Syntrus Achmea Real Estate & Finance has acquired 542 apartments being developed in the northwestern Dutch city of Haarlem on behalf of Dutch pension funds for a combined investment of €62.5 mln.
The three-part buy is the largest residential property transaction ever carried out by Amsterdam-based Syntrus Achmea REF.
The apartments with covered parking spaces are located at the Plaza West Haarlem inner-city urban development project. The Plaza West Haarlem development partnership company was the vendor.
Syntrus Achmea REF acquired 236 private sector apartments for Dutch agrarian sector pension fund BPL. Rabobank's pension fund and the Achmea Dutch Residential Fund, acting through Syntrus Achmea REF, acquired 153 apartments each. A number of pension funds invest in the Achmea Dutch Residential Fund.
Back in March 2016 the Plaza West Haarlem partnership acquired a land position of five hectares with approximately 10,000 m2 existing retail and a development potential of more than 600 apartments in Haarlem West.
The developer is to build 542 apartments, all of which have now been pre-sold to the pension funds. The individual units will be a mix of 2 and 3-bedroom apartments of 45 m2 to 130 m2, with 75 m2 being the average. The apartments are spread over six blocks, with work on the first expected to begin in the second quarter of 2017. The last homes are scheduled for delivery in 2020.