The AMST residential property in Amsterdam, which Union Investment acquired as a project in 2020, is nearing completion. At the PROVADA property fair in Amsterdam yesterday, property developer MRP symbolically handed over the keys to the Union Investment team. Completion is scheduled for next week. The residential property is part of the portfolio of the open-ended mutual property fund UniImmo: Deutschland.
“The completion of AMST, the first of five projects in Amsterdam, is an important milestone in our pan-European residential investment strategy. The 252 residential units, 80 percent of which are in the mid-rent segment, are almost fully let. This means we are already ahead of plan. We thank MRP for the excellent cooperation and the exceptional quality delivered not only by MRP but also by Heddes Bouw & Ontwikkeling,” says Friedrich Georg Warmbold, Head of Investment Management Residential.
AMST comprises two structures with a total of 21,849 sqm of lettable area, of which around 15,890 sqm is residential and around 5,960 sqm is commercial. The complex is located in a central premium location opposite the Amsterdam Amstel railway station. The main motorways and Amsterdam Schiphol Airport are within easy reach. Restaurants and cafés, shopping, schools and leisure facilities are in the immediate vicinity.
“It is a memorable moment to now transfer AMST to Union Investment. We have enjoyed working on AMST to realise a high-quality, sustainable and social development and, above all, to create affordable housing in the centre of Amsterdam. The construction was realised in a very short time by our partner Heddes Bouw & Ontwikkeling. We look forward to launching our MIX Amsterdam project in the Osdorpplein city centre with the same partners,” says Bart Meijer, CEO of MRP.
In 2020, the AMST residential project was Union Investment’s second purchase in the Amsterdam residential real estate market. In 2019, the Hamburg-based real estate investment manager acquired the YVIE project in the north of Amsterdam for Unilmmo: Europa, which comprises a residential tower with 176 flats. Alongside AMST, this was followed in 2020 by the purchase of the neighbourhood development The Pulse for the UniImmo: Deutschland portfolio. Last year, Union Investment also acquired the Urban Villas residential project for UniImmo: Global, and only recently the Hamburg-based real estate investment manager secured a large part of the MIX residential development in Amsterdam for the UniImmo: Europa portfolio. The project is also being realised by MRP and Heddes Bouw & Ontwikkeling and continues the successful partnership.
With a further five projects under construction in Helsinki and Dublin, Union Investment has so far acquired a total of ten residential projects in three European markets. Step-by-step investments are planned in further European destinations in the future.
