groep.

The 7,760sqm of rental accommodation, located on the waterfront in the NDSM area of Amsterdam Noord, is due to be completed in the autumn of 2020.

The latest deal increases Patrizia’s total assets under management in The Netherlands to €2.1bn.

Emile Poort, head of transactions Benelux at Patrizia, said: “This investment provides our clients with access to modern, high-quality development in a sought-after location of Amsterdam where residential demand is rising.”

Poort said the long-term fundamentals underpinning demand for good quality rental accommodation will remain, despite the current challenges posed by coronavirus.

“The NDSM district is one of the most exciting areas of the city and is undergoing significant regeneration, which we expect will see it further established as an attractive location for residents and businesses alike over the long term.”