Austrian developer IES Immobilien and Vienna-based investor group Invester United Benefits are investing a 'three-digit million-euro amount' in a mixed-use development in Amsterdam’s northern waterfront area.
The exact investment sum was not disclosed, but the project has a market value of €360 mln, the groups said.
Construction is set to begin in May on the Overhoeks project, which will comprise a hotel, congress centre and residential quarter.
The 100,000 m2 development is due to be completed by 2020. Züblin Nederland has been contracted to lead the construction of the project.
The project includes a 110-metre four-star hotel tower, which has been leased on a 50-year term to Germany’s largest hotel operator Maritim Hotelgesellschaft, and offers 579 rooms. The tower will be the third-highest in Amsterdam and house a conference and congress centre with the capacity to host 4,000 people, making it the second-largest such venue in the city after the RAI exhibition and convention centre on its southern fringe.
The second 101-metre high tower will accommodate over 230 apartments covering a total floor area of 24,000 m2.
Markus Teufel, owner of IES Immobilien-Projektentwicklung, said: ‘Amsterdam has a booming residential sector and is one of the strongest hotel and convention markets in Europe, but it has previously been lacking a large capacity and centrally situated combined venue to meet this demand. CongresHotel & Residential Tower Overhoeks will be a truly first class location to cater to these markets and provide spectacular views over the IJ waterway, the harbour, and the historic 17th century centre of the Dutch capital.’
Amsterdam hosts more than 12 million overnight stays annually, drawing a mix of tourists and business travellers all year round. The Dutch capital also ranked eighth on the list of cities hosting the most congresses worldwide, as compiled by the International Congress and Convention Association (ICCA).
The Amsterdam residential market is experiencing strong price rises as supply lags burgeoning demand, due to urbanisation trends and the growth in single-person households. Although this has sparked a resurgence in development and the conversion of office space to apartments, a shortage of available building land, particularly in central districts, is restricting the volume of construction. In response, the municipality has identified a number of former industrial sites along the banks of the IJ River, including Overhoeks, where it plans to concentrate residential development in the central area.
IES Immobilien-Projektentwicklung is an Austrian family-run company owned by Markus Teufel which specialises in real estate and urban development as well as in real estate investment consulting.
Vienna-based Invester United Benefits is an integrated real estate service provider group, which acts as investment, asset and development manager. It has €1 bn worth of investment projects in Central Europe with a focus on Germany, Austria, and the Netherlands.
