Transactions - JUNE 27, 2017

Invester United Benefits and IES to develop €200m towers in Amsterdam

by Andrea Waitrovich

Invester United Benefits and developer IES Immobilien have plans to develop a mixed-use project, Y-Towers, in Amsterdam. The two iconic towers will define the skyline of the northern bank of the IJ waterway at the center of the city.

Y-Towers will consist of a four-star hotel and residential towers with a current market value of €360 million ($tk million) and construction costs of approximately €200 million ($tk million). The 579-room hotel will be 360 feet tall, making it the third-tallest tower in Amsterdam. It will be operated by Maritim Hotelgesellschaft , an owner-managed hotel group in Germany. The hotel will have a congress center with a capacity of up to 4,000 participants, including two ballrooms as well as several conference rooms.

The 331-foot high residential tower will comprise 250 apartments ­­— 100 units for extended-stay purposes and 150 units for sale — on a gross floor area of 89, 000 square feet.

The planned handover is at the end of 2020.

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