Dutch investment manager Amvest has acquired 358 rental housing units in the Olympiade development in Amstelveen, a suburb of Amsterdam, from developer Provast.
Financial details were not disclosed, but market sources put the purchase price at around €115 mln.
The Olympiade project is a former office building which is being transformed into 50,000 m2 of sustainable, high-grade rental housing set in a landscaped environment. In total, the development comprises 552 units, of which Amvest is adding 358 to its Amvest Residential Core Fund. Rents will range from the middle (€785 p/m) to high segment, in line with council objectives to build more homes for middle incomes. The complex will also include over 600 parking spaces and is due to be delivered in 2023.
Provast was advised on the transaction by law firm Loyens & Loeff, while Amvest was assisted by Barents Krans.
