Vesteda and Van Wijnen sign new-build development project for The OX in Amsterdam
Vesteda has signed an agreement with Van Wijnen for the acquisition of the new-build residential development project The Ox in Amsterdam. NSI N.V. has sold its existing office building Osdorper Ban 2 to Vesteda. Vesteda and Van Wijnen have signed a contract for the development, demolition and realisation of new apartments and parking spaces at the location.
The OX will consist of 168 high-quality apartments and an underground parking lot. Van Wijnen, which will be responsible for both the development and the turnkey realisation, is expected to start construction in early 2020.
The OX will be realised in Amsterdam Osdorp, at the intersection of the Osdorper Ban and the Meer en Vaart roads, close to the Sloterplas lake and the Osdorpplein shopping centre. The building will offer two, three and four-room rental apartments, all of which will have a spacious balcony or terrace. The apartments will vary in size from 58 m² to 126 m², with an average size of 70 m2. The building was designed by Amsterdam-based architects LEVS Architecten and is in a location that is undergoing rapid development.
Pieter Knauff, Director Acquisitions Vesteda: “The acquisition of the new-build development The Ox gives Vesteda the opportunity to add 168 attractive and sustainable rental homes to its portfolio and to Amsterdam’s housing stock. The project will be largely rented to middle-income households. It is good news for the city that we have been able to combine affordability and feasibility in this location in Amsterdam.”
Frank Klomp, Director of Project Development at Van Wijnen Midden: “We are extremely pleased to develop and realise apartments for the mid-rental segment in Amsterdam Nieuw West. Thanks to this development the De Wildeman and Blomwijcker neighbourhood will have the desired mix of homes. We developed the plan for The Ox in consultation with the Amsterdam city council”.
Van Wijnen and Amsterdam city council were advised by Aqua Vastgoed and Capital Value.
Vesteda is a residential investor and landlord that focuses on sustainable and affordable homes in the mid rental segment. Vesteda invests funds for institutional investors, such as pension funds and insurance companies. The portfolio consists of nearly 28,000 residential units with a total value of 9 billion euro. The homes are mainly located in economically strong regions and core urban areas in the Netherlands.