US privately-held developer-investor Hines has acquired three commercial properties from real estate developers and investors Millten and Harvest Vastgoed on behalf of the Hines European Core Fund (HECF).
The assets, comprising 11,200 m2 of lettable area in Amsterdam, The Netherlands, were bought for an undisclosed amount.
Located in the NDSM submarket, a former shipyard and thriving neighbourhood in Amsterdam Noord, the assets are multi-let to a range of tenants including technology, media, food and beverage, and a charity occupier supporting environmental protection.
The three acquired buildings are former shipyard warehouses reimagined as characterful office spaces.
The acquisition underlines HECF’s commitment to the NDSM area, expanding on its earlier forward funding of South Dock. It is HECF’s ambition to further expand its footprint in Amsterdam, realising synergies across its platform.
‘We continue to broaden our exposure to Amsterdam and the NDSM submarket because the location is a cultural hub with great character and connectivity which continues to attract visitors, residents and businesses alike,’ said Simone Pozzato, managing director and HECF fund manager at Hines. ‘HECF has already invested in South Dock, a waterfront residential scheme in Amsterdam due to complete in the second half of 2022, and these commercial additions represent a rare opportunity to acquire such assets at scale in a rapidly consolidating market. We are excited to undertake placemaking activities to unite and ignite the two locations further.’
