ASR Dutch Core Residential Fund acquires Plesman Plaza in Amsterdam from Flow Development and AVC

A total of 327 apartments, of which 255 in the mid-priced rental segment

On behalf of the ASR Dutch Core Residential Fund, a.s.r. real estate has purchased 327 apartments in the Plesman Plaza project in Amsterdam from Flow Real Estate Development and AVC. 327 apartments will be realised by contractor Smit's Bouwbedrijf from Beverwijk. 255 of these apartments fall in the mid-priced rental segment range and 96 of these meet the requirements as stated in the More Mid-Price Rentals Action Plan 2020 of the Municipality of Amsterdam. With this project, all parties contribute to the addition of affordable homes in Amsterdam.

Plesman Plaza boasts a total of 392 apartments in five residential buildings. The ASR Dutch Core Residential Fund has purchased three residential towers, a commercial space and the parking facility Flow Development has sold the other two residential buildings in the project with 55 social rental apartments to a housing corporation. The project designed by MVSA pays a lot of attention to living quality.All homes will have floor-to-ceiling windows that provide a considerable amount of daylight in the rooms. Almost every home has an outdoor space in the form of a loggia or balcony and there will be a common living room where residents can meet each other. The project has a high level of sustainability. For example, each residential tower is equipped with solar panels, the project has an EPC of 0,20 and the homes are connected to district heating.

The residential towers are being constructed on Ottho Heldringstraat, just outside the A10 orbital road, in the Slotervaart neighbourhood of the New West city district. Amenities such as tram and metro stops, a train station, shops, offices, and bars and restaurants are located in the immediate vicinity. Vondelpark and Sloterplas are within cycling distance.

Robbert van Dijk, fund director ASR Dutch Core Residential Fund: “Because a whopping 255 homes will become available in the mid-priced rental segment, this project allows us to truly make an impact on the affordability of the Amsterdam housing market as well as act on our impact strategy regarding affordable rentals. The project also fits in well with changing housing needs. People are working from home more and more, which is why we are focusing even more on liveability in and around the home. Plesman Plaza and its facilities are well able to meet this demand.”

Sjoerd Lycklama, partner Flow Real Estate Development: “In close collaboration with the municipality, we have worked hard in recent years to make this complex project a reality. We are pleased to add many new affordable homes in a sought-after location in Amsterdam with this development. In the coming period, we will continue to work on the redevelopment of the adjacent monumental building, which after renovation will provide space for approximately 1,500 m² commercial program, including a café-restaurant, a gym and creative office space.”

Construction of the residential buildings will start at the end of 2021, with the first building expected to be completed 24 months later. The completion of the other residential buildings will be completed at the end of 2024.

The project will be realised by Smit's Bouwbedrijf from Beverwijk. Flow Development was assisted commercially by residential investment advisor Resi and legally by Houthoff.