Hines Picks Up Amsterdam Mixed-Use Development
- Feb 19, 2020
Real estate firm Hines has acquired a mixed-use development in a newly developed area of Amsterdam, Netherlands. Acquired on behalf of the Hines Pan-European Core Fund (HECF), Pontkade Phase 3 features residential and office components. It is located within Amsterdam’s NDSM-West regeneration area, a district of one-time shipping docks being reinvigorated in the northern tier of the city.
Designed by design firm Moke, the development will offer 208 apartments, 4,920 square feet of office space and 2,625 square feet of ground floor retail space. Phase 3 will offer an eight-story residential tower and a seven-story office building. Completion is expected in late 2021.
Hines acquired the site from BMB ontwikkeling, part of the construction group VolkerWessels, and private investment company Reggeborgh Vastgoed. BMB ontwikkeling serves as lead developer in the NDSM regeneration area.
“Amsterdam, like many cities before it, is transforming its industrial riverfront into a vibrant mixed-use community with a number of different industrial sites—such as the former shipyard where the project is located—becoming prime property,” Andy Smith, Hines managing director & country head for the Netherlands, told Multi-Housing News. “Transport across Amsterdam’s IJ River is a combination of options, including a ferry. One such ferry route has its departure from the project’s doorstep to several points in Amsterdam including the Amsterdam Centraal station.”
Given the prime location and high quality design of the building, Hines understandably confronted a number of competitors vying to acquire the property, he added.
“Hines Pan-European Core Fund is making its first investment into the rented residential segment. Therefore, high conviction was necessary internally, which was supported by Hines European Residential team, a specialist central resource in the Hines European regional structure.”
For the past year, HECF has attempted to grow exposure within its portfolio to residential and urban logistics assets in important European cities. The acquisition of Pontkade Phase 3 is the initial PRS investment by HECF. Additional residential investments are expected to be completed in the next few months.
Stateside, Hines Global Income Trust acquired the Emerson, a newly constructed property in Centreville, Va.