GREYSTAR ACQUIRES CAMPUS DIEMEN ZUID

Campus Diemen Zuid C.V., a consortium existing of Snippe Projecten B.V., Van Wijnen and Ramphastos Investments (Marcel Boekhoorn) has sold Campus Diemen Zuid to Greystar, a US based residential investment manager and operator. Campus Diemen Zuid is the first and only campus in the Netherlands that is built according to the American campus model. The complex in Diemen Zuid consists of 5 buildings comprising 939 apartments (approximately 27,000 sq m) and approximately 4,650 sq m of commercial space. It is the largest investment transaction in student housing in the Netherlands to date.

Campus Diemen Zuid has arisen through the complete transformation of 50,000 sq m of vacant offices constructed in 1978. It is now a lively area where students have access to self-contained apartments averaging 27 sq m. Each apartment is equipped with a private kitchen and bathroom. The Campus is characterized by its extensive and high quality facilities, which include a grocery store, laundry, hairdresser, student employment agency and general practitioner, as well as other retail, sports and catering facilities. The residences are currently all in use and there is a waiting list of more than 200 students.

Alexander Buijs, Director Residential Investment Properties at CBRE: “The investment market for student accommodation is growing up quickly. New supply of the right quality comes available and this coincides with a number of international property investors who are turning their attention to the Dutch market. This transaction underscores the interest of foreign investors in this sector.”

Steven Zeeman, Managing Director Investments at Greystar: “With our American roots, and having grown a significant UK platform in recent years, Greystar is now focussed on growing further into Continental Europe. The focus is on urban areas, on-site service to residents and amenities. Campus Diemen with its amenities, service and location on top of train and metro station is a good fit for Greystar. The adjacent parking lot offers the opportunity to further expand and enhance the project”

André Snippe (on behalf of selling parties): “The location in Diemen Zuid has been successfully brought to life because of the joint risk the three initiators have taken. The high-end student concept which was developed by Snippe Projecten was rapidly accomplished by Van Wijnen Weesp. Ramphastos Investments has proven once again to a have a feeling for successful real estate projects and assisted the entire project from a legal and fiscal point of view.

The student campus with all its amenities is now a flywheel for further investment in Diemen Zuid in the shape of the adjacent Holland Park. This redevelopment is realized by initiator Snippe Projecten in cooperation with Bouwaccent. As Holland Park is completed a total of 150,000 sq m of office space has been redeveloped, making it one of the largest transformation projects in Dutch history. Through all these developments Diemen is no longer characterized by one of the highest vacancy levels in the Dutch office market. This area is now transformed to a location where office space is scarce. A striking example of this is Campus Offices, located next to the Campus. At the time of the start of the Campus 3,500 sq m was vacant. Now it is almost fully leased."

Greystar was advised by technical consultants Peak Development and Tagis. Baker & McKenzie provided legal advice. CBRE acted as commercial advisor on behalf of Campus Diemen Zuid C.V., the consortium was legally advised by Loyens & Loeff.