Union Investment acquires four planned residential towers in Amsterdam
• Continuing expansion of Dutch residential portfolio
• Resilient investment in an undersupplied housing market
• Part of the MIX Amsterdam development
04.05.2023 I Author Astrid Lipsky I Reading time: 2 minutes
Union Investment is further expanding its strategic position in the European residential property market and has acquired a large part of the MIX Amsterdam development for its open-ended real estate fund UniImmo: Europa. The vendor is property developer MRP, which will continue to implement the project for Union Investment. The purchase price was not disclosed.
Six residential towers with heights ranging from 29 to 41 metres are set to be constructed at Osdorpplein 1000, on the site of the former municipal offices for Amsterdam Nieuw-West, with delivery targeted for mid-2026. A total of 528 residential units will be created at the location, of which Union Investment has acquired 281, spread over four towers and with a combined rental space of 20,274 sq m. The transaction also includes approximately 3,950 sq m of commercial space on the ground and first floors and the entire underground car park with 382 parking spaces. Not included in the purchase are the municipal library, which extends over 3,923 sq m, 162 social residential units in Tower 1, which are being sold to a local provider of social housing, and 85 units in Tower 6, which developer MRP will retain in its own holdings.
“With the partial acquisition of the MIX Amsterdam development we are expanding our portfolio of residential projects under construction in Amsterdam to some 1,200 units. This will allow us to provide a significant amount of much needed new housing in this undersupplied market. At the same time, we are continuing our successful partnership with MRP and Heddes Bouw & Ontwikkeling, which are already carrying out the AMST development at Amstelstation for Union Investment. Alongside the markets in which we are already invested, such as Amsterdam, Dublin and Helsinki, we will gradually expand our residential investment strategy to include further European destinations.”
Martin Schellein, Head of Investment Management Europe at Union Investment Real Estate GmbH
The MIX Amsterdam project marks Union Investment’s fifth venture into Amsterdam’s residential property market. In 2019, the Hamburg-based real estate investment manager acquired the YVIE development in North Amsterdam, which includes a residential tower with 176 apartments, for Unilmmo: Europa. This was followed in 2020 by the purchase of the mixed-use AMST and PULSE projects for the portfolio of UniImmo: Deutschland. Last year, Union Investment acquired the Urban Villas residential project for UniImmo: Global. Union Investment has thus already acquired a total of nine residential projects in three national markets across Europe.
The MIX Amsterdam project is located in the heart of the Amsterdam Nieuw-West district and is directly adjacent to the Westmarket shopping centre, which comprises over 100 retail units and was opened in 2017. The six residential towers are arranged around a green courtyard and located adjacent to a new canal that has recently been constructed by the city of Amsterdam. The project is located in the vicinity of the large Sloterplas recreational lake.
“MRP develops various inner-city mixed-use projects that add value to the immediate environment and the city. After the AMST project with 80% mid-rent rental homes next to the Amstel station, MIX Amsterdam is the second project sold to Union Investment. After a successful cooperation in the AMST project we are looking forward to continue the cooperation with Union Investment as a partner in the MIX project and in future developments. With MIX Amsterdam we can now, in close cooperation with the Municipality of Amsterdam and local residents, continue to work on realizing a high-quality, diverse living, working and bustling city center of Osdorpplein in Amsterdam Nieuw-West”, said Bart Meijer, CEO at MRP.
NL real estate | Knight Frank acted as buy-side advisor in the transaction.
More information on Union Investments strategy in the european residential market and more acquisitions in Amsterdam
Managerin Marketing, Kommunikation
Union Investment Real Estate GmbH