Dutch pension fund PME has expanded its residential portfolio with the acquisition of 517 homes and approximately 1,580sqm of commercial space at the SoZa redevelopment project in The Hague.
The transaction was completed by Achmea Real Estate for PME from developer and builder VORM as part of a major regeneration of the former Ministry of Social Affairs site, which will see a new urban district built comprising nearly 1,200 homes, offices and amenities.
The homes are scheduled for completion in 2030.
Financial terms were not disclosed, but Achmea said its total investment volume on behalf of its clients this year to more than €500m, following earlier investments in the residential projects Hibi in Amsterdam and Boogie Wood in The Hague.
Boris van der Gijp, co-chair of Achmea Real Estate, said: “This is a unique purchase. SoZa is one of the largest inner-city regeneration sites in the Netherlands, situated in a location steeped in the history of The Hague.
“The project combines affordable housing, student accommodation and private-sector rental properties in an easily accessible location. By doing this on behalf of PME Pensioenfonds, we are both creating an attractive investment and helping to address the housing shortage in the region.”
Marcel Andringa, managing director at PME, said: “This investment adds a significant number of homes to our portfolio. SoZa provides housing for various target groups in an area where there is high demand for residential accommodation.
“This means we are helping to meet housing needs in the Netherlands while also generating a stable long-term return for our participants.”
Hans Meurs, CEO of VORM: “It is precisely at a time such as this, when the need for housing is so great, that strong players must take responsibility. Achmea Real Estate’s investment in SoZa underscores the confidence in this location and in this partnership.
“During the first phase, in addition to the 517 homes for Achmea Real Estate, we are also building 251 social housing units. We expect to reach an agreement for these with a housing association in The Hague this summer.”
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