24 June 2016
Bouwinvest's Dutch Residential Fund has agreed to purchase a complex of 403 student housing units and 1,100 sqm of common areas located in the former NDSM shipyard in Amsterdam North, from COD and Verweij Mungra Vastgoed. The Fund has also signed a management agreement for the completed housing complex with Student Experience, a subsidiary of Verweij Mungra. The parties are considering the possibility of a another transaction of private rental sector apartments within the same complex.
Accommodation design based on the “Student Experience” Concept
The 403 independent single room apartments are equipped with a bathroom, a kitchen and have an average surface area of 25 sqm each. In addition, the site includes 1,100 sqm of common areas on the ground and first floors, with a lounge, study and laundry areas, sport facilities and guarded bicycle parking. There will also be medical services available on site such as a GP, a dentist, and a physiotherapist.
“Demand for student accommodation in Amsterdam is very high and the NDSM shipyard is an attractive area for this to be located due to the many festivals organised there and its proximity to entertaining and dining hotspots like Pllek and Noorderlicht. I think students will find NDSM a great place to live which satisfies the demands of this target group, making it a valuable investment,” Michiel de Bruine Head of Residential Asset Management for Bouwinvest said.
NDSM Shipyard becomes new hip district for Amsterdam
The old NDSM Shipyard lies on the banks of the IJ River in Amsterdam North. The shipyard is becoming an urban residential area that also houses the offices of creative companies, educational centres and leisure and retail spaces. It is a place to live, to work, and enjoy life.
Bouwinvest previously acquired 473 private rental sector units from COD and Verweij Mungra on the site at NDSM and both parties are considering a further extension of the transaction for about 70 private rental sector apartments, including communal bicycle storage, 14 parking spaces and a commercial space.
Bouwinvest is one of the largest investors in new investment projects across property sectors in Amsterdam, with experience in transformational area developments such as the Eenhoorn district near Amstel Station to the southeast of the city’s centre.
Project Completion Scheduled for June 2017
BNP Paribas Real Estate acts as advisor on behalf of COD and Verweij Mungra Vastgoed. NautaDutilh is the legal counsellor in the sale transaction. The execution of the whole project is in the hands of Pleijsier Bouw. The construction of the student housing units started in January 2016 and is due to be completed in June 2017.