a.s.r. real estate

AM and a.s.r. real estate investment management acquire Chubb location at Cruquiuseiland in Amsterdam

04-12-2015

Area and property developer AM has acquired the site of United Technologies Corporation (UTC) located at Cruquiusweg in Amsterdam, the Netherlands. It plans to transform the current location of Chubb Fire & Security (a division of UTC) on this site into a lively area for people to live and work. Ronald Huikeshoven, Director of AM Northwest, and Otto de Bont, President of UTC Building & Industrial Systems Benelux, signed the contract of purchase and sale. On behalf of the ASR Dutch Core Residential Fund, a.s.r. real estate investment management will acquire approximately 40% of the residential properties in the form of a turnkey investment. 

The acquisition is a reflection of AM’s focus strategy, which is to intensify its activities in the economic core area of the Netherlands, including Amsterdam. Cruquiusweg is in a strategic location that will undergo a radical transformation. It has the potential to change from a run-down industrial site to an attractive urban environment where people want to live, work and recreate.

Co-creation
In collaboration with KCAP Architects&Planners and a.s.r. real estate investment management, AM has put together a development vision for the 1.3 hectares of land it has acquired. Based on the conceptual drive, innovation and co-creation of the ‘I AM YOU’ development model, AM will sit down with the neighbours, the City of Amsterdam and other stakeholders to flesh out the plans over the coming period. The planned development offers owner-occupied and rental properties, combined with work and commercial spaces. The so-called ‘rules of play’ that have been defined by the City of Amsterdam form the basis for the design and the development.

Centralisation of UTC
UTC will concentrate the office activities of Chubb Fire & Security and those of its other subsidiaries (Carrier Airconditioning Benelux and OTIS) in a central location in the Netherlands in 2016. The sale of the site at Cruquiusweg is in line with this strategy. UTC’s adviser in the selling process was JLL.

 

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