31 January 2023

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The Bouwinvest Healthcare Fund has acquired 108 assisted living units from Porten Houthavenkade, a joint venture between developers Porten Development and Ten Brinke. The apartments are part of the Houthavenkade project in Zaandam, approximately 15 km to the north of Amsterdam, and are targeting seniors and other people with care requirements who wish to live independently. Almost three quarters of the homes will be offered in the mid-range rental segment.

There is an acute shortage of suitable housing for people with care needs which is expected to grow further in coming years. The lifecycle-proof flats in the Houthavenkade project meet the requirements of housing inspection agency Woonkeur and enable residents to live independently in their homes for longer. The complex will offer a communal area for social activities while home care will be available on demand.

The care apartments are part of the Houthavenkade area development project near the city centre of Zaandam, where more than 700 flats will be built with all amenities located close by.

Johan Korner, Director Porten Development, said: "After six years of planning and development, construction can now begin on the Houthavenkade project. Designed by Van Aken, the Houthavenkade project has an attractive, timeless design that also harks back to the industrial heritage of the Zaanse Schans windmill park. In  combination with the highest possible sustainability standards, this makes for a high-quality waterfront residential location. Bouwinvest has been a very productive and creative partner from the start."

Leo Versteeg, Managing Director Ten Brinke, added: "Ten Brinke gave the go-ahead for the realisation of the entire project immediately after the transacton was finalised. Almost all the apartments have been sold and nothing stands in the way of the start of demolition work with delivery of all units scheduled for mid-2026. We are very pleased with this sale and have every confidence in our partnership with Bouwinvest.”

Investing against a background of changing market conditions

The property market is being hit by short-term economic headwinds, but Bouwinvest is investing in assisted living for the long term and expects market demand will remain underpinned by strong underlying social and economic fundamentals, such as an ageing population, robust household growth and sustained demand for affordable housing. These investments will therefore generate stable financial and social returns for Bouwinvest's clients, making them a perfect fit with the Healthcare Fund’s strategy.

Christian Schouten, Head of Dutch Transaction Management at Bouwinvest, concluded: "Values are under pressure in the housing market, and investors are pulling out. Construction costs have also increased and challenges exist due to regulation and nitrogen-based pollution which is behind delays to the building of new homes. This is putting pressure on the feasibility of reaching new-build housing targets. Despite these difficult circumstances, we continue to look with our partners for opportunities to make projects possible and to invest through the crisis.”