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Union Investment investing €460M in Amsterdam's Y-Towers project

German real estate investment manager Union Investment Institutional Property GmbH is investing approximately €460 million in the ongoing development of the Y-Towers project north of Amsterdam.

It is acquiring the project development company from IES Immobilien and Invester United Benefits GmbH. IES will continue to support the project as a partner.

The 106,000-square-meter complex is being developed in the Overhoeks district. The conference hotel tower will be 33 stories with 579 rooms under the Maritim brand.

The neighboring 174-apartment residential tower will include 4,200 square meters of serviced apartments across the lower 10 floors and an underground parking space for 605 cars.

The project is expected to be completed by the end of 2022 and will be added to the portfolio of open-ended real estate fund UniImmo: Europa. It will be one of the largest properties in the fund.