CBRE Global Investment Partners (CBRE GIP) and IC Netherlands (IC NL) have acquired the residential element of the ‘Don Bosco’ scheme in Amsterdam, comprising 429 apartments, for their Dutch Urban Living Venture (DULV) strategy. Financial details were not disclosed.
The scheme, which recently completed, was developed by IC NL, which will remain the operating partner for the project and will co-invest in DULV alongside CBRE GIP.
DULV invests in newly built accommodation for young urban professionals through forward funding turnkey purchase contracts.
The apartments at Don Bosco, which is situated in the redeveloped district centre of Amsterdam Nieuw-West, have been designed to appeal to young professionals and most will be for private rental. The development as a whole includes 20,391 m2 of residential space, 858 cycle storage spaces – which have also been acquired as part of the deal.
The scheme consists of five buildings that are connected by a square and a central point that has workplaces, a lounge, fitness area and a communal kitchen.
The project contributes to the broader regeneration of the Centrum Nieuw-West urban district embarked on by the local municipality. It is situated adjacent to Sloterplas, one of the largest city lakes in Amsterdam, which along with Sloterpark has a wide range of facilities including water sports, running tracks, a city beach, swimming pool and events.
Alexander van Riel, head of Continental Europe Investments at CBRE GIP, said: ‘The growing demand for rental housing in a market with limited supply makes Don Bosco a particularly attractive investment, especially given its location in a vibrant and upcoming district with enduring appeal. This acquisition fits perfectly with our global strategy to establish programmatic ventures with sector specialists and we look forward to working with IC to unlock this high-quality asset’s significant potential.’
Wouter van den Eijnden, CEO of IC Netherlands, added: ‘The residential concept of Don Bosco is adding value to the renewing vision of Centrum Nieuw-West. Our generation Y and Z tenants are creating more diversity in this part of the city and our operating concept is facilitating the “meet each other” factor. We are looking forward to the completion of the whole renewing plan of Centrum Nieuw West.’
