Union Investment is investing €460m to develop a conference hotel, residential block and serviced apartments building complex in Amsterdam.
The Hamburg-based real estate investment manager said it is buying the Y-Towers development project from IES Immobilien and Invester United Benefits.
IES Immobilien will continue to support the project as a partner.
Y-Towers will be added to the portfolio of open-ended real estate fund UniImmo Europa, the manager said.
The 106,000sqm building complex of two towers is being constructed next to the river in the Overhoeks district.
The 33-floor hotel tower, which will become the tallest building in Amsterdam, will accommodate a Maritim-branded conference hotel with 579 rooms.
The neighbouring residential tower will comprise 174 apartments. The lower 10 floors of the tower will contain serviced apartments.
Union Investment said the project, which…
