M&G has acquired Block 3 of The Rock in Binck City Park in The Hague, having completed the development of 296 homes agreed in April 2022 with the developer Rockfield and developing builder VORM.
The €60 million ($67 million) acquisition was made on behalf of the M&G European Property Fund, in alignment with the fund’s strategy to significantly enhance residential exposure across Continental Europe. The Rock is a 10,918-square-meter (117,520-square-foot) development, located in The Hague Binckhorst area, the former business park that is being transformed into a dynamic urban mixed-use area.
The 296 new homes include 197 student residences leased to DUWO, a nonprofit student housing specialist with an excellent track record in the Netherlands. The remaining 99 apartments are 100 percent pre-leased to young professionals at mid-market and affordable rents for the majority of them. With a high average GPR score of 7.8 for Dutch Green Building certificate, the b
