Orange IM acquires new development project in Amsterdam27 October 2020
BMB ontwikkeling (part of VolkerWessels) and Reggeborgh Vastgoed have recently concluded an agreement with Orange Investment Manager for the sale of the public parking garage within project BinnenDok at the NDSM wharf in Amsterdam. The asset was bought for one of its managed fund Catella Parken Europe.
The building comprises a parking facility with 525 public parking spaces, commercial premises forming the facade on the ground floor and a roof garden for residents and neighbours. The building forms part of the ‘BinnenDok’ project, which, besides the parking garage, comprises two residential buildings with 107 apartments, an office building and commercial facilities at street level. The construction of the BinnenDok project is expected to begin in the first quarter of 2021 and completion of the project is expected in 2023. Project BinnenDok was designed by Heren 5 architects from Amsterdam.
New urban district NDSM
Project BinnenDok is being developed in the heart of the NDSM-wharf, the new urban district on the north bank of the IJ-river, where the biggest and most modern shipyard in the world once stood. The transformation of this area started more than 15 years ago. The total program will be expanded over the coming years to include some 5,000 rental and owner-occupied homes, parking facilities, leisure functions, commercial premises, (small)offices and shops. Following the completion of over 300 social housing units and a health center earlier this year, BMB ontwikkeling and Reggeborgh Vastgoed will shortly deliver the Pontkade project. This project comprises 250 rental and owner-occupied homes with an Albert Heijn supermarket and a variety of hospitality establishments on the ground floor.
In the second half of 2019, Amsterdam-based Orange Investment Managers acquired 3 parking garages for its various managed funds in Heerlen, Utrecht and Eindhoven. The total investment volume amounts to approximately € 70 million. The parking garage in Eindhoven is still in the construction phase and will be completed after the summer.
“Car parks are a niche market in Europe and that requires focus. We are therefore very pleased to have been able to acquire these parking garages from our network”, says director Michiel Gerritsen. “With our expanded team, we expect to be able to sustainably maintain and further expand our growth of the past year in 2020. Our investment criteria can be found on our new website (ed: www.orangeim.nl).
Orange Investment Managers is a leading specialist investment manager with a focus on parking real estate and invests throughout Europe. Currently Orange IM manages parking garages in 6 countries (the Netherlands, England, Ireland, Germany, Italy and Denmark).