Hines has purchased three unique commercial properties comprising 11,200m² in NDSM Amsterdam, The Netherlands, from real estate developers and investors Millten and Harvest Vastgoed. Located in the NDSM submarket, a former shipyard and thriving neighbourhood in Amsterdam Noord, the assets are multi-let to a range of tenants including technology, media, food and beverage, and a charity occupier supporting environmental protection. Harvest and Millten have been involved in NDSM since 2014 and have contributed to the development of the area. The three acquired buildings are former shipyard warehouses reimagined as characterful office spaces. The buildings are arranged around a public square, together with an existing hotel, and HECF intends to further expand placemaking initiatives and sustainability-linked activities in collaboration with the neighbourhood to positively impact the NDSM area. NDSM itself is located on the banks of river IJ with excellent transport links including a ferry to the city centre and wider Amsterdam. Tenants opt for this cultural hotspot with an array of local amenities including numerous bars and restaurants, an open-air cinema, and one of the largest flea markets in Europe. The purchase price was not disclosed.
Simone Pozzato, Managing Director and HECF Fund Manager at Hines, said: “We continue to broaden our exposure to Amsterdam and the NDSM submarket because the location is a cultural hub with great character and connectivity which continues to attract visitors, residents and businesses alike. HECF has already invested in South Dock, a waterfront residential scheme in Amsterdam due to complete in the second half of 2022, and these commercial additions represent a rare opportunity to acquire such assets at scale in a rapidly consolidating market. We are excited to undertake placemaking activities to unite and ignite the two locations further.”
Andy Smith, Senior Managing Director and Country Head for The Netherlands at Hines, said: “Hines Netherlands is excited for the opportunity to continue to invest in Amsterdam and the NDSM area. There are no better examples of the vibrancy and dynamism that Amsterdam continues to offer, and we believe tenants will be attracted to this neighbourhood and these buildings for many years to come. Together with our tenants, the municipality, and other partners, we will continue to enhance this exciting location for the broadest benefit. We thank the previous owners for their trust to continue to improve the area.”
