Change= realises 600 apartments in Amsterdam Zuidoost
11 december 2017
Change = expands its unique living concept for working young people aged 18 to 30 years. After the realisation of 500 apartments on August Allebéplein (Nieuw-West), Change= has reached an agreement with an international institutional investor for the acquisition of a second building with 596 apartments in Amsterdam Zuidoost. The construction of the building is already in process and the building is expected to be completed by builder BAM in December 2018. A large number of tenants have already registered. Capital Value advised Change= on the sale. Rubens Capital Partners initiated the transaction on behalf of the buyer and is responsible for the asset management. Legal support was provided by Houthoff Buruma (on behalf of the buyer) and Loyens & Loeff and DLA Piper (on behalf of the seller).
Change= all-inclusive housing formula
Change= is creating perspective for young professionals based on its 'Work, Live, Learn and Life' formula. Change= can be characterised for the affordability of the living space, the extensive and high-quality communal areas and facilities, as well as the supply of all kinds of optional services (living as a service). Change = beheer BV will continue to manage and operate the building for the buyer for at least 10 years, in accordance with the Change = management concept. Over 5,000 tenants have already registered. The new independent units will be approximately 30 m2 and all have their own kitchen with a fridge and hot plate, laminate floor and a fully-fitted bathroom with toilet. Basic rent costs around €590 per month, which is considerably less than the price that may be charged within the price cap.
Ralph Mamadeus, the initiator and CEO of Change=, explains: "Change= takes the formula of 'Work, Live, Learn and Life' from the enormous need for affordable rental properties for young workers aged 18 to 30. In total there are 180,000 young people in Amsterdam, 40,000 of whom have a low or medium-skilled level of education. Research from Projectbureau Amsterdam, part of the municipality of Amsterdam, shows that 13,000 young people in this group are actively searching every day for suitable, affordable accommodation and that on average they need more than 10 years to find a permanent home. Our all-inclusive housing formula is a response to the increasing housing shortage in this population group, and to the need to address the clear social and civil damage that this situation is inflicting on our surroundings and on society in general. Our aim is to help the perspective of young workers in both Amsterdam and other big cities in the Netherlands."
Marijn Snijders, managing director Capital Value: "A growing number of international investors is active on the Dutch residential market. Especially foreign pension funds from Germany, Asia and the United States have confidence in the long-term and stable returns on the Dutch residential market. We expect that this trend will continue in 2018."
Rubens Capital partners is an Amsterdam-based asset and investment manager with approximately 2.25 billion of assets under management.