Dutch institutional investment manager Bouwinvest has agreed to purchase a block of 69 apartments being developed in north Amsterdam to gain outright ownership of the De Werf residential scheme.
Bouwinvest's residential fund's third deal with Noordas BV, a joint venture between COD, Borghese Real Estate and Verweij Mungra Vastgoed, represents its final instalment in the development formerly known as Nautique Living, which is taking shape in the former NDSM shipyard in the northern part of the Dutch capital.
'We are very excited about investing once more in De Werf and expect it to be an extremely popular residential area. It is a nice addition to our residential portfolio,' said Michiel de Bruine, head of residential asset management at Bouwinvest.
The De Werf scheme comprises 945 apartments altogether. The fund previously acquired 473 free-market rental apartments and 403 student housing units. The scheme, which is being constructed in stages, comprises six buildings with a variety of lot sizes ranging from 24 m2 to 95 m2.
Delivery of Nautique Living is scheduled for mid-2017, while the 69 homes acquired in the latest transaction should complete by the end of 2018.
The Nautique Living brand name will be used from now on only for the student housing development, having previously been used for the entire project. Builder Pleijsier Bouw, manager Student Experience, COD and Bouwinvest celebrated the topping-out of the 403-unit student housing complex on 13 September.
Gert-Wim Bos, director of COD, added: 'We are happy that Bouwinvest shares our vision for the huge potential for the NDSM site as a place to live and study. With Bouwinvest, we are working on the largest and most diversified residential project in Amsterdam with the delivery of 945 attractive homes. This part of Amsterdam will become one of the most lively locations in the city.'
BNP Paribas Real Estate advised COD, Borghese and Verweij Mungra Vastgoed, while the venture partners received legal advice from NautaDutilh. The development partner for the entire project is Pleijsier Bouw.
