Union Investment has acquired a residential property in Amsterdam on behalf of its open-ended UniImmo Deutschland real estate fund.
The manager has paid an undisclosed amount to buy the AMST project from real estate developer MRP.
The project comprises two structures with a total of 21,849sqm of lettable space, of which around 15,890sqm is for residential use and around 5,960sqm for commercial use. Completion is scheduled for December 2022.
The AMST residential project is Union Investment’s second acquisition in Amsterdam’s residential property market. In 2019, the manager bought the Y-Towers development in North Amsterdam for Unilmmo: Europa, which includes a residential tower with 176 apartments.
AMST is Unilmmo: Deutschland’s third major residential investment following the recently acquired Hyperion project in Helsinki and 8th Lock development in Dublin.
Adam Irányi, team leader for European cross-border transactions at Union Investment Real Estate, said: “Residential investment is a key element of our strategy to further diversify and stabilise our portfolio. We want to boost the proportion of residential properties in selected European core markets outside the DACH region.
”Due to its ongoing rapid population growth, Amsterdam is an integral part of this investment strategy.”
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