Patrizia acquires 114 new apartments in Amsterdam
2 april 2020
Patrizia has bought 114 apartments and 57 parking spaces in Pontkade, a new development of Biesterbos Groep at the NDSM shipyard in Amsterdam. The building, an eye-catcher in the heart of NDSM, offers a total of 252 owner-occupied and rental apartments, ranging from 2-room apartments to luxury penthouses. Construction started in 2018 and delivery is scheduled for September 2020. Capital Value assisted Biesterbos Groep with the sale. Savills acted on behalf of the buyer.
The asset is located on the waterfront in the NDSM area of Amsterdam Noord, formerly the largest shipyard in Europe, which is now undergoing a transformation into a vibrant, high density urban area with a unique and historical industrial character. The area is already home to notable companies including Viacom, Greenpeace and Red Bull, as well as restaurants, shops and other amenities. The city centre can be reached in 15 minutes via free ferry transport, and is also easily accessible via bus, bike and metro connections.
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."
Marijn Snijders, managing director Capital Value: 'It is good to see that international investors continue to invest in Dutch rental homes at this time. In addition to Dutch pension funds and housing associations, international funds play an important role in reducing the growing housing shortage in the Netherlands.