Union Investment is further expanding its position in the Amsterdam residential property market. The real estate investment manager, based in Hamburg, has secured the AMST residential project in Amsterdam for the portfolio of open-ended real estate fund UniImmo: Deutschland. The vendor and company behind the project in Amsterdam is real estate developer MRP.
“Residential investment is a key element of our strategy to further diversify and stabilise our portfolio,” says Adam Irányi, team leader for European Cross-Border Transactions at Union Investment Real Estate GmbH. “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.”
The AMST residential 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.
AMST offers the comfort of modern and sustainable living with the convenience of a vibrant and urban lifestyle, with a perfect combination for both business and leisure activities. Bart Meijer, CEO of MRP: “This sustainable and social development is an example for future urban developments. AMST makes affordable living in the center of Amsterdam attainable. The variety of apartment sizes allows families to live in Amsterdam, an opportunity that cannot be found anywhere else in the city”.
AMST is centrally located on a prime location opposite Amsterdam Amstel Station. Major highways and Amsterdam Airport Schiphol are within easy reach. Restaurants and cafés, shopping facilities, schools and leisure facilities can all be found in the immediate vicinity.
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.
Source : Union Investment