The Dutch civil service scheme ABP and CBRE Investment Management have announced a €350m investment in new rental flats for pensioners.
The commitment follows two earlier investments to the pair’s residential housing venture over the past year, bringing the total investment to €1.25bn.
ABP partnered with CBRE IM in May last year to invest in housing in the Netherlands.
The residential development-led mandate’s initial commitment included a co-investment from CBRE IM with a plan to grow the portfolio to €1bn within five years and deliver more than 3,000 units.
The new €350m investment, over 90% of which has been financed by ABP, is earmarked specifically for new rental flats for pensioners “with a strong focus on affordability and sustainability”.
More than half the new apartments will have an affordable rent – or one below €1,228 per month.
“The Netherlands is ageing at a high speed, whereas supply of suitable housing for seniors is lacking,” said ABP CEO Harmen van Wijnen in a statement.
He added: “By investing in affordable and sustainable senior living apartments we contribute to a stable return for our participants as well as a more liveable society.”
