The investment manager wants a climate-neutral portfolio by 2040 and two residential projects are typical of its approach. By Fleur Abas, transaction manager for the Netherlands, Redevco.
Redevco’s latest residential developments in the Netherlands tick all the boxes and represent the ‘force for good’ culture that is embedded in our organisation.
An example is the Porseleinen Toren (Porcelain Tower) in Delft, acquired from developer Synchroon. The location is perfect: Nieuw Delft is a sustainable neighbourhood that is being built on a site above a new tunnel created for an underground high-speed railway line. The 40-metre high, energy-efficient residential complex will be the centrepiece of this new district.
This is not a traditional greenfield development but more of a ‘newfield’ project, where land is being carved out in one of the most densely populated and built-up areas in the country. Even better, no trees are being chopped down – in fact, a park-like environment with plenty of trees will be created where once a fast train cut a swathe through the countryside. This aspect of the project makes it unique – the Dutch are famous for reclaiming land from the sea, but now we are also creating new land in a highly built-up area.
The Porcelain Tower is also a great example of affordable housing in one of the most densely populated parts of the country where there is a massive shortage of high-quality rental accommodation. In fact, nowhere in the country is the housing shortage as acute as it is in Delft – the average shortfall here is even higher than in Amsterdam or Utrecht.
The development, comprising 85 rental apartments over 11 levels, is an excellent example of the type of sustainable projects Redevco is looking to invest in as we continue to diversify our portfolio. The Porcelain Tower will use solar panels – like all the other homes in this green district in Delft – and an alternative energy source supplied by a highly innovative fresh-air heat-exchange installation.
Redevco has also invested in another residential development that scores well on ESG criteria in Amstelveen, called Hollandse Meesters. Like the Porcelain Tower, this property is being constructed to high levels of sustainability and will be positioned in the mid-market rental segment.
It could be said that Redevco is bringing the Friends sitcom co-living concept to Amstelveen with Hollandse Meesters. These apartments form part of a new complex at an old office location that is 20 minutes from Amsterdam and will provide high-quality sustainable homes in an area where there is a huge housing shortage.
As in Delft, there is a lack of affordable rental accommodation in the Amsterdam region and we are convinced that the high-quality apartments will be let very quickly.
Hollandse Meesters will offer homes for two people living together in modern and affordable accommodation with their own bedrooms and bathrooms as well as a communal kitchen and living room. The complex will also provide a further 172 rental apartments and 131 owner-occupied homes with the majority – 65% – falling within the medium-priced rental and owner-occupier market segments.
Hollandse Meesters will also feature sustainable solutions, including heating and cooling storage technology, solar panels and water buffering on the roofs, to regulate the indoor climate. The building’s design is aimed at maximising natural light and air quality to promote a healthy environment and lifestyle.
Residents will have access to a shared mobility hub offering e-bikes, scooters and electric cars and can make use of a coffee bar, co-working spaces and a concierge service. In addition, we aim to have the building WELL certified, which underlines our effort to create a place that contributes to people’s health and well-being. Applying the WELL framework to residential buildings is not common.
The project offers a Dutch twist on a co-living concept that is already established in countries like the US, Australia and other parts of the world.
In addition, this redevelopment is a good example of repurposing, as it will give a former office location a new lease of life – and contribute to our diversification strategy and renewed focus on liveable and sustainable urban areas in Europe’s most attractive cities.
Hollandse Meesters and Porcelain Tower will help Redevco realise its goal of having a climate-neutral portfolio by 2040 and thus contribute to reducing global warming. It really doesn’t get much greener than that.