a.s.r. real estate

ASR Dutch Core Residential Fund buys 220 apartments in The Minister in Rijswijk from Reshape Properties

25-06-2020
ASR Dutch Core Residential Fund buys 220 apartments in The Minister in Rijswijk from Reshape Properties

Acting on behalf of the ASR Dutch Core Residential Fund, a.s.r. real estate has purchased 220 rental homes in housing project The Minister in Rijswijk from Reshape Properties. The Minister – formerly the Winston Churchill Tower, home to the Ministry of Health, Welfare and Sport – will be a 25-storey residential tower and is scheduled for completion in 2022.

The redevelopment of the office building by Kondor Wessels Amsterdam will start on 1 August. A total of 310 luxury apartments and 415 parking spaces will be created. The sale of the 90 owner-occupied apartments and penthouses on the upper floors of the residential tower is starting this month.

The 220 rental homes purchased by a.s.r. real estate comprise 156 two-room and 64 three-room apartments. The apartments range in size from 67 m² to 93 m² and have large windows, a spacious outdoor area and individual parking spaces. A significant proportion of the apartments will be rented out in the mid-priced rental segment and are suitable for various target groups, from young professionals and single- or double-earner households to seniors. The apartments and penthouses that are for sale have the same facilities and range in size from 74 m² to 164 m².

The façade of the former office building is already being dismantled. Only the existing foundation and the shell will be used to construct the new residential tower. The new homes will meet all the latest sustainability requirements. The building will have a CHP installation and an array of 1,500 solar panels, resulting in an Energy Index of less than 1.2 and an energy performance certificate (EPC) of 0.4.

The Minister is a stone’s throw away from the access ramp to the A4 motorway, public transport and the In de Bogaard shopping centre. The dwellings are centrally located between The Hague, Delft and Rotterdam, offering excellent accessibility.

The area surrounding The Minister is set to undergo a transformation in the coming years, creating places where people can meet and stay. Around 2,000 new homes will be added and the In de Bogaard shopping centre will get a complete overhaul. All of this is in response to the expected growth of the municipality. The Minister is one of the first projects to be completed and marks the start of developments in this area.

Robbert van Dijk, Fund Director at ASR Dutch Core Residential Fund, noted: “The Minister is a residential project that fits in perfectly with the strategy of the ASR Dutch Core Residential Fund. The project is centrally located, in a demographically and economically strong region. The transformation of an empty office building into a sustainable housing project also fits in well with our sustainability policy, while the focus on the mid-priced rental segment means we are meeting our social responsibilities. We are pleased that, with this purchase, we can take another step in expanding our residential portfolio.”

Jos Paardekooper of Reshape Properties added: “Our ambition to redevelop this behemoth of an office and turn it into an attractive residential building has, after three and a half years, brought about this great result. We are delighted with the ASR Dutch Core Residential Fund: we’ve found a partner that truly appreciates the value of this project.”

ZZDP architects from Amsterdam were responsible for the design. CBRE’s residential team and Lexence served as advisors on behalf of Reshape Properties in this deal.