UK private investor Hanson Asset Management has invested €55 mln in a student housing project in The Hague in the Netherlands as part of a joint venture with local developer Stebru Transformatie.

UK private investor Hanson Asset Management has invested €55 mln in a student housing project in The Hague in the Netherlands as part of a joint venture with local developer Stebru Transformatie.

The project is Hanson's first in The Hague.

The Sigma complex, located close to Holland Spoor railway station in The Hague, will provide 586 housing units. Construction is due to start in the first quarter of this year.

The deal, which was finalised before Christmas, stems from an agreement signed between Hanson and the municipal authorities in The Hague during the Mipim fair in March 2013. It covers a long-term partnership under which the parties will develop, build and sell private rental housing and social housing properties in major Dutch cities. Like other foreign investors, Hanson sees strong potential in the Dutch housing market.

Builder Stebru Bouw initially worked with housing corporation Vestia on the project until the latter pulled out and Hanson entered the scene.

The development is dubbed locally as ‘The Iron’ due to its shape and was designed by architects firm AA Architecten. It also includes around 2,500 m2 of commercial space and 233 m2 dedicated to a student café.