Listed German investment manager Patrizia Immobilien has acquired a residential complex in central Amsterdam for €66 mln from the property's developer, Bouwconsulting Beheer.
The Oranjekwartier at Koningin Wilhelmplein, which comprises 164 apartments, was purchased on behalf of two institutional investors in a 'buy-and-hold' strategy, Patrizia said.
Although the investors were not named, PropertyEU can reveal that they are a German pension fund and a German insurance group.
'We are delighted to have identified and implemented this attractive investment opportunity for our investors as part of our core strategy,' commented Peter Helfrich, country head Patrizia Netherlands.
The Oranjekwartier consists of three buildings and was built in 2009. It is situated in the west part of Amsterdam, close to the Oud-Zuid district and the 50-hectare Vondelpark.
Laid out over 13 floors, with a total area of 18,000 ft2, it is one of the tallest buildings in the neighbourhood.
Delegates attending PropertyEU's Dutch briefing at Provada last week heard that the Dutch capital is 'cheap' at the moment compared to other global cities.
'The Netherlands is a positive story in an EU context and prices are still recovering,' said Simon Mallinson, EMEA & APAC managing director at Real Capital Analytics (RCA). 'Amsterdam, which consistently features in the top 10 cities for investment in Europe, should see a lot more international money coming in.'
