M&G acquires 296-unit resi development in The Hague
M&G has fully acquired “the Rock” in Binck City Park in The Hague, having completed the development of 296 homes agreed with developer Rockfield.
The €60 million acquisition was made on behalf of the M&G European Property Fund, in alignment with the Fund’s strategy to significantly enhance residential exposure across Continental Europe. The Rock is a 10,918 sq m development, located in The Hague Binckhorst area, the former business park that is being transformed into a dynamic urban mixed use area.
“The ongoing housing shortage in The Hague is driven by continuous influxes of professionals and students attracted by the city’s high living standards, excellent connectivity, and robust local job market”, said Laurien van Wieringen, Director of Investment and Asset Management, M&G Real Estate Netherlands. “All these factors signal promising prospects for high occupancy rates and rental growth. With its central location in The Hague, focus on sustainability, and emphasis on occupier well-being, we anticipate that The Rock will cater to growing demand and offer a stable source of income for our investors in the Fund.”
The 296 new homes include 197 student residences leased to DUWO, a non-profit student housing specialist with an excellent track record in the Netherlands. The remaining 99 apartments are 100% pre-leased to young professionals at mid-market and affordable rents for the majority of them.
With a high average GPR score of 7.8 for Dutch Green Building certificate, the building is meeting high sustainability standards. It features a connection to a Thermal Energy Storage System, utilizing local renewable energy for heating & cooling, and green roofs to enhance biodiversity and provide rainwater buffering.
The development also has a large communal garden, spaces for commercial and social use, and a shared rooftop garden, all fostering social cohesion of Binck City Park. Holland2Stay will take on the property management.
M&G Real Estate is part of M&G’s €90 billion private markets’ business. It runs €40 billion of assets across the world with European offices in Paris, Amsterdam, Frankfurt, Luxembourg, Madrid, Milan and Stockholm.
