Amsterdam council may launch property fund to preserve inner city

old houses in AmsterdamAmsterdam city council is considering setting up its own property fund to prevent some of the city’s most desirable city centre properties falling into foreign hands, the Telegraaf says on Monday.

The public-private fund would manage the city centre’s council-owned listed buildings but would not take ownership of properties currently used as brothels, the paper says.

Amsterdam mayor Eberhard van der Laan said earlier this year he wants to make sure parts of Amsterdam do not end up like London and Paris, where large swathes of property have been bought up by wealthy Russians and Chinese. They regard the buildings as an investment and rarely, if ever, live in them.

According to the Telegraaf, the council’s aim would be to make sure city centre rents remain affordable and that the city remains both liveable and accessible to its residents.

Asset manager Syntrus Achmea, one of the potential fund founders, would be given development land elsewhere in the city in return for its participation, the paper says.

Housing corporation Stadgenoot is also being slated as a possible participant in the fund.

The council is considering selling property, worth €250m, to the fund. This would include buildings such as the former city council pawn shop Stadsbank van Lening and the Berlage bridge, the paper says.

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