Hamburg-based real estate investment manager Union Investment has purchased the AMST residential project in Amsterdam for the portfolio of open-ended real estate fund UniImmo: Deutschland from real estate developer MRP.
The AMST residential project in Amsterdam is the third residential investment for the Unilmmo: Deutschland portfolio.
The project comprises two structures with a total of 21,849 sq m of lettable space, of which around 15,890 sq m is for residential use and around 5,960 sq m for commercial use.
The plans include 252 apartments ranging in size from 42 to 140 sq m, as well as a supermarket and a food market in the commercial part. In addition, the project will have underground parking for 114 car and 966 bicycles. Completion is scheduled for December 2022.
“Residential investment is a key element of our strategy to further diversify and stabilise our portfolio. We want to boost the proportion of residential properties in selected European core markets outside the DACH region. Due to its ongoing rapid population growth, Amsterdam is an integral part of this investment strategy,” said Adam Irányi, team leader for European Cross-Border Transactions at Union Investment Real Estate GmbH.
AMST is centrally located on a prime location opposite Amsterdam Amstel Station. Major highways and Amsterdam Airport Schiphol are within easy reach.
The AMST project is Union Investment’s second acquisition in Amsterdam’s residential property market.
In 2019, the real estate investment manager acquired the Y-Towers development in North Amsterdam for Unilmmo: Europa, which includes a residential tower with 176 apartments. AMST is Unilmmo: Deutschland’s third major residential investment following the recently acquired Hyperion project in Helsinki and 8th Lock development in Dublin.