Bouwinvest invests in mid-range rentals in Amsterdam

Bouwinvest’s Residential Fund has acquired MARK, a mixed-use development project in North Amsterdam comprising apartments, offices and catering facilities, from De Berg B.V. Some 60% of the 72 apartments are targeting the mid-range, affordable rental market.

Diverse residential district in Amsterdam area development

The MARK project is part of a broader area development in Buiksloterham in North Amsterdam. The district currently has an industrial look and feel, but will be further developed in the future into a diverse neighbourhood combining living and work areas with approximately 8,500 homes and a variety of facilities.

MARK is effectively a translation of the ethos inspiring the broader redevelopment of Buiksloterham. The mixed-use project provides accommodation and work space for a diverse group of tenants so that they can live, work and meet under one roof. Communal spaces in the building include the atrium and a large roof terrace. Space will be available on the ground, first and second floors for catering facilities, business premises and offices, and will offer flexibility for further subdivisions. The apartments will be located in two towers above these spaces and vary in size from 50 m² to over 95 m².

Bouwinvest already has a strong presence in Amsterdam North with homes in the NDSM and Overhoeks neighbourhoods. Michiel de Bruine, Director of Dutch Residential Investments at Bouwinvest said: "Renting a home has become very difficult for an increasing number of people, particularly for middle-income earners in the major cities. We believe that the best solution is to build more affordable homes. As part of its efforts to alleviate this problem, Bouwinvest’s Dutch Residential Fund has decided to focus more on the mid-range rental segment when making acquisitions. Development projects like MARK demonstrate that institutional investors, who invest on behalf of Dutch pension funds, can be an integral part of the overall solution."

Energy-efficient and gas-free

MARK is energy-efficient and uses alternative energy sources to natural gas, thus aligning perfectly with the Residential Fund’s sustainability targets. The apartments generate energy via solar panels and are connected to a sustainable district heating system through Westpoort Warmte B.V. The complex will also feature a living green roof and collect rainwater.

Construction is scheduled to start in May 2022 and the building is expected to be completed in the third quarter of 2024. The seller was advised by Capital Value.