Redevco has expanded its residential portfolio with the acquisition of the Porseleinen Toren (Porcelain Tower) in an up-and-coming district in the Dutch city of Delft from developer Synchroon. The 40-metre high, energy-efficient residential complex supports Redevco’s long-term diversification strategy and will be the centrepiece of Nieuw Delft, a sustainable neighbourhood being built on a site above a new tunnel created for an underground high-speed railway line. The Porseleinen Toren comprises 85 unregulated rental apartments on 11 levels as well as 200m² of cafes and restaurants on the ground floor. The complex provides covered storage for 268 bicycles and eight parking spaces in an adjacent carpark for residents. The terraced design of the building allows for an open deck measuring 154m² as well as a 35m² sky bar on the fifth floor, both of which are available to residents, meeting the growing trend for communal shared facilities.
Residential real estate is a key target sector for Redevco which aims to expand its pan-European mandates and portfolio to €10bn by 2025 through investing in other property asset classes alongside its core retail portfolio. The company has already invested in the development of some 170 homes in Amstelveen near Amsterdam and acquired Dieterich Karree, a similar number of apartments in Dusseldorf, with 11,430m² of commercial space on the ground floor.
Fleur Abas, Transaction Manager at Redevco Netherlands, said: “This acquisition is totally aligned with our goal to invest in residential properties in liveable and sustainable areas in the most attractive cities in Europe. The Porseleinen Toren will offer affordable and high-quality rental apartments in a parklike environment in a region that suffers from an enormous housing shortage. The development will be equipped with innovative technologies to reduce energy consumption to a minimum, in line with our sustainability strategy.”
Henri van Dam, director Synchroon, commented: “The Porselein Toren demonstrates our ambition to develop attractive urban buildings that add value to their surroundings, are functional and meet a social need. We’re pleased to announce this sale to Redevco and the addition of 85 rental apartments close to the inner-city centre of Delft.”