Agreement of intent between Municipality of Purmerend and AM for redevelopment of Wagenweggebied (NL

The Municipality of Purmerend and AM signed an agreement of intent today, 12 March, for the
redevelopment of the Wagenweggebied. This location, which adjoins the town centre, provides space for a mixed housing and commercial property development project of some 80,000 m². The
total investment volume amounts to approximately € 170 million.

The Wagenweggebied covers some 12 hectares in which there is a notable diversity of functions, ranging from housing to retail outlets and other forms of commercial activity. The Municipality of Purmerend wishes to create an attractive residential and work environment in this location. The development plans provide for both first-time buyers and people moving up the housing ladder. The programme will include some 700 dwellings. The project will also involve the development and construction of a multifunctional strip, with space for both shops and (small-scale) offices.

The Municipality of Purmerend organised a competition for the town-centre development plan at the end of 2003. In a selection procedure AM was chosen out of eleven developers because of its expertise in housing and commercial property development. A contributory factor was that AM has its own land development company combined with extensive expertise in the field of large-scale development and access to specialists in conceptual design from the in house company T+T Design. As noted at the presentation of its annual figures on 4 March this year, AM´s strategy is among other things concerned with utilising and strengthening this internal cooperation for large-scale development projects.

Feasibility study
The coming period will be used in order to formulate bases and parameters for the feasible development of the Wagenweggebied. In doing so the parties will be working out the proposed cooperation in more detail. They expect to complete the feasibility study by the summer.

Source: AM N.V.

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