Round Hill Capital in conjunction with real estate developer Boelens de Gruyter, have acquired two office and industrial assets for potential redevelopment and expansion, presenting an opportunity to develop significant residential volume in the city of Amsterdam. The two assets have a total floor area of approximately 8,000m² in close proximity to the A10 ring-road at de Overschiestraat 182 and 188 in Amsterdam, the Netherlands. The site is located in a “residential acceleration area” designated by the Municipality for potential residential (re)zoning in order to meet the strong and increasing demand for housing in Amsterdam. The entire site comprises an area of approximately 9,000m² and offers ample space for a higher residential/work density at this location. This transaction reflects the continuing expansion of Round Hill’s urban regeneration and development strategy in the Netherlands. The purchase price was not disclosed.
Commenting on the acquisition, Michael Bickford, founder and CEO of Round Hill Capital, said: “Round Hill has a successful 17-year track record of investment, development and operational management of real estate assets across Europe, with established expertise in residential housing. Our acquisition of these two assets further enhances our housing platforms in the Netherlands, which remains a key focus of our strategy. The assets and site have significant opportunities for asset management and potential residential redevelopment, and we believe that the site provides an exceptional opportunity to provide much needed additional housing which is required to support the continued population growth in Amsterdam. Round Hill remains committed to making further investments in residential and student housing assets and developments in the Netherlands and across Europe in line with our existing strategies.”
Maarten de Gruyter, director of Boelens de Gruyter, said: “This acquisition will help satisfy pent-up housing demand. The Municipality is well aware that the continuing growth and increasing popularity of Amsterdam are the driving force behind the demand for more residential space. Redevelopment in this area can help satisfy this demand. In addition, the location is quite unique, close to the A10 ring road and very accessible. The city centre is only 10 minutes away by bicycle, and the famous Vondelpark in Amsterdam is also nearby.”