Financial details were not disclosed.

The residential development Ivy was purchased from Dutch developer BLVG Ontwikkeling on behalf of an institutional real estate investment fund. The 45-metre high rise in Amsterdam’s district North has a total of 9,791 m2 of GLA.

Michiel Dubois, managing director responsible for the Dutch market at Garbe Institutional Capital, said: 'Garbe stands for more than 50 years of successful real estate investments. This transaction emphasises our excellent access to high-quality real estate in relevant European markets. With IVY we acquire a high-quality property in a very good location that meets high ESG standards.'

Upon completion in mid-2024, Ivy will comprise 157 rental apartments in the lower, medium and free market segments, with 49 housing units master leased to the municipality of Amsterdam, and 1.165 m2 of commercial space on the ground floor.

The project also includes 34 car parking spaces as well as parking for 630 bicycles and electric scooters in the basement. The project is located in Klaprozenweg at the entrance to the new Klaprozenbuurt residential district, where more than 2,000 residential units are being built.

Ivy was designed by Burton Hamfelt Urban Architecture and meets high sustainability standards: In addition to the green façade and a water retainment basin, the building has a very low energy consumption according to the Dutch Energy Performance Certificate (EPC).