Sale of residential complex for the municipality of Amsterdam

The municipality of Amsterdam asked us to assist with the sale of residential complex "Borstblok". The complex includes 78 apartments and 11 shops/office spaces in the borough Amsterdam West. The complex was fully renovated in 2014-2015.

Our approach

The municipality of Amsterdam sells property that no longer meets a municipal policy objective. We launched a public, transparent and sales procedure in accordance with both market practice and the guidelines of the municipality of Amsterdam. Our advice was to use the broadest possible approach in putting the complex on the market. Interested parties were given plenty of time to examine details of the complex and the sales conditions, and then submit a bid. The bids had to be submitted via the bid form that was drawn up by the municipality of Amsterdam. Because a long-term lease construction was involved, a non-negotiable long-lease agreement was used.

The result

Several parties expressed interest in the complex. Potential leaseholders underwent an integrity screening pursuant to the Dutch Public Administration Probity Screening Act (BIBOB). After the executive board of the municipality awarded the property to a potential leaseholder, the land with the associated complex could then be leased out to the private investor.

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