On April 20, 2022, Rockfield and developer and builder VORM concluded the turnkey purchase agreement for the realization of Block 3 The Rock in the nature-inclusive real estate project Binck City Park in The Hague.The property will be included in the M&G European Property Fund once the properties have been let.This fits in with the strategy of the British asset manager to increase its presence as a financier and investor in the European housing market.
There will be 197 compact social student residences on the first seven floors of the complex.In addition, there will be 99 rental homes in the affordable and mid-rental segment that are intended for young professionals.The ground floor will house communal areas and areas for commercial-social functions that will contribute to the social cohesion of Binck City Park.A well-known not-for-profit student housing provider will manage the student housing for 15 years as soon as the complex is completed in the first quarter of 2025.The remaining apartments will be let by Rockfield PM.
Binckhorst, a former business park, is being revitalized and transformed into a lively green living and working area.Binck City Park consists of a total of approximately 896 homes, spread over 4 residential blocks and is located next to De Binckhorst Castle.The four blocks will be connected by a roof park.
Laurien van Wieringen, Director Investment and Asset Management at M&G Real Estate in the Netherlands: "The Hague is increasingly popular with both working people and students. This is due to the high standard of living, excellent connections and the strong labor market. Due to the lack of good rental properties, rents in this area are expected to grow strongly. Binckhorst will be the most innovative and experimental residential area in The Hague. This is M&G's second acquisition in this strategically important market. We expect this property to exceed expectations and provide strong diversificationand long-term rental growth for our investors.”
Wouter van den Eijnden, CEO of Rockfield Real Estate: "Rockfield strives to acquire and realize buildings that meet the agreements of the Paris Climate Agreement. Block 3 Binckhorst receives a score of 7.5 from the Dutch Green Building Council and meetsto all BENG requirements."VORM Will begin construction in Q2 of 2022 and is scheduled for delivery in Q1 2025.