Altera invests in mid-rent housing in Amsterdam

Real estate investor Altera Vastgoed has reached an agreement with BMB development and Reggeborgh Vastgoed on the purchase of part of the Nautical NDSM (B10) project, located next to the Amsterdam Marina on the NDSM wharf in Amsterdam North.

With project NDSM B.10, Altera is acquiring 157 apartments that meet the conditions arising from the "Action Plan More Medium Rent" of the Municipality of Amsterdam. The aim of this scheme is to realise affordable rental housing for the group of tenants who are not entitled to social housing or have a household income on the basis of which more expensive free sector housing is not feasible.

Altera will also purchase 24 high-end private sector homes, 965 sq m of commercial space and 90 parking spaces in the project. The combined 181 rental properties will range in size from 42 to 125 sq m. The project has a low EPC and will be equipped with PV panels and a heat and cold storage and heat pump installation.

The More Medium-Rent Action Plan aims to achieve affordable rental housing for the group of tenants who are not entitled to social housing or have a household income on the basis of which more expensive free sector housing is not feasible.

Altera’s CEO, Jaap van der Bijl, says: “With the purchase of project NDSM B.10, we are responding to the enormous demand for affordable housing in Amsterdam for workers in vital sectors, such as education and healthcare. This project, which also contributes to our ESG goals, is a great fit in our young and sustainable housing portfolio.”

Laurens Ivens (Alderman Municipality of Amsterdam), says: "We have a huge shortage of housing for middle-income people in Amsterdam. It is therefore very nice that it has been decided that the houses will not be rented in the expensive segment, but in the middle-income segment. Nautical NDSM thus provides an important and very welcome addition to the middle-rent segment."