Patrizia AG has acquired a 114-unit turnkey residential development in Amsterdam, the Netherlands, from Biesterbos Groep, a Dutch real estate investor and conceptual developer. This transaction increases Patrizia’s total assets under management in The Netherlands to €2.1bn. The high-quality scheme, which will comprise around 7,760m² of rental accommodation, is due to be completed in the autumn of 2020. The purchase price was not disclosed.
The asset is located on the waterfront in the NDSM area of Amsterdam Noord, formerly the largest shipyard in Europe, which is now undergoing a transformation into a vibrant, high-density urban area with a unique and historical industrial character. The area is already home to notable companies including Viacom, Greenpeace and Red Bull, as well as restaurants, shops and other amenities. The city centre can be reached in 15 minutes via free ferry transport, and is also easily accessible via bus, bike and metro connections.
Emile Poort, Head of Transactions BENELUX at Patrizia, commented: “This investment provides our clients with access to modern, high-quality development in a sought-after location of Amsterdam where residential demand is rising. The long-term fundamentals underpinning demand for good quality rental accommodation will remain, despite the current challenges posed by coronavirus. The NDSM district is one of the most exciting areas of the city and is undergoing significant regeneration, which we expect will see it further established as an attractive location for residents and businesses alike over the long term.”