PATRIZIA AG, on behalf of clients, has acquired a turnkey residential development in Amsterdam, the Netherlands, from Biesterbos Groep, a Dutch real estate investor and conceptual developer.
This transaction increases PATRIZIA’s total assets under management in The Netherlands to €2.1 billion ($2.3 billion).
The high-quality scheme, which will comprise around 7,760 square meters (83,530 square feet) of rental accommodation, is due to be completed in the autumn of 2020.
The asset is located on the waterfront in the NDSM area of Amsterdam Noord, formerly the largest shipyard in Europe, which is now undergoing a transformation into a vibrant, high-density urban area with a unique and historical industrial character. The area is already home to notable companies, including Viacom, Greenpeace and Red Bull, as well as restaurants, shops and other amenities. The city center can be reached in 15 minutes via free ferry transport and is also easily accessible via bus,
