Global real estate investment manager Invesco has acquired a Dutch residential development comprising over 300 rental units from Bergwijkstadspark, represented by Bouwaccent and Snippe, the developers of the investment.
Financial details were not disclosed.
The two residential buildings in Holland Park, a 30,000 m2 residential development nine kilometres southeast of Amsterdam, should be completed by end 2021. The energy efficient 14-storey development complex will also include two commercial units and an underground car park with 199 parking spaces.
'With Holland Park we add another excellent cornerstone asset to our core pan-European strategy and further enhance the diversification of our portfolio,' said Jon Pierce, senior director – fund management at Invesco.
The forward-funded development is the second residential asset for Invesco Real Estate’s pan-European flagship strategy following the deal last year for Mainwald, a housing complex in Frankfurt, as the first residential asset for this strategy.
Over 1,600 units across Holland Park’s other blocks have already been sold, making it Holland’s fastest selling housing project, accordong to the developer. After completion, the whole premise will have about 3,500 residential units and 5,000 residents in total.
Advisors to Invesco were CMS (legal), Drees & Sommer (technical), Greystar (commercial) and Deloitte (tax).