Date:September 28, 2016

Amvest and Borghese sign agreement for 271 apartments on IJburg in Amsterdam

Recently, Amvest Investment Management and Borghese Real Estate in association with COD signed the turnkey contract for the project “Het IJland” at the Bert Haanstrakade at IJburg in Amsterdam. It’s about 271 apartments in the free sector rental segment. The houses are included in the investment portfolio of the Amvest Residential Core Fund (ARC Fund). Building will start in October.

“Het IJland” is realized on one of the last development sites on “Haveneiland” in the IJburg district. The prominent location, close to all amenities, is bordered on two sides by water. At the front there is a view over “Het IJmeer” and the back overlooks the marina.

The residential building consists of four interlinked buildings, which are technically independent and be completed in phases. The 271 apartments, ranging from approximately 43 to 90 m², spread over 5 to 8 storeys. Nearly all apartments have an outdoor area overlooking “Het IJmeer” or the marina. The residents have access to four south facing enclosed courtyard gardens. The building has a parking garage and common storage for bicycles.

“Het IJland” is a development of Borghese Real Estate in association with COD.

Inbo Architects designed the building. BAM Woningbouw Amsterdam is responsible for the realization of the building. Expectations are that the buildings will be completed in the fourth quarter 2018.

Wim Wensing, director Investment Management Amvest: “This compact apartments we are unique in Amsterdam. With an average rent of about 1.000 euros per month, the apartments are a good option for young working couples, empty nesters and single people of middle age, who want to live in Amsterdam. The houses are a nice addition to the current ownership of the ARC Fund in IJburg.”

Enno Otten, Borghese Real Estate: “The sophisticated design of “Het IJland” creates a unique living experience for renters and an optimum rentability for investors. Borghese Real Estate and COD focusing on the development of rental and owner-occupied homes in the middle segment. In our housing projects, we therefore throughout the development specifically into account the technical and commercial requirements and preferences of investors.”

On behalf Borghese Real Estate and COD Value Capital acted as transaction facilitator and CMS Derks as legal advisers.