Savills Investment Acquires Multifamily Development

The real estate debt specialist firm acquires the newly-constructed unit in Amsterdam

Savills Investment Management has acquired a newly constructed multifamily development in Amsterdam’s IJburg area through an off-market transaction for its European Living Fund. Completed in April 2023, the six-storey Juf Nienke building includes 61 residential units with a total net lettable area (NLA) of 4,389 square meters. The units are split into 30 mid-rental segment units and 31 free rental segment units. The ground floor, covering 817 square meters, houses commercial space leased to a leading kindergarten and a private gym. The property also includes 25 parking spaces.

Constructed using modular, timber-framed methods, Juf Nienke features materials that are either recycled or renewable, significantly reducing its carbon footprint. The building is equipped with solar panels, electric vehicle chargers, and efficient district thermal heating, meeting high sustainability and ESG standards. Located in the Ijburg residential neighborhood on Centre Island, the building offers convenient access to local amenities and public transport, providing direct routes to Amsterdam’s city center and main central station.

This acquisition, following our investments in Sweden and Spain, aligns perfectly with our strategy to invest in high-quality, sustainable assets in key European cities. Amsterdam’s residential market is among the strongest in Europe, with low vacancy risk. Securing this newly completed sustainable asset in an off-market transaction underscores the strength of our European platform.

Patrick Au Yeung, Fund Director at Savills Investment Management

The Savills IM European Living Fund, an open-end vehicle launched in mid-2023, aims to invest in modern, affordable living assets with strong sustainability credentials in affluent European cities. The fund seeks to provide its institutional investors with resilient income and long-term capital growth.

Patrick Au Yeung, Fund Director at Savills Investment Management, stated, “This acquisition, following our investments in Sweden and Spain, aligns perfectly with our strategy to invest in high-quality, sustainable assets in key European cities. Amsterdam’s residential market is among the strongest in Europe, with low vacancy risk. Securing this newly completed sustainable asset in an off-market transaction underscores the strength of our European platform.”

Edgar Hertog, Co-Head of the Netherlands at Savills Investment Management, added, “This acquisition is a significant step in expanding our residential assets under management in the Netherlands and Europe. The asset’s strong affordability and social rental elements create a solid, long-term leasing profile and an attractive risk-adjusted return for our investors. We will continue to focus on acquiring assets with strong ESG credentials.”

Savills Investment Management was advised by Greenberg Traurig, PWC, SGS, CBRE, and Savills.