Vesteda, Provast sign turnkey agreement Amstel Tower apartments
Vesteda and Provast have signed a turnkey agreement covering all 192 apartments in the 100-metre high Amstel Tower building adjacent to the Amsterdam Amstel Dutch Rail station.
The spectacular design by architects firm Powerhouse Company is highly sustainable and on completion the tower will be the highest residential building within the boundaries of the Amsterdam ring road. The project is an excellent fit with Vesteda’s desire to boost its portfolio with rental homes in the middle segment in strategic locations in Amsterdam.
Vesteda director Acquisitions & Development Nico Mol: “This acquisition is an excellent addition to our portfolio of properties in Amsterdam, in addition to the recently acquired 154 apartments on Boelelaan and 78 apartments in the Central Zone of Amsterdam North. These are compact two-room apartments, finished to a high standard, affordable, in a highly accessible location and with a fabulous view across the Amstel River and the city centre. The tower is in the immediate vicinity of the Vesteda property in Juliana Park.”
Hans de Jong, Partner at Provast: “We are very pleased to welcome Vesteda as professional investors in this project. The success of the rental apartments in the Rotterdam Markthal building created the foundation for this new cooperative effort.”
Provast is also developing a three-star hotel with 186 rooms for the German hotel chain Meininger in the Amstel Tower, together with a parking garage with 171 parking spaces and 175m2 in commercial floor space. Amsterdam city council is developing a new bus station on the roof of the underground parking garage. The slender 100-metre high Amstel Tower will enhance the skyline of the office-building cluster around the Rembrandt tower and will add a pleasant meeting place at ground level. This eye- catching tower will help boost the image of the area around the Amstel Station as a dynamic urban environment, while at the same time respecting the monumental station building. Amstel Tower is the first stage in the initiative to improve the quality of the urban environment aroundthe Amstel Station.
CBRE acted as consultant to Provast in the sale of the apartments.
Provast won the tender issued by the Amsterdam city council for the location in late 2013. Construction is scheduled to begin at the end of this year and completion is due at the end of 2017.
Vesteda is an active 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 approximately €3.7 billion invested in real estate. The company’s rental portfolio stands at a total of around 23,000 homes. Vesteda’s key investment regions are the Randstad urban conurbation and the Noord Brabant province.