Bouwinvest Residential Fund purchases 933 new homes in Eleven Square

Area developers AM and Ballast Nedam Development have sold 933 homes in Eleven Square, the new mixed-use urban district next to the Johan Cruijff ArenA, to the Bouwinvest Residential Fund. This includes 478 private sector rental apartments in Amsterdam's tallest residential tower, 455 student studios, and 3,300 m² of commercial space. Hence, this transaction, measured by the number of homes, is the largest new construction transaction in the Dutch housing market.

Eleven Square rises in a unique location, directly next to AFAS Live and opposite the Johan Cruijff ArenA on a plot of 250 by 150 meters. At Eleven Square, living, working, culture, and recreation come together around a central square. The complete development comprises over 1,100 homes for both sale and rent. Additionally, there will be space for retail, hospitality, leisure, sports facilities, flexible offices, a theater, and a hotel. The master plan has been co-designed with MVRDV architects.

During the celebratory moment, the parties confirmed the deal signed in December 2025. The purchase marks an important milestone for Eleven Square, which can now officially commence. The environmental permit is also irrevocable, and the land transfer with the municipality of Amsterdam has been signed. This makes the development ready for realization. The sale of the homes is expected to take place in 2028. CBRE acted as sales advisor, Dentons as legal advisor for the buyer.

Ronald Huikeshoven, chairman of the board of AM: “Eleven Square is the result of years of perseverance and intensive collaboration. We have always maintained the belief that this location can grow into a complete and vibrant city district. That this is now becoming a reality is a collective effort involving both Ballast Nedam Development, AM, and the municipality of Amsterdam. With Eleven Square, we are not only adding many homes but also giving this area a new future as a lively part of the city.”

Onno Dwars, CEO of Ballast Nedam Development: “Eleven Square is a carefully designed place: modest yet significant for Amsterdam and Southeast in particular. With energy and international allure, translated into a Dutch urban recipe where living, working, culture, and relaxation reinforce each other. No one will be able to ignore it; by bike, from the railway or highway, Eleven Square will become a recognizable new landmark for the city, both literally and figuratively, but beneath the surface, it primarily shows what Amsterdam and Southeast have to offer. This project is the result of shared ambition and perseverance, and we are proud of the collaboration with all partners, stakeholders, and the municipality that made this possible.”

TeamImpulse for rental and student housing
The realization of Eleven Square will make a substantial contribution to the housing needs of Amsterdam, with a clear focus on starters and students. The private sector rental apartments purchased by the Bouwinvest Residential Fund feature one to three bedrooms and private outdoor spaces. They are intended for starters, young professionals, and (small) families. The student studios are fully independent and equipped with communal outdoor spaces, including gardens on various floors and a sports court.

Steven van Weyenberg, Alderman for Housing and Urban Development of the Municipality of Amsterdam: “With this agreement, after a long time, the start of construction is in sight for one of Amsterdam's largest housing projects. The two residential towers will comprise 1,120 homes, including more than four hundred homes for students. A step I am extremely pleased with. It is a breakthrough for the area that is developing into a new residential district in Amsterdam. And I wish the developers and contractors success with the construction of Eleven Square.”

Paul van Stiphout, Fund Manager Dutch Residential Investments Bouwinvest: “I am glad that with this transaction we create value for our investors and also make a significant contribution to the Dutch new construction challenge. Thanks to an active sales strategy within the portfolio, we free up capital to refresh the portfolio with new projects such as Eleven Square. We would love to realize many more projects like this, but that requires new capital and a more attractive investment climate. Towards 2035, over €400 billion is needed to build enough homes. Only if investing becomes attractive again and remains so, can construction output reach the level that the Netherlands needs.”

Start of construction in sight
The Municipality of Amsterdam has already made the site construction-ready. The construction of the first two partial plans, the residential towers with 933 rental apartments and 187 purchase apartments, is expected to start in the second quarter of 2026. The construction will be carried out by Heddes Construction & Development. The completion of this first phase is scheduled for 2029. Subsequently, other components will follow, including a theater, hotel, and office functions.

The sale of the homes is expected to take place in 2028.