Bouwinvest Residential Fund acquires 157 homes in transformation project in The Hague from ERED

Bouwinvest Residential Fund has acquired 157 homes in the NOI Avenue project in The Hague from real estate developer ERED. A total of 66 of the 157 apartments are intended for the social rental segment and 91 will be let in the mid-rental and liberalised rental segments.

The NOI Avenue project is a good fit with the Residential Fund’s focus on growth centres in the Netherlands, together with the alleviation of the housing shortage in the Netherlands. The project is located in the Bezuidenhout district of The Hague, a short distance from the city’s Central Station and the Haagse Bos recreational area, offering an ideal combination of tranquillity and outstanding accessibility.

The homes will be built in a contemporary style, with beautiful rhythmic architecture, and will be equipped with all modern conveniences. All homes will be gas free, fitted with good insulation and floor heating and will have A++ energy labels.

Paul van Stiphout, Fund Manager Residential Investments at Bouwinvest: “NOI Avenue is an excellent example of how we realise financial returns for our investors by responding to social challenges. With this project, the Bouwinvest Residential Fund is also trying to help alleviate the housing shortage in the Netherlands. As we approach the end of the year, I am proud that we have added 256 properties to the portfolio, despite very challenging circumstances. Based on the current pipeline, we expect to add at least another 240 homes in 2025.”

Lillian Bijloos, partner at ERED: “NOI Avenue shows how you can deliver a fantastic result in a challenging urban environment, in collaboration with a wide range of stakeholders. A result for the neighbourhood, for The Hague and for house hunters. Thanks to the NOI Avenue development, the latter will get a place where they can feel at home, all in the midst of a housing crisis.”

Geurst & Schulze architects are responsible for the design of the project. ERED was advised commercially by RESI and CBRE, while Loyens & Loeff provided fiscal advice and Houthoff provided legal advice. Construction company De Vries en Verburg will take charge of the further development and construction of the apartments, starting in the first quarter of 2025. Completion is scheduled for the third quarter of 2027.

In addition to the rental apartments to be acquired by the Residential Fund, the project also includes 48 owner-occupier apartments and 16 owner-occupier town houses. A number of high-quality and spacious apartments are still available for sale in the NOI Avenue project. For more information see: https://noiavenue.nl/.