Global real estate investment manager AEW has agreed to forward fund the development of Nova, a build-to-rent (BTR) scheme in The Hague, the Netherlands, on behalf of a separate account mandate backed by a German pension fund.
The purchase price was not disclosed.
Nova, which is expected to be completed in the second half of 2024, was acquired from local developers Borghese Real Estate and COD.
It will comprise 183 apartments offering a mix of 1- to 3-bed units all equipped with balconies, across 14,200 m2 of lettable space, over a third of which will be at affordable mid-market rents.
Frederique Weber, country manager, the Netherlands at AEW, commented: 'The Netherlands is a frontrunner in implementing green initiatives in the housing market.
'Additionally, evidence from the owner-occupied market already indicates that there is a constantly growing appetite for sustainable homes, which is having a positive knock-on effect on the BTR sector, as tenants become more aware of eco-friendly living spaces.
'Against this backdrop, Nova will play an important role in re-shaping the Binckhorst area by offering state-of-the-art, residential units for both local and international occupiers, where there is strong demand.'
Nova will target an EPC-level of 0.2 'almost neutral', supported by the use of rooftop solar panels and EV charging stations in the car parking facilities. To prevent heat stress, the building will also be fitted with a moss sedum roof and nest boxes will be placed in the façade to attract birds. The scheme is also targeting an average minimum GPR-score of 7.50, above the average score for newly built properties in The Netherlands.
The development forms part of the wider regeneration of Maanplein, located in the Binckhorst in The Hague, which will see the creation of a new mixed-use district including offices, residential, restaurants and cultural events.
The Maanplein area was bought by Borghese Real Estate and COD in 2016 and is being transformed from 80,000 m2 of offices into a mixed-use area with around 50,000 m2 of office and retail space as well as approximately 600 apartments. Nova is the final development at Maanplein and its delivery represents the completion of this project.
AEW was advised by Loyens & Loeff, Savills, Drees & Sommer and Mazars. Borghese Real Estate and COD were advised by CMS and BNP Paribas Real Estate. The project architects are TConcept and Inbo.
