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Pension Fund PMT acquires in Utrecht

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Foto Pensioenfonds PMT

Pension Fund PMT acquires in Utrecht

On behalf of the Metal and Engineering Industry Pension Fund (PMT), its asset manager MN Vermogensbeheer has concluded a sales and purchase contract for the Concorde property development in the up and coming Merwedekanaalzone in Utrecht, the Netherlands. This real estate sales transaction was completed in July 2021.

The Concorde property development comprises of 215 apartments in two residential towers that connect through a massive roof garden. The project also includes 82 parking spots and electric cars for shared use. All residences and parking spots will be rented out.

DUQER has developed the project and Era contour is the main contractor. Demolition will start at the end of 2021 and the turnkey delivery of the 215 apartments is scheduled to be end of 2024. 40 of the apartments are intended for counsel housing and 45 are in the mid rent section.

PMT deems this property acquisition a good fit to expand its real estate portfolio in the Netherlands.

Real estate agent Kuijs Reinder Kakes (partner in Dynamis) has advised MN on this transaction. Nauta Dutilh has advised MN on the Dutch legal and tax aspects.

Amsterdam based law firm Penrose has advised the seller on the Dutch legal aspects of this property sales and purchase contract. The team was led by Hans Klaver.