New Harculo

Following a structured sales process commissioned by ENGIE, Reales has been selected as the buyer for the former IJsselcentrale power station in Zwolle. The transaction relates to the land of the former IJssel power plant in Zwolle where the area development 'Nieuw Harculo' is being shaped. The site is owned by energy supplier ENGIE, which developed a vision for the area together with the municipality of Zwolle and various stakeholders after the power plant was demolished. The new district to be developed will consist of small-scale neighbourhoods with close social cohesion, where both exclusive and affordable housing, ground-level houses and flats will be developed together. Special attention will be paid to the natural quality in order to emphasise and preserve the unique characteristics of the area along the river IJssel. A total of around 500 homes will be involved.

As a property developer, Reales operates mainly in the Randstad region and specialises in complex inner-city projects with a focus on residential construction. With the area development Nieuw Harculo, Reales has the opportunity to expand its working area to a municipality of Zwolle. Zwolle is a growth municipality with a professional organisation and administration whose ambitions for this area development match Reales's strategy and vision.

Bas Wilberts, Head of Residential & Hotel Investment at Savills in the Netherlands and advisor on the sales process, says: "After a lengthy and dedicated process, in which we were faced with uncertainties due to environmental policies, in particular nitrogen regulations, we were able to successfully complete this transaction. The development of Nieuw Harculo, with a strong focus on sustainable housing development, will not only address the housing shortage in the Netherlands, but Reales will contribute to making the real estate market more sustainable. We are therefore delighted to have been able to assist ENGIE in the sale of this area development and look forward to the final result."

"Harry Talen, Director Power Plants ENGIE Netherlands ''The IJssel power plant has provided security of energy supply for many years. The power station has become an icon for Zwolle and we are grateful for the role it has played in this piece of history. We have now entered a new chapter: we are working towards a future where ENGIE wants to serve its customers with zero C02 emissions. Following the closure and demolition of the power plant, we therefore looked at a new use for the site in close involvement with the people of Zwolle. It is a unique site on the river IJssel, on the border of the city and the floodplains. In 2019, Zwolle city council adopted the area vision IJsselcentrale and surroundings, with the choice for a new residential area where there is a lot of potential to strengthen the natural quality. In Reales, we see a party that pays a lot of attention to the green character and quality of the area. It is therefore with great confidence that we look forward to a positive future for New Harculo.''

Marc Snijders, director Reales: "The purchase of this site is in line with Reales's objectives and also provides an opportunity to further expand our area of operations. The completion of this transaction fulfils the ambitions of the Municipality of Zwolle to add high-quality, affordable but above all sustainable housing to a beautiful location in Zwolle.
The New Harculo area development offers the ultimate opportunity to tell a contemporary story,
to make a neighbourhood that is more than an addition of functions, an experience, a continuation of a history and a step towards the future." Engie was legally assisted by Houthoff lawyers and notaries in this transaction.