German fund manager Union Investment has acquired a third residential investment for its Unilmmo: Deutschland portfolio, this time a project in the city of Amsterdam.
Dubbed, AMST, the scheme comprises two buildings encompassing residential, social and commercial spaces, plus parking facilities in the centre of the city. The vendor is real estate developer MRP.
Financial details were not disclosed.
Adam Irányi, team leader for European cross-border transactions at Union Investment Real Estate said: 'Residential investment is a key element of our strategy to further diversify and stabilise our portfolio.
'We want to boost the proportion of residential properties in selected European core markets outside the DACH region. Due to its ongoing rapid population growth, Amsterdam is an integral part of this investment strategy.'
The AMST residential project is Union Investment’s second acquisition in Amsterdam’s residential property market. In 2019, the real estate investment manager acquired the Y-Towers development in North Amsterdam for Unilmmo: Europa, which includes a residential tower with 176 apartments.
Bart Meijer, CEO of MRP added: 'This sustainable and social development is an example for future urban developments.
'AMST makes affordable living in the center of Amsterdam attainable. The variety of apartment sizes allows families to live in Amsterdam, an opportunity that cannot be found anywhere else in the city.'
AMST marks Unilmmo: Deutschland’s third major residential investment following the recently acquired Hyperion project in Helsinki and 8th Lock development in Dublin.
The project comprises two structures with a total of 21,849 m2 of lettable space, of which around 15,890 m2 is for residential use and around 5,960 m2 for commercial use. The plans include 252 apartments ranging in size from 42-140 m2, as well as a supermarket and a food market in the commercial part.
In addition, the project will have underground parking for 114 car and 966 bicycles. Completion is scheduled for December 2022.
Union Investment was advised by NL Real Estate and Loyens Loeff.
