Invesco Real Estate has acquired two residential buildings in Holland Park, a c. 30,000m² residential development nine kilometre’s southeast of Amsterdam, from Bergwijkstadspark represented by Bouwaccent and Snippe, the developers of the investment. Completion of the complex is anticipated for end 2021. The forward-funded development is the second residential asset for Invesco Real Estate’s pan-European flagship strategy and part of its growing pan-European residential programme. The purchase price was not disclosed.
The high-quality, energy efficient 14-storey development complex will comprise over 300 residential blocks and two commercial units and will include an underground car park with 199 parking spaces. Situated in Diemen, just outside of Amsterdam’s municipal border, Holland Park is in the middle of an upcoming residential market with excellent public transport connections to Amsterdam’s city centre and Schiphol Airport. Over 1,600 units across Holland Park’s other blocks have already been sold, making it Holland’s fastest selling housing project. After completion, the whole premise will have about 3,500 residential units and 5,000 residents in total.
Jon Pierce, Senior Director – Fund Management at Invesco commented: “With Holland Park, we add another excellent cornerstone asset to our core pan-European strategy and further enhance the diversification of our portfolio. This, the second residential asset for the strategy, is again representative of the quality being secured in the sector. Together with Mainwald in Frankfurt, the strategy is delivering c.€270m of residential in two very high-quality assets, both within a 10-minute commute of the thriving gateway European cities of Amsterdam and Frankfurt. Given the strong fundamentals, we expect the acquisition of Holland Park to drive sustainable NOI growth for our strategy and ultimately the returns for our investors.”
Fabian Manegold, Senior Director – Transactions at Invesco added: “With Holland Park, we were able to secure a fantastic opportunity by investing in a core location in an attractive residential hotspot. This will allow our strategy to benefit from the positive developments we expect for Amsterdam’s housing market in the coming years, such as increasing prices and rental growth above inflation.”
