Bouwinvest fund takes outright ownership of De Werf residential development of 945 homes in Amsterdam with a third purchase

Bouwinvest Residential Fund has signed an agreement with Noordas B.V., a joint venture between COD, Borghese Real Estate and Verweij Mungra Vastgoed, to purchase a block of 69 apartments, with 14 parking places and c. 196 sq.m. of commercial space that is under development in the former NDSM shipyard in Amsterdam North.Through this transaction, the Bouwinvest fund will own all 945 of the homes that are under construction on the site.

This transaction is the last instalment of the development formerly known as Nautique Living and follows purchases by the fund of 473 free market rental apartments and 403 units of student housing. The agreement between the fund and Noordas now covers the entire development of 945 rental homes, which will be built in phases. The homes will be in six buildings, offering a wide variety of sizes, varying from 24 sq.m. to 95 s.qm.

Topping out the student housing complex Nautique Living, part of De Werf

The Nautique Living brand name will be used from now on only for the student housing development, having previously been used for the entire project involving the NDSM site. Pleijsier Bouw (the builder), Student Experience (the manager), COD and Bouwinvest celebrated the topping out of the 403-unit student housing complex on September 13.

New ‘place-to-be’ in Amsterdam

The new name of the residential development area that comprises the rental apartments on the former NDSM site is “De Werf” (“The Wharf”). There is a lot happening at the old shipyard site that fronts onto the IJ River in Amsterdam North, with the development of a new urban are that provides housing, offices, schools, leisure and retail.

Michiel de Bruine, Head of Asset Management Residential Bouwinvest: “We are very excited about investing once more in De Werf and expect it to be an extremely popular residential area. It is a nice addition to our residential portfolio.”

Gert-Wim Bos, Director COD: “We are happy that Bouwinvest shares our vision for the huge potential for the NDSM site as a place to live and study. With Bouwinvest, we are working on the largest and most diversified residential project in Amsterdam, with the delivery of 945 attractive homes. This part of Amsterdam will become one of the most lively locations in the city.”

Delivery between half 2017 and end 2018 BNP Paribas Real Estate advised COD, Borghese and Verweij Mungra Vastgoed, while the venture partners received legal advice from NautaDutilh. The development partner for the entire project is Pleijsier Bouw. Delivery of Nautique Living is scheduled for mid 2017, while the 69 homes just acquired by the Bouwinvest fund are for the end of 2018.