Belgium and Luxembourg-focused property developer ICN has inked its debut deal in the Netherlands, acquiring a development site in Amsterdam from Dutch hospitality group Corendon, in joint venture with Belgian developer Besix Red.
Financial details were not disclosed.
The site, covering in excess of 13,200 m2, is located in Amsterdam Nieuw-West. The joint venture plans to create a mixed-use scheme of 42,000 m2 in two phases, including 37,500 m2 of residential and 4,500 m2 of office and retail combined.
ICN has set up a local office to support the operational activities of its Dutch projects, in line with its European growth objectives.
For Besix Red, the deal marks a continuation of its diversification strategy in the Dutch capital after developing Sluishuis in Amsterdam’s IJburg district.
Jan Coenegrachts, director at ICN, said: 'We are delighted to export our expertise in project development in the dynamic city of Amsterdam. ICN’s teams have the know how to bring our highest quality standards to the large developments like these.
'We will meet the city’s ambition to provide attractive new living environments where lifestyle aspirations meet at an ideal location, relaxed urban atmosphere and leisure and greenspace for its inhabitants.'
The site is located in the Sloterstrip zone of the Schinkelkwartier area, a new development zone on the boundary between the Nieuw-West and Zuid-districts, and close to the city centre.
Currently known as a neighbourhood mainly characterised by offices and light industrial activity, the City of Amsterdam has long-term plans over the next 25 years to reposition this zone towards residential and community living.
Gabriel Uzgen, CEO at Besix Red, said: 'We are very pleased to grow Besix Red’s footprint in Amsterdam with this second project. In line with our geographical diversification strategy, our ambition is to continue to invest in cities characterised by a strong socio-economic dynamism, with strategic partners such as ICN.'
Loyens & Loef, Drees & Sommer and Resi advised the developers throughout the acquisition phase. Corendon was advised by Colliers and Dudok.
