9 December 2019
Union Investment commences construction of Y-Towers in Amsterdam
After a hold-up of nearly eighteen months, construction work is now set to commence in the Overhoeks development zone in the north of Amsterdam. The development of Y-Towers – one of Amsterdam’s most spectacular large-scale projects – will get under way in January 2020 and has been made possible by investment from Hamburg-based real estate investment manager Union Investment. When construction work officially starts, the vision of a mixed-use urban complex will finally become reality on a site that has excellent development potential thanks to its attractive waterside location and proximity to the city centre.
The site on which the Y-Towers complex is being built will be transformed into a vibrant district with the new ensemble at its heart. Situated opposite Amsterdam’s main railway station, it has a direct ferry connection across the Ij river and will also benefit from a direct subway connection at a later date. The new build complex has a gross floor area of approximately 106,000 sq m and comprises a hotel tower and a residential tower on a four-storey plinth containing restaurants, conference facilities and offices. Union Investment is investing around EUR 460 million in the development, financed through its open-ended real estate fund UniImmo: Europa. Several thousand private investors in Germany have a stake in the EUR 12.3 billion fund.
Union Investment has signed up Rizzani de Eccher as the general contractor for the ambitious project. Renowned Amsterdam architecture office Team V Architecture created the extraordinary design, which stands out from the surrounding buildings. The new ensemble is scheduled for completion and opening in the first quarter of 2023.
At 110 metres, one of the towers will be the tallest building in Amsterdam Noord and will accommodate a Maritim-branded conference hotel with over 6,000 sq m of conference space and 579 rooms. Maritim, which is among Germany’s largest hotel chains, has thus one of the last available hotel locations in Amsterdam after the municipality imposed a stop on new hotel developments in the city. In the neighbouring 101-metre-high tower, Union Investment plans to create 174 high-end rental apartments. Letting of the apartments is due to begin in 2021. The lower seven floors of the residential block are reserved for a modern extended stay concept.
Volker Noack, a member of the management team at Union Investment Real Estate GmbH
Union Investment has been investing in real estate in the Netherlands since 2006. In Amsterdam, it currently holds a portfolio of 10 office and hotel properties worth EUR 1.2 billion in total. They include the ITO and SOM office complex and three hotels operated under the Radisson Blu, Crowne Plaza and Motel One brands.