Paul van Stiphout
Fund Manager Residential Investments
Bouwinvest Residential Fund acquires 933 new-build homes in Amsterdam from AM and Ballast Nedam Development
January 20, 2026
The Bouwinvest Residential Fund has purchased 933 homes in Eleven Square, the new mixed-use urban district next to the Johan Cruijff ArenA, from area developer AM and Ballast Nedam Development. The transaction comprises 478 mid-segment rental apartments in the tallest residential tower in Amsterdam, 455 student studios and 3,300 m2 GFA of commercial space. Measured by the number of homes, this is the largest new-build residential transaction in the Dutch housing market.
Eleven Square will be the landmark of the area, featuring the tallest residential tower in Amsterdam. At a height of 145 metres, the development will add a new icon to the Amsterdam skyline. Eleven Square covers a total floor area of approximately 170,000 m2, equivalent to around 28 football pitches. The name refers to both the new vibrant public square around which the buildings are clustered and the 11 postcode area, of which Eleven Square forms the heart.
Eleven Square is being developed at a unique location, immediately next to AFAS Live and opposite the Johan Cruijff ArenA, on a site measuring 250 by 150 metres. Living, working, culture and leisure will come together around a central square. The complete development comprises more than 1,100 homes, both for sale and rent. In addition, there will be space for retail, hospitality, leisure, sports facilities, flexible offices, a theatre and a hotel. The master plan was co-designed with MVRDV Architects.
The acquisition marks an important milestone for Eleven Square, which can now definitively move forward. The project has been granted an irrevocable environmental permit and the land transfer with the Municipality of Amsterdam has been completed, and the development is now ready for construction.
Ronald Huikeshoven, Managing Director of AM: “Eleven Square is the result of years of perseverance and intensive collaboration. Throughout the process, we have remained convinced that this location could become a full-fledged and vibrant urban district. Seeing this vision now becoming a reality is the result of a collective effort by Ballast Nedam Development, AM and the Municipality of Amsterdam. With Eleven Square, we are not only adding a substantial number of homes, but also giving this area a new future as a lively part of the city.”
Onno Dwars, CEO of Ballast Nedam Development: “Eleven Square is a carefully designed place: modest yet distinctive in its significance for Amsterdam, and Zuidoost in particular. It captures the area’s energy and international appeal, translated into a Dutch urban formula in which living, working, culture and leisure reinforce one another. Whether you’re travelling by bike, train or motorway, Eleven Square will soon be impossible to miss, forming a striking new landmark for the city. Beneath the surface, it demonstrates the potential of Amsterdam and Zuidoost. This project is the result of shared ambition and determination, and we are proud of the collaboration with all our partners, stakeholders and the municipality, who have made it possible.”
Boost for rental and student housing
The realisation of Eleven Square will make a substantial contribution to meeting Amsterdam’s housing demand, with a clear focus on starters and students. The mid-segment rental apartments acquired by the Bouwinvest Residential Fund feature one to three bedrooms with a private outdoor space, and are intended for starters, young professionals and (small) families. The student studios are fully self-contained and include shared outdoor areas, such as gardens on various levels and a sports court.
Steven van Weyenberg, Alderman for Housing and Urban Development, Municipality of Amsterdam: “With this agreement, construction can finally begin on one of the largest housing projects in Amsterdam after a long period of preparation. The two residential towers will deliver more than 1,100 homes, including over 400 student homes. This is a step I am extremely pleased with. It marks a breakthrough for the area as it develops into a new residential neighbourhood in Amsterdam. I wish the developers and contractors every success with the construction of Eleven Square.”
Paul van Stiphout, Fund Manager Dutch Residential Investments at Bouwinvest: “I am pleased that with this transaction we are creating value for our investors, while also making a significant contribution to meeting the Dutch new-build housing challenge. Thanks to our active disposal strategy within the portfolio, we are freeing up capital to refresh the portfolio by adding new projects such as Eleven Square. We would like to realise many more projects of this kind, but that will require both new capital and a more attractive investment climate. Looking towards 2035, more than € 400 billion will be needed to deliver sufficient housing. Only if investment becomes and remains attractive can construction volumes reach the level the Netherlands requires.”
Construction start in sight
The Municipality of Amsterdam has already prepared the site for construction. Building works on the first two sub-projects – the residential towers comprising 933 rental apartments and 187 owner-occupied apartments – are expected to commence in the second quarter of 2026. Construction will be carried out by Heddes Bouw & Ontwikkeling. Completion of this first phase is scheduled for 2029. The remaining components, including a theatre, hotel and office functions, will follow thereafter.
The sale of the owner-occupied homes is expected to start in 2028. CBRE acted as sales adviser and Dentons as legal adviser to the buyer.
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