Dutch investment manager Bouwinvest has completed the acquisition of 473 new waterside apartments in Amsterdam for its Dutch Residential Fund.
Dutch investment manager Bouwinvest has completed the acquisition of 473 new waterside apartments in Amsterdam for its Dutch Residential Fund.
Financial details were not disclosed. The apartment block, known as Nautique Living, was acquired from the developers COD, Borghese Real Estate en VerweijMungra.
Built on a former shipbuilding site (NDSM-terrein), Nautique Living forms part of a 70,000 m2 mixed-use development comprising apartments, student housing units, hotel and parking garage.
The deal brings the total amount spent by Bouwinvest on residential units so far this year to around around €305 mln. Some 90% of the 1,300 assets are located in Amsterdam, with the remainder spread across Utrecht, Eindhoven and Rijswijk.
Bouwinvest said most of the existing third-party Dutch institutional investors in the Dutch Residential Fund fund have increased their commitments with effect from July, taking total new capital raised from external pension funds to €120 mln.
Allard van Spaandonk, Bouwinvest director for the Netherlands, said: ‘As the recovery in the major Dutch residential markets of the central Randstad urban conurbation accelerates with rising prices and rents, it is becoming increasingly difficult for investors to source the type of quality assets in the liberalised rental sector that we have just acquired.’
He noted that Bouwinvest’s strategy of working closely with local development partners and the government on new residential projects ‘is paying off’. The company, he said, has a supply pipeline of €658 mln and is the biggest investor in new rental housing building projects in Amsterdam.
