Privately-owned real estate investment manager Redevco has expanded its residential portfolio through an agreement with Dutch developer AM to purchase 172 rental apartments with parking spaces, and a commercial unit, in Amstelveen in the southern Greater Amsterdam area.
Financial details were not disclosed.
The ‘Hollandse Meesters’ project consists of two residential towers with a total of 303 apartments including 172 rental apartments and 131 owner-occupied homes. The complex includes a co-living component, or so-called ‘Friends’ flats, named after the popular US television series. It will arise on an attractive site where an office building is currently located. The development, designed to high sustainability levels, will be positioned in the mid-market rental segment.
Robert Bakker, development manager at Redevco Netherlands, said: 'This project further highlights our diversification strategy and focus on liveable and sustainable urban areas in Europe’s most attractive cities. Hollandse Meesters offers high-quality multifunctional rental apartments with amenities including a communal courtyard, roof terrace, and bike and car sharing facilities. It will give a former office location a new lease on life and create new sustainable homes in an area where there is a huge housing shortage.'
Peter Heuvelink, director AM Noordwest, added: 'Hollandse Meesters is an example of AM’s core focus on diverse neighbourhoods and good living through the development of homes in an attractive and liveable environment that remain affordable for local residents.'
Residential real estate has become a key focus for Redevco, which aims to grow its investment mandates and portfolio to €10 bn in assets under management by 2025, through investing in other property sectors beyond retail.
