European privately-owned real estate investment manager Redevco has announced the acquisition of the Porseleinen Toren (Porcelain Tower) in an up-and-coming district in the Dutch city of Delft from developer Synchroon. Financial details were not disclosed.
The 40-metre high, energy-efficient residential complex will be the centrepiece of Nieuw Delft, a sustainable neighbourhood being built on a site above a new tunnel created for an underground high-speed railway line.
It comprises 85 unregulated rental apartments on 11 levels as well as 200 m2 of cafes and restaurants on the ground floor. The complex provides covered storage for 268 bicycles and eight parking spaces in an adjacent carpark for residents.
Construction of the residential tower in Nieuw Delft, executed by TBI-company ERA Contour, is expected to commence in February or March 2022 with delivery scheduled for October 2023.
Residential real estate has become a key target sector for Redevco which aims to expand its European mandates and portfolio to €10 bn by 2025 through investing in other property asset classes alongside its core retail portfolio. The company has already invested in a development of some 170 homes in Amstelveen near Amsterdam and acquired Dieterich Karree, a similar number of apartments in Dusseldorf, with 11,430 m2 of commercial space on the ground floor.
Fleur Abas, transaction manager at Redevco Netherlands said: ‘This acquisition is totally aligned with our goal to invest in residential properties in liveable and sustainable areas in the most attractive cities in Europe. The Porseleinen Toren will offer affordable and high-quality rental apartments in a parklike environment in a region that suffers from an enormous housing shortage. The development will be equipped with innovative technologies to reduce energy consumption to a minimum, in line with our sustainability strategy.’
