German property group Patrizia has announced the purchase on behalf of its clients of a 114-unit turn-key residential development in Amsterdam, the Netherlands, from Biesterbos Groep, a Dutch real estate investor.
Although financial details were not disclosed, PropertyEU understands that Patrizia is paying €51 mln for the build-to-rent development, which forms part of the major regeneration of the historic shipyard area of Amsterdam Noord.
Patrizia is understood to have been in talks to buy the asset since September last year, with the SPA being signed on the 18th of March 2020.
The transaction increases Patrizia’s total assets under management in The Netherlands to €2.1 bn.
The scheme will comprise 114 units over 7,760 m2 of rental accommodation, and is due to be completed in the autumn of 2020. The asset is part of a wider complex known as Pontkade and consisting of five residential buildings encompassing 252 owner-occupied and rental apartments.
Emile Poort, head of Transactions Benelux at Patrizia, commented: ‘This investment provides our clients with access to a modern, high quality development in a sought-after location of Amsterdam where residential demand is rising. The long-term fundamentals underpinning demand for good quality rental accommodation will remain, despite the current challenges posed by coronavirus.
'The NDSM district is one of the most exciting areas of the city and is undergoing significant regeneration, which we expect will see it further established as an attractive location for residents and businesses alike over the long term.’
Ted Biesterbos, on behalf of the Biesterbos Group: ‘The transaction gives us room to exploit new opportunities, enabling us as a party to further contribute to realizing more housing stock, especially in the middle segment.’
Capital Value assisted Biesterbos Groep with the sale. Savills acted on behalf of the buyer.
It is the second deal by Patrizia this week. On Sunday the company agreed the sale of a large, mainly residential portfolio in the Netherlands to Swedish landlord Heimstaden for a total of €375 mln.