Ballast Nedam Development and MRP Development welcome substantial investment from ABP and CBRE Investment Management (CBRE IM) in Cartesius Utrecht. Pension fund ABP will partner with CBRE Investment Management ("CBRE IM") to develop sustainable and affordable new-build rental housing. With an initial capital of €350 million, ABP and CBRE IM aim to invest €1 billion in more than 3,000 homes over the next five years, with the first 121 homes to be delivered in Utrecht.

The partnership focuses on new housing construction in the Netherlands, with a focus on affordability and sustainability. The portfolio will consist of affordable housing in the middle rental segment as defined in the Affordable Housing Act and is aimed at middle-income households. In terms of sustainability, all projects aim to achieve at least BREEAM In-Use Excellent. In the coming months, the partnership plans to invest in approximately 700 homes.

The first investment will be made in the Cartesius Utrecht urban district, an area development inspired by the science of Blue Zones. Cartesius is located in an area adjacent to the historic center of Utrecht and the development will have a significant social impact by providing much-needed affordable housing. Cartesius Utrecht is being developed by a consortium of MRP Development and Ballast Nedam Development in collaboration with the City of Utrecht and the Dutch Railways.

These 121 homes for ABP, expected to be completed in 2028, aim to achieve BREEAM In-Use Excellent certification after and will be completely gasless, connected to a thermal energy storage system to ensure operational energy efficiency. This approach also results in lower energy and housing costs for tenants, making it a win-win for both the environment and the community. In addition, multiple rooftop and indoor gardens will increase biodiversity and provide a peaceful outdoor space for residents and visitors to the area.

Harmen van Wijnen, ABP pension fund chairman: "The housing shortage is as high as ever. By investing in affordable rental housing, we are doing what ABP stands for as a long-term investor: building together for a good pension in a livable world. Dutch rental housing - especially in the affordable and middle segment - offers long-term stability and an inflation-linked return. Until 2030, we want to invest €10 billion with impact in the Netherlands, of which €5 billion in affordable housing. The partnership with CBRE IM aims to add more than 3,000 affordable and sustainable homes in the middle segment in five years. Many of our participants are currently trapped in a tight housing market. A stable and affordable retirement for our participants is paramount. And if we can help combat the housing shortage in the process, we are happy to do so."

Bas Tiemstra, Head of Separate Accounts EMEA at CBRE Investment Management, said, "The mandate will invest in modern affordable new housing with strong environmental performance that will be widely delivered. Historically, the Dutch housing market has experienced low vacancy rates and a declining supply trend. The shortage of high-quality rental housing, combined with projected population growth, means that there will be strong demand for the affordable housing in which the mandate will invest well into the future. We are privileged to partner with ABP, with APG managing the mandate on their behalf, and look forward to working together to address the housing need in the Netherlands."

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