Bouwfonds Investment Management (IM) is to convert the former Philips Lighting main office in Eindhoven into more than 600 apartments after acquiring the site for €82 mln.
Bouwfonds Investment Management (IM) is to convert the former Philips Lighting main office in Eindhoven into more than 600 apartments after acquiring the site for €82 mln.
The property is located adjacent to the central station and city centre. It is the second time that all three European residential funds of Bouwfonds IM have invested together in one location.
Michiel Dubois, managing director residential real estate, said he was 'very pleased' with the at a 'remarkable location' in the centre of Eindhoven. 'Eindhoven is currently undergoing an exciting transition - becoming an international, and challenging, environment for highly qualified young people,' he said.
The T-shaped property, built in 1979, was formerly used by Philips Lighting. Bouwfonds IM has acquired the Emma Wing for its Bouwfonds European Residential Fund, the Victoria Wing for a separate mandate and the Mathilde Wing for its European Student Housing Fund.
The vendor of the existing building is Foolen & Reijs Vastgoed while Stam + de Koning Bouw & Vastgoed is developing the new apartments. Delivery of the new apartments is planned for the second half of 2016. In total, 616 new apartments are being developed including 567 lofts and 49 penthouses.
