The acquisition is in line with AM’s ambition to transform urban locations into future-proof living environments. Over the coming years, work will be carried out in Veldhoven on an area development project that will ultimately result in 1,000 homes. The development by AM and Everglow includes 700 homes and a renewed shopping centre with a range of facilities.
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AM acquires City Passage Veldhoven
7 April 2026Transformation to new city centre with 700 homes
Area developer AM has acquired the City Passage shopping centre in the centre of Veldhoven. AM, a subsidiary of BAM, is taking over the stake previously held by SB Real Estate. Everglow Real Estate retains a minority stake. The acquisition marks a significant step in the transformation of the current shopping centre into a vibrant, green city centre with approximately 700 homes, which AM is adding to its strategic development portfolio, and a revitalised retail area. Parent company BAM is fully involved in the realisation of the redevelopment, from housing construction to urban infrastructure and the implementation of innovative energy systems.
From shopping centre to a highly urban, multi-purpose centre
The area is undergoing a complete transformation: from a traditional shopping centre to a highly urban, multi-functional centre where living, facilities and greenery come together. The new plan includes approximately 12,000 m² of space for shops, hospitality and services within the ground floor of the residential buildings. An underground car park will be built beneath the site. The new development places a strong emphasis on a healthy and green living environment.
Felix Sanders, director of project development at AM: “This development is specifically aimed at meeting the high demand for housing in Veldhoven and the Brainport region. By combining housing with appropriate facilities, we are creating a vibrant and future-proof environment that contributes to the city’s quality of life and the appeal of the region. With a varied housing programme, we are serving a broad target group, from first-time buyers and those moving up the property ladder to students and expats, whilst simultaneously strengthening the urban functionality of this area.”
Cooperation with the municipality
Plans for the redevelopment have been in the pipeline for several years. The local council has adopted a master plan, a visual quality plan and a feasibility study. In addition, a letter of intent has been signed with various property owners and stakeholders to further develop the area. The redevelopment of the City Passage shopping centre is expected to begin between 2028 and 2030.
Marcel Kokkeel, Everglow Real Estate: “We have great confidence in AM as a development partner. We have been working together successfully for some time now and look forward to shaping the next phase of this area development together. Continuity is guaranteed for tenants, businesses and other stakeholders, as the same Everglow team will remain responsible for the management and redevelopment.”