AEW has acquired a prime residential asset in the Oostenburg urban development project in Amsterdam. The asset was acquired off-market through a forward funding agreement with developer Stadswerf Oostenburg Ontwikkeling (SOO) on behalf of a new mandate for a German insurance group. De Amsterdam, which is due to complete in Q2 2022, will deliver 32 freehold apartments over four floors totalling 2,100m². The asset will offer high quality, partially furnished units whilst benefitting from Grade A energy efficiency with solar panels on the roof and a thermal energy storage system. The one, two and three-bed apartments will have balconies and terraces, along with 12 unique indoor private boat garages.
The development is situated in Oostenburg, a former industrial area within close walking distance to the city centre and currently the biggest residential development scheme in central Amsterdam. The new neighbourhood will comprise approximately 2,000 dwellings, hotels, restaurants and office buildings, as well as new infrastructure to improve accessibility by public transport.
Christopher Thiele, Separate Account Manager at AEW, commented: “Amsterdam is one of the strongest business locations and fastest-growing metropolises in Europe. Due to its canals and countless historic buildings, it is rare to have an opportunity to develop new space in the city - especially in central locations such as Oostenburg. The comprehensive urban development project currently underway in Oostenburg, which will see new amenities and enhanced public transport access, makes this micro-location one of the most dynamic areas in the Netherlands. De Amsterdam ties into this wider regeneration project and represents the ideal first acquisition for our new mandate."
Frederique Weber, Country Manager for The Netherlands at AEW, added: “This transaction allows us to acquire high quality, centrally located residential development project for our client, in a market where such opportunities are hard to come by. Delivery is planned for Q2 2022 and we are looking forward to our partnership with SOO.”