US developer-investor Round Hill Capital has joined forces with developers G&S Vastgoed and Boelens de Gruyter to acquire a development site in Utrecht within the Merwede Canal Zone urban renewal planning area.
The acquisition follows last week's approval by Utrecht City Council of a new vision for the area as a starting point for its redevelopment into a new city district.
The district will provide commercial space but also new homes to help deal with the expected increase in the population of the Dutch city.
Under the deal, which according to market sources represents a total investment of €300 mln, Round Hill Capital, G&S Vastgoed and Boelens de Gruyter have acquired a total of approximately 4.5 ha (43,000 m2) located at Kanaalweg 14-19, currently comprising over 12 office buildings, known as the ‘Smart Business Park’. The transaction makes Round Hill Capital the largest private investor in the new Utrecht neighbourhood.
The transaction is part of Round Hill's growth strategy in the Netherlands where it has recently established an asset management platform building up a portfolio of over 10,000 residential units.
Michael Bickford, founder and CEO of Round Hill Capital, said: 'Round Hill has a well-established and successful investment track record and operational expertise in residential and student housing across Europe, and this agreement to acquire the Merwede Canal Zone site further enhances our housing platform in the Netherlands. The area has significant potential, with the Utrecht City Council supporting the growth of a new neighbourhood to accommodate between 6,000 and 10,000 residential units.'
He added: 'Round Hill remains committed to making further investments in residential and student housing developments in the Netherlands and across wider Europe, whilst also continuing to look to make more investments in residential property in line with our existing strategy.'
