a.s.r. real estate

ASR DCRF acquires two future inner-city landmarks in The Hague and Utrecht.

In the second half of 2018, ASR Dutch Core Residential Fund completed the acquisition of two future landmarks in the city centres of The Hague and Utrecht. The acquisition of the Wonderwoods project in Utrecht and Grotiusplaats in The Hague meant that the Fund expanded its pipeline by 582 apartments, to a total of approximately 1,100 dwellings or €420 million. Both assets are located adjacent to the cities’ main railway stations and will provide affordable housing in two of the Fund’s identified focus regions.

Wonderwoods
In the second half of 2018, the ASR Dutch Core Residential Fund acquired the Wonderwoods project in Utrecht. Wonderwoods is located in the heart of Utrecht, right opposite the city’s primary railway station, and is poised to become a landmark in the city. The design by architect Stefano Boeri was the winner of the ‘Healthy Urban Quarter’ tender, which had a strong focus on healthy living and ‘green living’. This theme finds expression in the building’s main eye-catching feature: a vertical garden. The building makes extensive use of plants and trees, on the balconies and incorporated into the façade.

The acquisition has a clear focus on affordability. The majority of the units have monthly rents below €1,200 among which are apartments with rents below €940, with capped yearly indexation. In addition to 244 rental apartments, the project includes a gym and a restaurant. The gym and restaurant are an integral part of the property and this acquisition will give the Fund control of all the building’s (commercial) tenants.

Photo Wonderwoods, Utrecht

The Wonderwoods development includes several cutting-edge features, such as a progressive mobility plan, which means a relatively low number of parking spaces. The concept is focused on car sharing and public transport facilities, while still providing dedicated parking spaces for tenants. For this reason, the Fund has acquired no parking spaces, but will receive parking rights for tenants. The building will be heated through a combination of hold/cold storage and city heating. In addition to state-of-the art technical features, residents of Wonderwoods will experience living and working in a green oasis within the city centre. The trees and plants in, on and around the towers will remove CO2 from the atmosphere and produce oxygen in return. This natural purification process improves air quality, and the presence of more plants also helps to increase biodiversity. Not to mention that the trees help to absorb urban noise and even have a positive effect on energy usage by restricting sunlight.

Construction is scheduled to begin in Q2 2019 and completion is scheduled for 2022.

Grotiusplaats
In the fourth quarter of 2018, the ASR Dutch Core Residential Fund acquired a 50% stake in the development of two residential towers in The Hague: Grotiusplaats. The project includes 655 rental apartments, commercial space on the ground floor and a parking garage. The project is located in an attractive residential neighbourhood, within walking distance of The Hague’s central railway station.
Just like Wonderwoods, Grotiusplaats will be an attractive addition to The Hague’s skyline. The two towers, standing 100 and 120 metres tall and designed by MVRDV architects, will have elegant stone façades, with outdoor space on every level and a transparent ground-level façade.
The development of Grotiusplaats will add a large number of affordable dwellings to a city centre with an increasing shortage affordable housing. Approximately three-quarters of the units will have rents below €1,200 and the buildings will include 144 homes to be let within the regulated sector for 20 years.
Just like Wonderwoods, the building has a progressive and flexible mobility plan and will be heated by means of a combination of hold/cold storage and city heating.
Construction is scheduled to begin in Q2 2019 and completion is scheduled for 2022.

Foto Grotiusplaats, The Hague

For more information on the ASR Dutch Core Residential Fund, please contact Olle Overbosch.

Olle Overbosch
fund manager
ASR Dutch Core Residential Fund
M: +31 (0)6 30 50 68 41
E: olle.overbosch@asr.nl