Maastricht-based Catella Investment Management Benelux (CIMB) and Catella Residential Investment Management (CRIM) have acquired the ‘Project Twin’ residential complex in Osdorp, a suburb to the west of Amsterdam, from US private investor Heitman for an undisclosed amount.
The two 11-storey buildings – Tower I and III – are located by a canal and park on the Jan van Zutphenstraat and comprise 196 mid-range rental apartments spread over approximately 20,000 m2, as well as 208 parking spaces. The properties were purchased on behalf of an institutional mandate, managed by CRIM.
The two buildings were completed in 2007 and are part of a larger complex comprising two additional owner-occupied residential blocks - Tower II and IV.
‘These two assets are a perfect example of our residential investment strategy,’ said Ralph Willems, acquisition manager CIMB.. ‘The rental apartments are very affordable by Amsterdam standards, which is one of the strongest residential markets in the Netherlands. With inner-city house prices continuing to rise, a growing number of people are understandably moving away from urban centres and looking for affordable accommodation and more space on the outskirts of cities, a trend that has accelerated since the Covid-19 pandemic. We are confident these two properties will command a high level of interest, in particular from young professionals and families, thanks to their attractive location and close proximity to one of the most appealing and prosperous cities in the country.’
Catella was advised by Allen & Overy. Eastdil Secured and Greenberg Traurig acted on behalf of the seller.
