AXA IM Alts has acquired, by way of a forward purchase agreement and acting on behalf of clients, the Binck City Park Block 1 residential development in The Hague, the Netherlands from Dutch developer Vorm.
Due to complete in 2024, the c. 21,000 sqm complex will comprise 313 residential units for the rental market, ranging in size from c. 46 sqm to 98 sqm, each with their own balcony and delivered to above-market specifications. Spread over 23 floors, amenities will include a private communal garden and underground parking for 805 bicycles and 75 cars.
The complex will be completed to high environmental standards, with features including solar energy compatibility, to enhance sustainability credentials and reduce operating costs.
Overlooking the Haagse Trekvliet canal, the site is located on the edge of The Hague’s city centre, in a former industrial area called Binkhorst which has benefitted from high volumes of investment and regeneration in recent years and will present a highly sought mixed-use offering comprising residential, office, leisure and education uses. The prominent property is just an eight-minute cycle to the city’s Central Train Station, which connects to Amsterdam Schiphol Airport in less than half an hour.
AXA IM Alts said, The Hague is the administrative, political and royal capital of the Netherlands, in addition to being its third largest city, with a young and growing population of c. 550,000 that is expected to swell by c. 30% by 2050.
Bernard d’Ocquier, Head of Transactions Benelux at AXA IM Alts, commented: “This project will deliver significant new supplies of prime residential stock to the Dutch market, which presents compelling demand drivers for both traditional and alternative living solutions, which remain key investment targets. The residential market remains one of AXA IM Alts’ key conviction calls, and we are confident in the long-term return profile of this opportunity for our clients, thanks to a combination of our local market expertise and the asset’s well-connected and desirable location that benefits from increasing occupier demand in line with local regeneration and supportive underlying market dynamics.”