US residential investment manager and operator Greystar has acquired a student housing complex in Diemen near Amsterdam for an undisclosed sum.
US residential investment manager and operator Greystar has acquired a student housing complex in Diemen near Amsterdam for an undisclosed sum.
The development, the first in the Netherlands to be built in the style of an American university campus, was purchased from a consortium comprising Snippe Projecten, Van Wijnen and Ramphastos Investments, the investment vehicle of Dutch entrepreneur Marcel Boekhoorn.
Campus Diemen Zuid consists of five buildings comprising 939 apartments over 27,000 m2 and around 4,650 m2 of commercial space. The site previously housed 50,000 m2 of vacant offices built in 1978.
Steven Zeeman, managing director of investments at Greystar, said: ‘With our American roots, and having grown a significant UK platform in recent years, Greystar is now focusing on growing further in Continental Europe, particularly urban areas. Campus Diemen with its amenities, service and location on top of train and metro station is a good fit for Greystar.’
Greystar was advised by technical consultants Peak Development and Tagis. Baker & McKenzie provided legal advice.
CBRE acted as commercial adviser on behalf of Campus Diemen Zuid CV, while the consortium was advised on the legal side by Loyens & Loeff.
Alexander Buijs, director of residential investment properties at CBRE, in the Netherlands, commented: ‘The investment market for student accommodation is currently experiencing strong levels of interest in the Netherlands and this transaction underscores the interest of experienced international investors.’