ASR Dutch Core Residential Fund purchases 220 homes at The Minister in Rijswijk from Reshape Properties

On behalf of the ASR Dutch Core Residential Fund, a.s.r. real estate has acquired all 220 rental homes at the “The Minister” Project in Rijswijk from Reshape Properties. On the site of the former Winston Churchill Tower in Rijswijk, that used to house the Ministry of Health, Welfare and Sport, a new residential tower with 25 floors will be erected with completion scheduled for 2022. Kondor Wessels Amsterdam plans to begin construction on the site of this former office building on 1 August. The project consists of a total of 310 high-end apartments and 415 parking spaces. The sale of 90 owner-occupier apartments and penthouses on the top floors of the residential tower will commence this month.

The 220 homes purchased by a.s.r. real estate consist of 156 one-bedroom apartments and 64 two-bedroom apartments. The apartments vary in size between 67 sq. m. and 93 sq. m. and have large windows, a spacious outdoor area and a private parking space. Most of the homes fall in the mid-price range and are suitable for various target groups from young professionals to single and double income households and senior citizens. The apartments and penthouses for sale offer the same facilities and measure between 74 sq. m. and 164 sq. m.

Demolition of the façade has now commenced. Only the existing foundations and the shell will be used to build the new residential tower. These plans ensure the new-build homes comply with the applicable sustainability requirements. The building will be fitted with a thermal energy storage facility and a section with 1500 PV-panels, resulting in an Energy Index of <1.2 and an EPC of 0.4.

The Minister is within a stone’s throw of the access road to the A4, public transport and the In de Bogaard shopping centre. The homes are centrally located between the cities of The Hague, Delft and Rotterdam and are easily accessible.

The area that includes The Minister is scheduled to be transformed in the coming years with a focus on the themes of living and meeting. The plans include approximately 2,000 new homes and the In den Boogaard shopping centre will be given a new look, all in anticipation of the expected growth of the municipality. The Minister is one of the first projects to be completed in the area, and serves as the launch for further developments.

Robbert van Dijk, Fund Director for the ASR Dutch Core Residential Fund explains: “The Minister is a residential project that fits perfectly into the strategy of the ASR Dutch Core Residential Fund. The project is centrally located in a region that is demographically and economically strong. The transformation of a vacant office building into a sustainable housing project also fits in well with our sustainability policy and the focus on homes in the mid-price range serves as the fulfilment of our social responsibility. We are pleased that this purchase has allowed us to take the next step in the growth of our housing portfolio.”

Jos Paardekooper, Reshape Properties: “Our ambition to redevelop this office mastodon into an appealing residential building was achieved after 3.5 years. We are thrilled to be partnered with the ASR Dutch Core Residential Fund as they know how truly valuable this project is.”

The building was designed by ZZDP architects from Amsterdam. CBRE’s residential team advised Reshape Properties in this transaction.