The Bouwinvest Residential Fund has purchased 369 rental homes in the iconic Sluishuis project in Amsterdam from developers VORM Ontwikkeling and Besix Red for an undisclosed sum.
Located on the Steigereiland in Amsterdam IJburg, the Sluishuis scheme will consist of a mix of homes spread over the owner-occupied sector, the mid-rental sector, and the liberalised rental sector.
Although more than 50% of its portfolio already consists of mid-rental sector homes (with a monthly rent between €711 and €1000), Bouwinvest said it wanted to further increase its allocation to this asset class. Sluishuis fits within the strategy of the residential fund, with rental prices for the majority of its homes varying between €825 and €975 per month.
'I’m excited that we’ve been able to realise mid-rental sector homes in such a characteristic building in Amsterdam,' said Michiel de Bruine, director Dutch Residential Investments at Bouwinvest.
'There is a lack of affordable rental homes for the middle class in Amsterdam, which pressures the inclusivity and vitality of our city. As an institutional investor with a long-term horizon, we feel the responsibility to contribute towards a solution to this problem.'
Designed by Danish architect Bjarke Ingels (BIG) Sluishuis will act as a gateway to the island neighbourhood of IJburg, with part of the building rising above the water like an archway. The waters of the IJ river flow underneath this arch into the U-shaped structure, flanked by docks and greenery.
Sluishuis is easily accessible by car as it is located next to the A10 ring road, and has high sustainability criteria.
Construction of the project is expected to start in the third quarter of 2018, with delivery planned for the first quarter of 2022.
