MWPO sells 159 apartments in Groningen

On behalf of an institutional investor, Curlew Netherlands has purchased the ‘Pleione’ housing project from its initiator MWPO. This newbuild project consists of 159 apartments and 56 parking spaces in a car park.

The apartments are centrally located, close to the shopping centre in the Paddepoel-Zuid district of the city. Thanks to its location between the Zernike campus and the centre, this neighbourhood is particularly popular with younger target groups. The 22-storey residential tower features 131 one-bedroom apartments with a gross floor area of 50 sq. m. and 28 two-bedroom apartments with a gross floor area of 75 sq. m. The one-bedroom apartments will be let below the boundary for free-market rentals. The building has its own internal bicycle shelter and car sharing is facilitated in the parking spaces. At Curlew's request, communal facilities, such as a lobby and a laundry room, have been included in the design.

The buildings were designed by AAS Architecten from Groningen. Turn-key realisation will be in the hands of Plegt-Vos Noord B.V. with completion of the project expected in the first half of 2021.

Joep Visschedijk, Director of Curlew Alternative Asset Management:

“Pleione offers high-quality, affordable living accommodation for our target group at an outstanding location. Collaboration with MWPO, Plegt-Vos and CBRE has proved to be enjoyable and professional. The sales process ran particularly smoothly. The transaction was agreed within just a few months, enabling transfer of the land. We are very delighted about Pleione, the first Curlew Netherlands project in the pipeline on which construction has started”.

Kees Rijs Development Manager / Kristiaan Capelle Director at MWPO:

“MWPO is proud to have been successful in realising high-quality homes for young professionals in this great location, between the city centre and Zernike campus. Thanks to its central location and appealing design, Pleione will be perfect for first-timers in the housing market. In order to enable construction to begin in May, contacts with Curlew, Plegt-Vos and CBRE have been very intensive, especially in the last few weeks. We have been impressed by the professionalism, speed and effectiveness of everyone involved. Now that the design and sale have been completed, we also have every confidence that Plegt-Vos will bring the construction of this exciting tower to a successful end.”

Theo Opdam, CEO / Jordan Lingsma, Deputy Director at Plegt-Vos:

“When talks started with MWPO and Aas, Plegt-Vos saw it as an opportunity to join forces with them in writing a new chapter in their successful collaboration, which has lasted many years. The Pleione will be bringing new and attractive apartments to the Paddepoel district, assisting the City of Groningen in its calls for more housing in this segment. It’s great to be able to contribute to that! We congratulate Curlew and its client on this addition to its portfolio. We have now begun construction and will also be working on the adjacent Atlas Tower for Nijestee.”

CBRE’s Residential Capital Markets team advised MWPO during the transaction.

The buyer received legal advice from Loyens & Loeff.