Real estate investment firm Round Hill Capital has acquired two office and industrial assets in Amsterdam for potential redevelopment in conjunction with Dutch real estate developer Boelens de Gruyter.
The two out-of-town assets have a total floor area of approximately 8,000 m2 and are located in a 'residential acceleration area', designated by the municipality for potential residential re-zoning in order to meet increasing housing demand in Amsterdam.
'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,' said Michael Bickford, founder and CEO of Round Hill Capital.
'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,' Bickford added.
The deal follows the purchase last year, also in partnership with Boelens de Gruyter, of an existing office asset dubbed Ring Park for potential residential redevelopment on a 11,804 m2 site in Central Amsterdam. In February 2018, Round Hill acquired, with Boelens de Gruyter and G&S Vastgoed, approximately 43,000 m2 in Merwede Canal Zone in Utrecht to develop a new urban neighbourhood.
Round Hill Capital and Boelens de Gruyter were advised by Van Dijk en Ten Cate and HMK Notarissen (Notaries) and the vendor was advised by Cushman & Wakefield.