Dutch insurer Delta Lloyd has acquired the Platform mixed-use development in Utrecht from ABC Concept and Westplan Investors for a price believed to be around €60 mln.
The asset will consist of 200 apartments and 3,750 m2 of commercial space near Utrecht's central station. Construction of the scheme is expected to start in October with delivery planned for the first quarter of 2018.
Marcel Loosen, partner in ABC Concept, said: 'The fact that [...] an institutional investor like Delta Lloyd embraces this concept is for us a confirmation of our development strategy.'
Delta Lloyd was advised by Capital Value and DTZ Zadelhoff.
The transaction comes as Delta Lloyd has taken major steps to sell down its €2.2 bn direct commercial real estate portfolio to bolster its solvency ratios ahead of the implementation of new European capital reserve requirements.
In November 2015 the group sold its entire €226 mln 16-asset office portfolio to a consortium led by Singapore-listed First Sponsor. The deal included its headquarters at the 120-metre-high Mondriaan Tower in Amsterdam. Delta Lloyd agreed to continue to lease all the space it currently occupies.
