Hines has acquired Pontkade Phase 3, a mixed-use residential and office development in Amsterdam, within NDSM-West regeneration area, on behalf of the Hines Pan-European Core Fund (HECF) from BMB ontwikkeling, part of construction group VolkerWessels, and Reggeborgh Vastgoed, a private investment company.
Hines will forward fund the mixed-use development, which will consist of 208 apartments for rent, alongside 1,600 square meters of office space and 800 square meters of ground floor commercial space for retail use. Designed by international architecture firm Moke, Pontkade Phase 3 features an 18-story residential tower and a seven-story office building.
On behalf of VolkerWessels, BMB ontwikkeling is the lead developer in the NDSM regeneration area. The project is expected to complete by the end of 2022.
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”Our investment underlines our strategy of targeting high-quality PRS assets and build-to-rent projects, alongside traditional Core assets..”
“This is an exciting new development in an emerging part of Amsterdam, with strong long-term prospects as the area continues to develop and grow. Our investment underlines our strategy of targeting high-quality PRS assets and build-to-rent projects, alongside traditional Core assets, within the HECF. Alongside the growth of our office and logistics investments, it is a key target to expand our residential invest program in other key European cities with good prospects for long-term rental growth,” said Peter Epping, senior managing director and HECF fund manager at Hines.
“Amsterdam Noord and the NDSM area is a dynamic new place to live, with high-quality shops, bars and restaurants, and with significant further development in the pipeline. The Pontkade Phase 3 site benefits from strong transport connections, including easy access to Amsterdam’s central station, and will be highly attractive to Amsterdam’s growing rental population,” said Andy Smith, managing director and country head for The Netherlands at Hines.