Union Investment has emerged as the buyer of The Puls, a major development of Vorm and Edge in the Kenniskwartier in Amsterdam's Zuidas district, PropertyEU has learned.
The German investor is believed to be paying a price in the region of €300 mln for the mixed-use project, which is due for completion in 2024.
De Puls will consist of 200 apartments, 36,000 m2 of office space, a cinema and various units for catering (1,600 m2) and retail (350 m2).
Hans Meurs, CEO of Vorm, said 'De Puls combines quality, affordable housing, diversity, circularity, sustainability, urban nature, mobility, work and leisure together. A unique concept for the Zuidas. We connect by creating 'common ground': a place where everyone feels welcome and at home. We think it is fantastic that we are going to realize this together with Edge and Union Investment.'
Boudewijn Ruitenburg, COO of Edge added: 'The fact that Union has also joined as an investor is a beautiful crown on this development. The demand for affordable housing in Amsterdam is greater than ever. With 151 mid-rental homes, De Puls contributes to the ambition of the municipality of Amsterdam to realize 1,670 mid-rental homes annually."
Vorm was assisted in the transaction by Loyens&Loeff. Union Investment was assisted in this transaction by Savills.
Paris deal
Separately, Union also announced on Thursday the acquisition of an office building at 59 Boulevard Haussmann / 34 rue des Mathurins. The vendor, French bank Crédit du Nord, has leased back the property which provides 10,800 m2 of retail space across seven upper floors and two basement levels. The purchase is earmarked for the portfolio of the UniImmo: Deutschland open-ended property fund.
Union Investment has only recently re-entered the French investment market with the acquisition of an office building in the immediate vicinity, at 5-7 Avenue du Coq.
'Prestigious and well-located properties like this are rare in the Paris CBD, one of the tightest rental markets in Europe. The striking architecture and intrinsic qualities of 59 Boulevard Haussmann offer a great potential to redevelop and reposition this asset in the future,' said Martin Schellein, head of Investment Management Europe at Union Investment.
Société Générale Real Estate Advisory brokered the deal.
