APG represents its pension fund client ABP in a partnership that will build rental homes in the Netherlands. The collaboration with Greystar, an American real estate company that operates globally in investing, developing, and managing high-quality residential buildings, begins with an investment of 420 million euros. This will result in the construction of approximately 1,500 rental homes in the Randstad and other cities. Initially, 780 apartments will be built in Leiden.
ABP, APG, and Greystar are establishing the Dutch Essential Housing Venture for this purpose. Projects under this strategy will develop and build new, high-quality, and affordable homes in the Netherlands. These homes are intended for starters, people with middle incomes, essential workers such as teachers and police officers, and retirees. The partnership aims to rent at least two-thirds of the portfolio in the regulated and mid-rental segments (with a maximum rent of 1,200 euros per month, according to the 2024 price level). The homes will meet specific sustainability criteria, achieving at least energy label A++ and a BREEAM-NL Excellent certification. Additionally, the homes will be built in locations with good public transport connections.
Robert-Jan Foortse (Head of Real Estate Europe, APG): “APG and Greystar have established many successful partnerships around the world over the past 15 years. We are very pleased that our first venture together in Europe is in our home market, the Netherlands, with a focus on developing new affordable residential units while targeting key workers as tenants. Our largest client ABP has identified this specific segment of their portfolio as a key area in which their investments can make a positive contribution on the lives of the participants in the pension fund.”