Savills Investment Management has purchased a newly built multifamily development in Amsterdam, representing the third investment for its flagship European Living Fund which was launched last year.
Completed in April 2023, the six-storey Juf Nienke asset is located in the city’s IJburg sub-market and consists of 61 residential units, split evenly between the mid-rental and free rental segments.
It was acquired in an off-market transaction.
Besides residential units, the complex comprises a kindergarten and private gym as well as 25 parking places on the ground floor.
It features a modular, timber-framed construction and has been built with materials which are either recycled or renewable, significantly reducing its embodied carbon profile, Savills IM said. Other sustainable attributes include solar panels, EV chargers and district thermal heating.
Patrick Au Yeung, fund director of living at Savills Investment Management, commented: ‘The third investment for our European Living Fund following transactions in Sweden and Spain last year, this latest acquisition fits perfectly with its strategic remit to invest in high-quality, sustainable assets in key European cities with supportive fundamentals.
‘Amsterdam is one of the strongest residential markets in Europe, with low vacancy risk, and we’re delighted to have secured this newly completed sustainable asset in an off-market transaction.’
He added: ‘We strongly believe this current vintage will see investors taking full advantage of attractive market timing opportunities. The fundamentals for the rental living segment are robust, and the supply/demand imbalances are acute and likely to persist.’
Edgar Hertog, co-head of the Netherlands at Savills Investment Management, commented: ‘Despite the increasing regulatory pressure, we as international investor still see positive opportunities in the Dutch market. We look forward to acquiring more assets of similar quality and will continue to focus on assets with a strong ESG story via existing credentials or achieved following active asset management.’
Savills Investment Management was advised on the deal by Greenberg Traurig, PWC, SGS, CBRE and Savills.
