CBRE Investment Management has teamed up with Dutch pensions and financial services company NN Group to invest in sustainable and affordable housing in the Netherlands.
The Positive Impact Programmatic Venture (PIPV) has an initial equity commitment of €500 million. The venture will invest in Dutch sustainable and affordable residential real estate with the aim to improve energy efficiency and reduce carbon emissions.
The venture’s ambition is to achieve alignment with the environmental objectives of the EU Taxonomy for all investment properties, while also focusing on providing mid-priced rental for households who do not qualify for social housing. It aims to reduce “landlord-controlled” greenhouse gas emissions by 80% and to procure 100% renewable electricity by 2030. The portfolio will be net-zero operational emissions by 2035.
PIPV will also promote water conservation, biodiversity protection, pollution prevention and the circular economy in its portfolio and will also seek to reduce the embodied carbon of new developments.
Jelle van der Giessen, chief investment officer 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 towards 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’s first acquisition is the forward funding of Lighthouse (pictured), a 333 unit residential asset in Eindhoven, which is being developed by Rockfield Real Estate.