Vesteda adds three new projects to its acquisition pipeline
Total of 324 rental homes in Utrecht, Amsterdam and Den Bosch
Vesteda has signed three contracts for a total of 324 rental homes in projects in Utrecht, Amsterdam and Den Bosch.
Nico Mol, director of Acquisitions & Development at Vesteda: "We are extremely pleased with the acquisition of these projects. These are without exception excellent additions to our portfolio.”
The largest of the three projects involves the development and construction of 235 rental homes in Utrecht. Vesteda and Heijmans have signed a turnkey agreement for this project. The plan is part of the area development of the Kanaleneiland-Centrum district in Utrecht and will result in the accelerated completion of the transformation of the district. The popular size and a relatively low monthly rent for the apartments put the project in a competitive place in the lower mid-segment of the Utrecht rental market. The project is scheduled to start in the fourth quarter of 2016 and completion is expected in 2018.
The second project, De Schinkel, is located in the neighbourhood of the same name in Amsterdam. Vesteda and real estate developer Ten Brinke Groep have signed a turnkey agreement for the construction of 64 rental homes built on a plinth in which health services are accommodated. Around a third of the apartments will be marketed in the regulated segment of the market. The remainder will be in the liberalised rental segment. Target group is mainly elderly people from the neighbourhood. The location, inside the ring road and on the water, is highly attractive and popular. Delivery is expected end of 2017.
Vesteda has also closed a turnkey agreement with Goudsbloemvallei B.V. for the acquisition of 25 apartments on Goudsbloemvallei in Den Bosch. This is a joint project involving construction firm Bouwgroep Moonen and Penners architects. The project involves the transformation of an existing office building into 25 mid-segment rental homes. It will be a striking and extraordinary apartment complex, with spacious apartments and balconies in a splendid environment. Delivery is expected in 2017.
Vesteda is an investor with a clear focus on the Dutch residential real estate market. Vesteda invests funds for institutional investors, including pension funds and insurers. Vesteda has total capital of approx. €3.8 billion invested in real estate. The company’s rental portfolio stands at a total of around 22,500 units. Vesteda’s key investment regions are the Randstad and the Brabantine City Row. In 2015, Vesteda generated a net result of €316 million, with approx. 200 employees.