Hines European Core Fund - HECF

South Dock - Amsterdam Noord, Netherlands

Waterfront residential-for-rent development with ancillary office and retail space in the reimagined, cosmopolitan Amsterdam Noord (Amsterdam North) NDSM submarket.

Description

HECF acquired South Dock, a waterfront residential-for-rent development in 2020 through a forward funding structure. South Dock is located on a stunning waterfront in the sought-after NDSM submarket in Amsterdam North, only 15 minutes away from Amsterdam Central Station. The eclectic, stylish Amsterdam Noord neighbourhood attracts younger, lifestyle-focused residents who are affluent for their age.

Hines Netherlands participated in a very limited acquisition process. Throughout the due diligence and development period, the Hines Netherlands team negotiated technical and specification plan changes with the developer, with the aim to significantly improve the quality of the final product with the developer. This strategy was a collaborative effort across various offices involving both technical and sector experts whilst leveraging Hines’ European and global experience.

Leasing commenced in Q1 2023, and apartments were leased in batches of mixed appeal and size. Higher floors and smaller sized apartments in higher demand. Leasing was completed in October 2023, achieving a final rental rate of almost 20% higher than its underwriting, marking a record rental level for the area¹.

South Dock is a sustainable residential development, providing the highest standards of electrical efficiency and thermal insulation, and offering on-site energy generation through PV panels.