Bouwfonds Investment Management (IM) has acquired the former Philips Lighting main office of approx. 33,000 sq. m. LFA in Eindhoven. The property is located adjacent to the central station and city centre. The total investment volume is approximately EUR 82 million. It is the second time that all three European residential funds of Bouwfonds IM have invested together in one location.

The T-shaped property, built in 1979, was formerly used by Philips Lighting. It is located at the Mathildelaan 1 in Eindhoven, next to the Art Hotel, the Philips football stadium and the well-known historical buildings “Lichttoren” and “Witte Dame”. Bouwfonds IM has acquired the Emma Wing for its Bouwfonds European Residential Fund, the Victoria Wing for its Individual Mandate and the Mathilde Wing for its European Student Housing Fund. Foolen & Reijs Vastgoed B.V. is the seller of the existing building and Stam + de Koning Bouw & Vastgoed B.V. (Volker Wessels concern) is the constructor. Bouwfonds has been legally assisted by CMS and technically assisted by BBN Bouwadviseurs Houten.  Delivery of the new apartments is planned for the second half of 2016.

The property is being redeveloped into new units for young professionals and will be totally refurbished to the standard of a new building. In total, 616 new apartments will be built: 567 lofts and 49 penthouses. Each apartment will consist of approx. 47 sq. m. and will have a horizontally sliding window of more than 14 sq. m. with a great view of the city. A new public city park, “Emmapark”, will be laid out on the extensive plot around the building. On the ground floor will be space for eight retail units, including a supermarket and a coffee bar.

The apartment complex is located on a prime location in the city centre of Eindhoven, which is the fifth largest city in the Netherlands. The main shopping and commercial area is a mere 200 metres away, Central Station is within two minutes’ walking distance and it takes less than 10 minutes to reach the TU Campus/University.

Michiel Dubois, Managing Director Residential Real Estate Bouwfonds IM: “ We are very pleased with this second acquisition (for all three funds) for housing young professionals at a remarkable location in the centre of Eindhoven. Eindhoven is currently undergoing an exciting transition – becoming an international, and challenging, environment for highly qualified young people”.