International real estate firm Hines has acquired Pontkade Phase 3, a mixed-use residential and office development in Amsterdam, on behalf of the Hines Pan-European Core Fund (HECF).
Financial details were not disclosed.
HECF has acquired the site from BMB ontwikkeling, part of construction group VolkerWessels, and Reggeborgh Vastgoed, a private investment company, in a forward-funding deal.
Situated within Amsterdam’s NDSM-West regeneration area, the mixed-use development will consist of 208 apartments for rent, alongside 1,600 m2 of offices and 800 m2 of ground floor retail space.
Designed by international architecture firm Moke, Pontkade Phase 3 features an 18-story residential tower and a seven-story office building. The project is expected to complete by the end of 2022. On behalf of VolkerWessels, BMB ontwikkeling is the lead developer in the NDSM regeneration area.
Peter Epping, senior managing director and HECF fund manager at Hines, said: 'This is an exciting new development in an emerging part of Amsterdam, with strong long-term prospects as the area continues to develop and grow.
'Our investment underlines our strategy of targeting high-quality PRS assets and build-to-rent projects, alongside traditional Core assets, within the HECF. Alongside the growth of our office and logistics investments, it is a key target to expand our residential invest program in other key European cities with good prospects for long-term rental growth,' Epping added.
According to Hines, since 2019, HECF has sought to increase exposure to residential and urban logistics assets in key European cities within its portfolio. The Pontkade Phase 3 acquisition represents the first PRS investment by HECF and further residential investments are expected to complete in the coming months.