AEW acquires Nova BTR development in The Hague for German pension scheme

AEW has agreed to forward fund the development of Nova, a high-quality build-to-rent (BTR) apartment scheme in The Hague, Netherlands, on behalf of a separate account mandate backed by a German pension fund for an undisclosed sum, from local developers Borghese Real Estate and COD.

Nova, which is expected to be completed in the second half of 2024, will comprise 183 apartments offering a mix of one- to three-bedroom units all equipped with balconies, across 14,200 square meters (152,848 square feet) of leasable space, more than one-third of which will be at affordable mid-market rents.

The development forms part of the wider regeneration of Maanplein, located in the Binckhorst in The Hague, which will see the creation of a new mixed-use district including offices, residential, restaurants and cultural events.

Binckhorst is a growing ex-industrial area of The Hague that is undergoing significant regeneration, with Nieuw Binckhorst projected to become a future par