Dutch pension fund Stichting Pensioenfonds voor de Woningcorporaties (SPW) has hired developer Amvest to create a €900m domestic housing portfolio as it pivots away from international real estate investments.
Henk Jagersma, chair of SPW, said the mandate would replace SPW’s international real estate investments and complements its existing investments in healthcare and logistics real estate.
Earlier this year, the Dutch pension fund appointed ASR Real Assets Investment Partners to help transform its existing real estate portfolio into a predominantly European unlisted portfolio with a focus on Dutch housing. Amvest is owned by ASR and Dutch pension fund Pensioenfonds Zorg en Welzijn (PFZW).
The new €900m mandate will focus on building affordable and sustainable rental homes for first-time buyers, seniors and middle-income groups.
“SPW is replacing its international real estate investments with a domestic housing portfolio,” said Jagersma. “We’re doing this because of the expected returns for our participants and their expressed desire to invest in Dutch housing.
“We chose Amvest for their extensive pipeline of new construction projects. The Amvest Development Fund (ADF) has a development pipeline of 23,000 homes. Thanks to their in-house development expertise and strong partnerships with relevant public and private market parties, Amvest can build a housing portfolio for SPW in a relatively short timeframe.”
Heleen Aarts, CEO of Amvest, said: “We are proud that SPW has chosen us as their partner for this significant investment and look forward to the collaboration.
“At Amvest, we aim to balance financial returns with social impact. Our investors, including pension funds and insurers, share this long-term vision, and SPW fits perfectly into this approach.
“This partnership demonstrates our ability to help investors build a high-quality housing portfolio quickly and responsibly. Given current market conditions, we also see excellent opportunities for sustainable long-term investments.”
ABP, the largest pension fund in the Netherlands, is also seeking to invest €5bn in domestic affordable housing, and last month acquired 560 homes in the Hague with international developer Greystar.
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