Amsterdam—Dentons, the world’s largest law firm, advised Union Investment on the acquisition of the development project “Y-Towers” in bustling Amsterdam North. Union Investment has taken over from IES Immobilien the development of the landmark building complex, which will feature two towers covering a gross floor area of some 106,000 sq m above and below ground.

The project involves a total investment of approximately €460 million, and the completion is estimated to happen in 2022.

One of the towers will accommodate conference hotel with 579 rooms operated by leading German hotel brand Maritim and will be the tallest building in Amsterdam. It will also become one of the largest hotel properties in Union Investment’s portfolio, which currently comprises some 70 hotels across nine countries. The neighboring residential tower will comprise 174 apartments. An underground car park with 605 spaces is also part of the development.

Partner Paul Wanders from Dentons’ Real Estate team in Amsterdam led the cross-border team on the deal. Real Estate / Hospitality Partner Jan Hellner from the Berlin office provided support with the renegotiation of the lease for the Maritim hotel; Max Stanglmeier from the Munich office assisted with German documentation involved in the deal.

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