CBRE Investment Management, ABP Launch €350M Joint Venture for Senior Affordable Rental Housing Development Across Netherlands
CBRE Investment Management and Stichting Pensioenfonds ABP have launched a €350 million joint venture focused on the development of sustainable, affordable rental housing for seniors across the Netherlands, the firms announced April 7, 2026. The initiative targets the construction of approximately 1,000 newly built senior homes nationwide, with more than half designated for the affordable rental segment.
Joint Venture Details
The joint venture represents an initial capital commitment of €350 million, with CBRE Investment Management serving as the lead general partner and ABP contributing as a limited partner investor. The strategy is focused on development of purpose-built senior housing, with projects to be delivered in collaboration with local developers and municipalities across the Netherlands.
The new commitment expands the two firms' existing relationship in the Dutch housing market. Combined with a previously announced mandate for affordable rental housing, the total investment volume of the ABP and CBRE Investment Management partnership now stands at approximately €1.25 billion, representing more than 3,500 homes.
Sustainability and Design Standards
All projects under the strategy will be developed to high environmental standards. The firms stated that developments will target at least BREEAM-NL In-Use Excellent certification and alignment with the Carbon Risk Real Estate Monitor (CRREM) framework. Projects will also incorporate future-proof and life-cycle-resilient designs, as well as shared community amenities intended to support independent senior living.
Executives Cite Structural Housing Shortage
Bas Tiemstra, Head of Continental Europe Direct Real Estate Strategies at CBRE Investment Management, cited a long-standing supply deficit in the Dutch market as a key driver of the strategy. "Through this joint strategy, we are creating homes at scale where seniors can live comfortably and independently," Tiemstra said. "The Dutch housing market has faced a structural shortage for many years, intensified by demographic ageing and a declining supply. This calls for decisive action. We are proud to be taking this step together with ABP and, in collaboration with developers and municipalities, helping to reduce the shortage of quality senior housing."
Harmen van Wijnen, Chairman of the Board of ABP Pension Fund, echoed those concerns. "The Netherlands is ageing rapidly, while the supply of suitable housing for seniors continues to lag behind," van Wijnen said. "By investing in affordable and sustainable senior housing, we are contributing to an inclusive society while generating stable long-term returns for our members."
About the Firms
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE: CBRE), the world's largest commercial real estate services and investment firm based on 2025 revenue. CBRE Investment Management manages $155.5 billion in real assets under management as of December 31, 2025, and operates across 20 countries. CBRE Group employs more than 155,000 people, including Turner & Townsend employees, serving clients in more than 100 countries.
ABP is the industry-wide pension fund for employers and employees of government and educational institutions in the Netherlands. The fund serves 3.1 million participants and held €553 billion in assets as of February 28, 2026.
Market Context
The Netherlands has experienced a prolonged shortage of senior-specific housing, a condition the firms attribute to rapid demographic aging and declining housing supply, citing data from the Dutch ministries of Housing and Health (VRO & VWS, 2022). The new joint venture is structured to address that gap through large-scale real estate development targeting both affordability and environmental performance.