CBRE Investment Management (CBRE IM) is acquiring 475 rental homes in the southern Netherlands on behalf of Dutch pension fund ABP.
CBRE IM said it has reached an agreement with Breevast on the purchase of the new rental homes to be built in Vonderpark Kwartier, an inner-city development in the centre of Eindhoven.
A year ago, ABP and CBRE IM partnered to invest in Dutch housing with an initial €350m commitment. The residential development-led mandate includes a co-investment from CBRE IM, with plans to grow the portfolio to €1bn and deliver over 3,000 units within five years.
Bas Tiemstra, head of continental Europe direct real estate strategies at CBRE Investment Management, said: “The Brainport region is growing faster than almost any other region in the Netherlands.
“With Vonderpark Kwartier, we are adding a diversified mix of social, mid-rent and private-sector housing in the heart of Eindhoven, underpinned by high sustainability ambitions. In doing so, we are helping to address the region’s housing challenge while supporting long-term future-proof urban development.”
Robert Alberts, CIO at Breevast, said: “With Vonderpark Kwartier, we are delivering a completely new residential area for a wide audience at one of the last remaining inner-city locations in Eindhoven.
“This development has been designed from the start to contribute to a liveable and future-proof city district. The combination of social Friends housing, mid-market rental and private sector housing fits well with the growing demand in the Brainport region.”
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