Round Hill Capital and real estate developer Boelens de Gruyter have acquired an existing office asset “Ring-Park” for potential refurbishment and expansion and an opportunity for significant residential redevelopment.
The 127,000-square-foot site, in a prime position near the A10 ring-road in Central Amsterdam, in the Netherlands, is located in a “residential acceleration area” designated by the Municipality for potential residential rezoning in order to meet the strong and increasing demand for housing in Amsterdam.
This transaction reflects the continuing expansion of Round Hill’s urban regeneration and development strategy in the Netherlands. In February 2018, Round Hill acquired, with Boelens de Gruyter and G&S Vastgoed, approximately 4.5 ha (463,000 square feet) in Merwede Canal Zone in Utrecht to develop into a new urban neighborhood.
Over the past four years, Round Hill has successfully established its residential investment and asset management platform in the Netherlands and has acquired more than 10,000 Dutch residential units throughout this period. Across Europe, Round Hill has acquired and managed more than 100,000 residential units and has a significant and growing development pipeline.
Commenting on the acquisition, Michael Bickford, founder and CEO of Round Hill Capital, said: “Round Hill has a well-established and successful investment and development track record and asset management expertise across Europe, and this acquisition site further enhances our platform in the Netherlands, which remains a key focus for our strategy. The asset has significant asset management opportunities and potential residential redevelopment and we believe that it provides an exceptional opportunity to provide additional housing which is required to support continued population growth in Amsterdam.
“Round Hill remains committed to making further redevelopment investments in the Netherlands and across wider Europe, whilst also continuing to look to make more investments in residential property in line with our existing strategy.”
Maarten de Gruyter, director of Boelens de Gruyter, said:
“The local Municipality recognizes the need for the development of more residential accommodation to meet the persisting supply/demand fundamentals in Amsterdam, and this asset is right in the middle of a site already set aside as a potential new urban housing neighborhood just 10 minutes by bike or tram to the city center.”
