Dutch investment manager Bouwinvest has agreed to acquire 450 private-sector apartments to be developed at a former office building in Amsterdam.
Dutch investment manager Bouwinvest has agreed to acquire 450 private-sector apartments to be developed at a former office building in Amsterdam.
Bouwinvest and developer Pinnacle signed a contract for the transaction during the Provada real estate fair in Amsterdam this week. The financial details were not disclosed.
The Haarlemmerweg project involves the transformation of a 60,000 m2 property owned and occupied by ING Bank. Pinnacle has acquired the building from the bank, which will leave in stages.
Pinnacle plans to create a district with 450 homes for sale and the 450 rental apartments being acquired by Bouwinvest's residential fund. The first homes will be delivered by 2017/18 and the project is scheduled for completion by 2020.
This was the third significant investment in private sector residential development signed at Provada this year. The other transactions were carried out by CBRE Global Investors for its Dutch residential funds. Two new residential schemes are being developed in Rotterdam and Amsterdam in separate deals for an estimated total of €90 mln.
