Vesteda signs additional building contract for Amsterdam-Noord
Vesteda and construction firm BAM Woningbouw have signed a building contract for the construction of 64 apartments in the mid-rental segment in the Amsterdam-Noord district. Construction will commence in mid-August and completion is expected in October 2016. In April of this year, Vesteda and Hecon signed a building contract for the construction of a further 14 apartments in the new Elzenhagen neighbourhood.
The 64 apartments are located in the new-build neighbourhood Elzenhagen in the up-and-coming Amsterdam-Noord district. The area is easily accessible via the A10 Amsterdam ring road and is located near the proposed metro stop Nieuwe Leeuwarderweg-IJdoornlaan. The three-room, 85-square metre apartments will have a rental price of around €800 per month. The apartments have an efficient lay-out, will be fitted with solar panels and will have an A+ energy label.
Nico Mol, director of Acquisitions & Development at Vesteda: “The apartments are an excellent fit in Vesteda’s portfolio, given the region, rental price category and energy label. The apartments are part of a small and attractive new-build neighbourhood in Amsterdam-Noord with a relatively large proportion of single family homes. The small complex with spacious rental apartments in the mid-rental segment offers an interesting alternative to the existing options in the neighbourhood.”
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. €3.6 billion invested in real estate. The company’s rental portfolio stands at a total of around 23,000 units. Vesteda’s key investment regions are the Randstad urban conurbation and the Noord Brabant province. In 2014 Vesteda generated a net result of €136 million, with more than 200 employees.