CBRE Investment Management and Dutch insurer NN Group have joined forces to invest an initial €500m in sustainable residential properties in the Netherlands.

The duo have launched the Positive Impact Programmatic Venture (PIPV) to invest in Dutch sustainable and affordable residential real estate with the “aim to improve energy efficiency and reduce carbon emissions”.

PIPV targets a reduction of 80% of landlord-controlled greenhouse gas emissions, procuring 100% renewable electricity by 2030 and net-zero operational emissions by 2035, the companies said.

Jelle van der Giessen, CIO of NN Group, said: “Contributing to the well-being of people and planet is a key element of our strategy. NN has set clear targets toward net-zero emissions, and we have pledged to more than double our investments in renewable infrastructure investments, green bonds and energy-efficient real estate in the coming years.

“The PIPV project is clearly contributing to that target.”

PIPV contributes to NN Group’s target to increase investments in climate solutions by at least €6bn by 2030.

Bas Tiemstra, the head of separate accounts CE, who jointly oversees the NN Group real estate portfolio with Sander van Riel, head of CE investments, indirect real estate strategies at CBRE Investment Management, said: “Our work with NN through the PIPV will focus on assets that qualify as being highly energy-efficient but also have rent affordability, tenant inclusion and wellbeing considerations at their heart.

“The programme has made its first acquisition with the forward funding agreement to acquire a residential asset located in a popular location in Eindhoven, the Netherlands. It is a solid first acquisition for the PIPV in delivering for investors and demonstrating this agenda.”

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