US property developer Hines is the likely buyer of a prime piece of waterfront property in Amsterdam, the Financieele Dagblad said on Monday.

The site, which is as big as eight football fields, will be used to build 1,400 housing units on the northern bank of the IJ port region, diagonally opposite the central railway station, the paper said.

Formerly the Draka cable yard, the site is now owned by Prysmian, a large Italian cable producer which has moved its production facilities to Emmen in northeast Netherlands.

‘Dutch property developers have already been told they  are not the successful bidder for the Draka site,’ a property source who requested anonymity said. He claimed the contract was ready to be signed by Hines, a huge Texas-based company with $90bn invested in 100 projects worldwide.

Amsterdam local council claims there is room for 8,500 housing units in adjoining former industrial sites on the north bank of the IJ.

There is a big shortage of housing in the middle sector of the market. Housing prices shot up by 23% to an average of €340,000 in Amsterdam last year.