Netherlands’ largest pension fund ABP is investing €500 million in the Dutch Essential Housing Venture, its joint venture with Greystar, which is contributing €26 million.
The new investment is the second tranche that follows an initial €420 million allocation ABP made to the partnership a year ago, through its asset management arm APG.
With the latest commitment, the €524 billion pension fund for government and education employees in the Netherlands is making an initial €200m investment to develop Merwede Block 1, a mixed-use residential complex with 779 rental homes in Utrecht.
The Merwede Block 1 project is the third joint project under the venture, bringing the portfolio to over 2,000 rental homes.
As previously reported, ABP has set a goal to invest €10 billion with impact in the Netherlands by 2030, with €5 billion dedicated to affordable rental housing.
Source: realassets.ipe.com on the 23rd of September