Dutch pensioners invest in Amsterdam’s sex and drugs-laden red-light area
The Dutch agricultural workers and Rabobank pension funds, advised by institutional property manager Syntrus Achmea Real Estate & Finance, have taken a 35 percent stake in the novel task of rebuilding some of Amsterdam's oldest neighborhoods, Russia Today reported.
Administered by the city council and the Stadgenoot housing corporation, the areas marked for re-development will be converted into a residential neighbourhood and an efficient hub for jobs and retailers by cutting the number of brothels and shops selling cannabis.
The metropolis has been trying to cleanse up the area since 2007 after officials announced Amsterdam had attracted criminals from Eastern Europe.
The pension funds agreed to participate in the project in return for the right to acquire land to build four residential developments worth €150 million ($165 million) outside the A10 ring road. In these areas, the funds also plan to build nearly 750 mid-priced rental apartments.
- 20 more matches decided in 2nd Tennis Lovers Punjab Open Tennis ...08:15 PM | 23 Jun, 2021
- Jazz secures Telecom sector’s largest credit facility, fully ...07:58 PM | 23 Jun, 2021
- President Alvi for transparency in recruitment process of FPSC07:24 PM | 23 Jun, 2021
- Tarin chairs meeting of Cabinet Committee on Privatization07:05 PM | 23 Jun, 2021
- ‘I don’t have a big belly,’ Abdul Qavi responds to his viral ...04:30 PM | 23 Jun, 2021
- The Undertaker challenges Akshay Kumar to a 'real match'04:06 PM | 23 Jun, 2021
- Ushna Shah addresses the backlash over her criticism directed at ...03:42 PM | 23 Jun, 2021
- Pakistan seeks explanation from HBO management for censoring PM ...11:02 AM | 23 Jun, 2021
- 16 Pakistani universities among Asia's top 50002:36 PM | 8 Jun, 2021
- Famous figures who survived serious plane incidents07:21 PM | 29 May, 2021
- Best anti-aging foods to look younger09:47 PM | 18 May, 2021