Pensioenfonds Metaal & Techniek acquires Utrecht real estate project

The Netherlands’ Pensioenfonds Metaal & Techniek (PMT) has acquired a Utrecht-based real estate project from Okay Real Estate Group.

In its latest pension magazine for members, the fund said the project, known as Concorde, has 215 apartments spread over two residential blocks – one consisting of seven floors and one with 16 floors. The two residential blocks are connected by a shared courtyard.

Building work will begin after the demolition of the existing office buildings on the site, with delivery of the new apartments to take place at the end of 2024. Of the 215 apartments, 40 are intended for social rent ( properties with a rental limit of €752,33 for 2021) and 45 will be medium-sized rental properties (with a rental value of between €752-€1000 a month for 2021).

The apartments have a surface area ranging from approx. 50 m2 in the low-rise building to approx. 100 m2 in the high-rise building. Characteristics of the design are the so-called 'nests' as central spaces in the functional routing in the building. The design for the roof garden, more than 1800 m2, was drawn up by Peter Verkade Landscape Architect. DUQER is the developer and Era Contour is responsible for the realisation of the project.

PMT has been investing in Dutch real estate, mortgages and government and corporate bonds since its foundation in 1948. At the end of 2019, 10.6 per cent of the total invested capital was invested in the Netherlands.

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