The Bouwinvest Residential Fund has purchased 369 rental homes in the iconic project ‘Sluishuis’ on the Steigereiland in Amsterdam IJburg from developers VORM Ontwikkeling and Besix Red. The project, due to be completed for the Q1 2022, will consist of a mix of homes spread over the owner-occupied sector, the mid-rental sector, and the liberalised rental sector. The construction is expected to start in the third quarter of 2018.
Due to the unique design by Danish architect Bjarke Ingels (BIG) the building will feel as a gateway to the island neighbourhood of IJburg. Sluishuis embraces its waterside location, with part of the building rising above the water like an archway. The waters of the IJ river flow underneath this arch into the U-shaped structure, where docks and greenery complete the maritime character of the building. Sluishuis is also easily accessible by car since it is located right next to the A10 ring road. Furthermore, the building scores excellently on sustainability criteria.
Although more than 50 % of the company's portfolio already consists of mid-rental sector homes (with a monthly rent between €711 and €1000), Bouwinvest wants to further increase its allocation to this asset class. In this market segment, there is both high demand and a social responsibility to invest. Therefore, Sluishuis fits perfectly within the strategy of the Residential Fund, with rental prices for the majority of its homes varying between €825 and €975 per month.
Michiel de Bruine, Director of Dutch Residential Investments comments: “I’m excited that we’ve been able to realise mid-rental sector homes in such a characteristic building in Amsterdam. There is a lack of affordable rental homes for the middle class in Amsterdam, which pressures the inclusivity and vitality of our city. As an institutional investor with a long-term horizon, we feel the responsibility to contribute towards a solution to this problem.”