13 Nov 2019
The Bouwinvest Residential Fund has acquired 139 rental apartments in the De Gebroeders (“The Brothers”) development located in the Oud-Strijp district in Eindhoven, near the Philips soccer stadium. The De Gebroeders development comprises 188 homes and apartments in total.
The De Gebroeders development consists of two projects, called De Lodewijk (The Louis) and De Willem (The William). Burgland Real Estate is developing the projects in cooperation with builder Ten Brinke Zuid. Bouwinvest is buying 52 homes in De Lodewijk and 87 homes in De Willem. The developments are located on the Willemstraat in the Philipsdorp district and the Vonder quarter, within walking and cycling distance of the centre of Eindhoven. Sale of the remaining 49 homes is now under way.
Michiel de Bruine, Director Dutch Residential Investments at Bouwinvest, said: “Our investment reflects the strong demand for private-sector rental units in Eindhoven and will add to the existing supply in this segment. We hope Eindhoven’s share in our total portfolio will increase further in coming years.”
Bouwinvest and the Eindhoven municipal agreed to rent out 60 apartments at medium rental price levels and they will remain available in this segment for the next 10 years. Potential tenants who vacate a rent-controlled apartment or private-sector home valued at a maximum of €300,000 will receive preferential treatment.
Albert ten Brinke, Director of the Ten Brinke Group, said: “At the end of 2018, we launched a new office in Helmond to expand our development and construction activities in North Brabant province and the Eindhoven region in particular, as part of our growth strategy in the Netherlands. We are pleased to be partnering with Burgland on the De Gebroeders development and look forward to cooperating further with Bouwinvest.”
Helmond-based Ten Brinke Zuid is responsible for construction of the De Gebroeders development, which will start in January 2020. The apartments are scheduled for delivery in mid-2022.