ABP increases stake in Vesteda, enables purchase of Rotterdam new-build complex with priority for key professions
Public sector pension fund ABP has increased its stake in Vesteda to a maximum of 33%. ABP’s new investment made it possible for Vesteda to purchase the new-build Zuiderhof project in Rotterdam. The homes in this complex will be rented on a priority basis to candidates in key professions, including teachers, police officers and healthcare workers. Vesteda emerged from ABP’s residential real estate portfolio in 1998 and ABP has been Vesteda’s largest investor since then.
Chantal Zeegers, Rotterdam Alderman for Climate, Construction and Housing: “It’s great news that lots of new homes can now be built in this special place in Vreewijk, in the former location of the Daniel den Hoed cancer centre. Together, we have done everything we can make sure we can continue to build. This project will help create a better mix of housing types in the neighbourhood, also in the mid-rental segment.”
Harmen van Wijnen, ABP Board Chairman: “ABP wants to build together for good pensions in a liveable world. The Netherlands has a housing shortage and our participants experience that too. We have been investing in Vesteda for decades and, as trusted partners, we started looking for ways that we could help to come up with solutions. And we have been successful. Thanks to our additional investment in Vesteda, we are realising affordable rental homes where our participants are given priority. Making this an attractive long-term investment that pays off in good pensions and homes for our participants.”
Gertjan van der Baan, Vesteda CEO: “We are proud that our early investor is making it possible to build more affordable rental housing in the Netherlands, while providing the fund with liquidity. Thank you to everyone involved who made this possible.”
About the Zuiderhof project
Vesteda has acquired the Zuiderhof project from developer Focus on Impact and contractor Dura Vermeer. The project is part of the Vreewijk garden village in the Feijenoord district of Rotterdam-South. The project consists of 160 two, three and four-room apartments, with floor space ranging from 48 m2 to 112 m2. According to current planning, these mid-rental segment and free-sector apartments will be rented out in 2026. The rents of the mid-rental apartments meet the City of Rotterdam’s conditions and range between € 808 and € 1,075 per month (price level 2023). The apartments will be rented on a priority basis to candidates in key professions, including teachers, police officers and healthcare workers, who have taken out their pensions with ABP. The festive start of construction will take place on Wednesday, 22 November.