Global real estate investment manager AEW has acquired a prime residential asset in the Oostenburg urban development project in Amsterdam for an undisclosed sum.
The asset was acquired off-market through a forward funding agreement with developer Stadswerf Oostenburg Ontwikkeling (SOO) on behalf of a new mandate for a German insurance group.
De Amsterdam, which is due to complete in Q2 2022, will deliver 32 freehold apartments over four floors totalling 2,100 m2. The asset will benefit from Grade A energy efficiency due to solar panels on the roof and a thermal energy storage system.
The one, two and three-bed apartments will have balconies and terraces, along with 12 indoor private boat garages.
Christopher Thiele, separate accountmanager at AEW, commented: 'Amsterdam is one of the strongest business locations and fastest growing metropolises in Europe.
'Due to its canals and countless historic buildings, it is rare to have an opportunity to develop new space in the city - especially in central locations such as Oostenburg.
'The comprehensive urban development project currently underway in Oostenburg, which will see new amenities and enhanced public transport access, makes this micro-location one of the most dynamic areas in the Netherlands. De Amsterdam ties into this wider regeneration project and represents the ideal first acquisition for our new mandate.'
Frederique Weber, country manager for The Netherlands at AEW, added: 'This transaction allows us to acquire a high quality, centrally located residential development project for our client, in a market where such opportunities are hard to come by. Delivery is planned for Q2 2022 and we are looking forward to our partnership with SOO.'
AEW was advised by Loyens & Loeff, Yester & Morrow, BNP and CityState.
The transaction was supported by Hansainvest Hanseatische Investment, which administers the German special fund.
Stadswerf Oostenburg Ontwikkeling (SOO) is a cooperation between VORM and Steenwell.
