CBRE Global Real Estate Income Fund: Investment Management and NN Group launch venture to invest in sustainable residential real estate in the Netherlands

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CBRE Investment Management and NN Group, an international financial services company, announce the launch of their Positive Impact Programmatic Venture (PIPV), a collaboration between NN and CBRE Investment Management with an initial equity commitment of €500 million. The company will invest in sustainable and affordable Dutch residential real estate with the aim of improving energy efficiency and reducing carbon emissions. PIPV contributes to NN Group’s goal of increasing investment in climate solutions by at least €6 billion by 2030.

The program aims to have an impact on a wide range of environmental, social and governmental (ESG) themes. The ambition is to achieve alignment with the environmental objectives of the EU taxonomy for all investment properties, while also focusing on the provision of mid-priced rents for households that are not eligible for the social housing.

PIPV is targeting an 80% reduction in owner-controlled greenhouse gas emissions, purchasing 100% renewable electricity by 2030 and net-zero operational emissions by 2035. Assets must achieve a high level energy performance rating, being at least 10% more efficient than the Near-zero energy building requirements as defined by the Dutch “Bijna Energieneutrale Gebouwen” (BENG).

Jelle van der Giessen, NN Group Chief Investment Officer, said: “Contributing to the well-being of people and the planet is a key part of our strategy. NN has set clear targets to achieve net zero emissions, and we are committed to more than doubling our investments in renewable infrastructure, green bonds and energy-efficient real estate in the coming years. The PIPV project clearly contributes to this objective.”

Bas Tiemstra, Head of Separate Accounts CE, who jointly oversees the NN Group’s real estate portfolio with Sander van Riel, Head of CE Investments, Indirect Real Estate Strategies, CBRE Investment Management, said: “Our work with NN through the PIPV will focus on assets rated as highly energy efficient, but also focused on rent affordability, tenant inclusion and well-being.The program completed its first acquisition with the term financing agreement to acquire a residential asset located in a popular location in Eindhoven, the Netherlands. This is a strong first acquisition for PIPV in terms of offering investors and demonstrating this program. »

The promotion of circularity, water conservation, biodiversity protection and pollution prevention will all be non-negotiables incorporated into the asset selection and construction design of the targeted PIPV properties. Going forward, the program aims to include life cycle assessment of materials used in the construction phase as part of development design with the ambition to move towards innovative and traditional biomaterials to limit carbon incorporated and further reduce waste and pollution.

Simultaneously, the program will increase the supply of affordable rental housing in high demand areas. A positive impact on communities and tenant well-being also plays a vital role in the company’s objectives, with tenant satisfaction being regularly assessed throughout their tenancy. As the goal of the program is to reduce energy consumption, tenants will also benefit from lower energy costs.

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About CBRE Investment Management

CBRE Investment Management is a leading global real-asset investment management firm with $141.9 billion in assets under management* as of December 31, 2021, operating in more than 30 offices and 20 countries around the world . Through its investor-operator culture, the firm seeks to provide sustainable investment solutions across real asset classes, geographies, risk profiles and execution formats so that its clients, associates and its communities thrive.

CBRE Investment Management is an independent affiliate of CBRE Group, Inc. (NYSE: CBRE), the world’s largest commercial real estate investment and services company (based on 2021 revenues). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management leverages CBRE’s market data and information, investment research and other resources for the benefit of its clients. For more information, visit www.cbreim.com.

*Assets Under Management (AUM) refers to the fair market value of investments linked to the real assets for which CBRE Investment Management provides, on a global basis, supervision, investment management services and other advice and which generally consist of investments in real assets. ; participation in funds and joint ventures; securities portfolios; operating companies and loans related to real estate assets. This AUM is primarily intended to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from other asset managers’ calculations and its calculation of regulatory assets. under management for certain regulatory filings. .

NN Group Profile

NN Group is an international financial services company, active in 19 countries, with a strong presence in several European countries and in Japan. With all of its employees, the Group provides pension, provident, insurance, investment and banking services to approximately 18 million customers. NN Group includes Nationale-Nederlanden, NN, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN).

Important legal information
Some of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current beliefs and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those referred to in such statements due to, but not limited to: (1) changes in general economic conditions, in particular economic conditions in NN Group’s major markets, ( 2) the effects of the Covid-19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in the countries in which NN Group operates, on NN Group’s business and operations and on NN Group employees, customers and counterparties (3) changes in the performance of financial markets, including developing markets, (4) the consequences of a possible (partial) break-up of the euro or European Union countries leaving the European Union, (5) changes in the availability and costs associated with sources of liquidity as well as conditions in credit markets generally, (6) the f frequency and severity of insured losses, (7) changes in mortality and morbidity levels and trends, (8) changes in persistence levels, (9) changes in interest rate levels, (10 ) changes affecting exchange rates, (11) changes in the behavior of investors, customers and policyholders, (12) changes in general competitive factors, (13) changes in laws and regulations and the interpretation and application thereof , (14) changes in the policies and actions of governments and/or regulatory authorities, (15) conclusions regarding accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to NN Group of operating loss, net capital and integrated losses, (17) changes in credit and financial strength ratings, (18) ability of NN Group to realize synergies transaction projections, (19) disasters and terrorism-related events, (20) adverse events legal and other developments and (21) other risks and uncertainties contained in recent public disclosures made by NN Group.

All forward-looking statements made by or on behalf of NN Group speak only as of the date on which they are made, and NN Group undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell or a solicitation of an offer to buy any securities.

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