Invesco has acquired a major residential development in the city centre of Amsterdam in a forward funding deal set to complete in Q1 2024. The acquisition is the latest to be made on behalf of Invesco’s European Living Fund. The development is sold by Maarsen Groep. The state-of-the-art development, Caritas, in the central Amsterdam Nieuw-West district consists of 154 one- and two-bedroom apartments. The total space of c. 7,500m² includes c. 70m² of lettable commercial space. All apartments have been designed to cater for the highly demanded mid rental market segment.
The asset will meet very high ESG and sustainability standards which is reflected in an energy label of A++. This is based on sustainable technical installations such as photovoltaics on the roof, LED lighting throughout the whole building and an underground bicycle park for more than 370 bikes.
Caritas is located in a highly central location just 400m from the famous Rembrandt Park. Amsterdam’s main train station, Amsterdam Centraal, is also reachable within 15 minutes by car, bike, and train. The district predominantly has young residents that demand affordable rental housing in the Dutch city.
Fabian Manegold, Managing Director, Transactions at Invesco said: “Caritas Amsterdam will offer modern residential living in the city centre of Amsterdam, a city that continues to thrive. At the same time, the city faces a huge housing shortage of approximately 355,000 units of missing housing stock despite the fact that the economy remains strong. The Caritas development should contribute to close the gap of this material housing shortage in the Netherlands.”
William Ertz, Senior Director, Fund Management at Invesco commented: “We are very pleased to be able to add another attractive investment with a distinct social component to our European Living Fund in a rental and investment market that is in particularly high demand.”