APG is investing 550 million euros on behalf of its largest pension fund client, ABP, in Dutch rental housing. This new investment comes less than a year after the initial allocation of 350 million euros to the partnership between ABP and CBRE Investment Management (CBRE IM). As a result, the total mandate of the partnership increases to 900 million euros, moving towards the target of 1 billion euros.
The first acquisitions under this investment involve nearly 1,200 rental homes in Utrecht and Amsterdam. Construction of the homes will begin later this year. The project in Utrecht includes the acquisition of 1,000 rental homes and 250 parking spaces, divided across four residential blocks within the prominent Cartesius area development. This project will consist of a mix of mid‑market and private‑sector rental homes.
In addition, ABP is investing in 174 mid‑market apartments and 27 parking spaces in the Noordhof project in Amsterdam‑Noord, developed by Blauwhoed and AM. This project is located in the new Elzenhagen district.
Affordable and sustainable
The collaboration between ABP and CBRE IM focuses on the development of new‑build homes in the Netherlands, with an emphasis on affordability and sustainability. The portfolio will largely consist of homes in the mid‑market rental segment, as defined in the Affordable Rent Act, and is aimed at middle‑income households.
The portfolio includes homes that meet high sustainability standards. All projects aim to achieve at least the BREEAM NL In‑Use Excellent certification and the CRREM standard. By investing in energy‑efficient and future‑proof homes, APG and ABP contribute not only to affordability today, but also to lower housing costs and climate‑resilient neighbourhoods in the long term.