The Hague April 20 2022 – On April 20, 2022, Rockfield and developer and builder VORM signed 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 apartment will be included in the MG European Property Fund once the apartments are rented out. This aligns with the British asset manager’s strategy to increase its presence as a financier and investor in the European residential market.
The first seven residential floors of the complex will feature 197 compact social student apartments. Above these, 99 rental apartments in the affordable and mid-market segment will be intended for young professionals. The ground floor will house common areas and spaces for commercial and social functions that will contribute to the social cohesion of Binck City Park. A well-known nonprofit student housing provider will manage the student apartments for 15 years once the complex is completed in the first quarter of 2025. The remaining apartments will be leased by Rockfield PM.
Binckhorst, a former industrial area, is being revitalized and transformed into a vibrant green residential and work district. Binck City Park will consist of approximately 896 apartments spread across four residential blocks and is located next to Kasteel De Binckhorst. The four blocks will be connected by a rooftop park.
Laurien van Wieringen, Director of Investment and Asset Management at MG Real Estate in the Netherlands, stated, “The Hague is becoming increasingly popular with both professionals and students due to its high quality of life, excellent connections, and strong job market. Given the shortage of quality rental apartments, rents in this area are expected to grow significantly. Binckhorst will become the most innovative and experimental residential district in The Hague. This is MG’s second acquisition in this strategically important market. We anticipate that this property will exceed expectations and deliver strong diversification and long-term rental growth for our investors.”
Wouter van den Eijnden, CEO of Rockfield Real Estate, says: ‘Rockfield aims to acquire and realise 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 meets all BENG requirements.’
VORM will start construction in Q2 of 2022 and completion is scheduled for Q1 2025.
