AXA IM Alts announces that it 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. The site has been acquired from VORM, a major Dutch developer of high-end residential real estate.
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. 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.
This acquisition expands AXA IM Alts’ c. €24 billion global portfolio of residential assets that it manages on behalf of clients across 15 countries, and grows its exposure to the strategic Dutch market, where there are forecasted housing shortfalls of c. 316,000 units by 2025. Binck City Park represents the sixth residential acquisition in the Netherlands by AXA IM Alts, following its entry into the market in 2016, as demand for modern private stock off affordable rents remains promising, underpinned by the country’s robust economic and demographic drivers.
Source : Company