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Freshfields advises Dutch pension fund ABP on its €420m investment in new rental homes

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Stichting Pensioenfonds ABP (‘ABP’) on its venture to launch a new development-led strategy known as the Dutch Essential Housing Venture with a first tranche commitment of €420m. On this investment ABP, the pension fund for people working in government and education in the Netherlands, partnered with Greystar, a global leader in the investment, development, and management of high-quality real estate across the living sector. The venture aims to deliver about 1,500 homes in the Randstad area and other large cities with a significant portion of the units regulated based on municipal requirements or self-regulation (capped rents).

The Freshfields team was led by Partner Harald Spruit (Amsterdam) and included Counsel Zach Truscott (Amsterdam) and Senior Associates Palina Pradhan (London) and Emelde Rubaij-Bouman (Amsterdam). Tax advice was provided by Partner Bob van Kasteren and Associate Stan Lemmen (both Amsterdam). Counsel Daphne van der Houwen (Amsterdam) provided regulatory advice. They worked alongside the deal, legal and tax teams of APG Asset Management N.V., ABP’s asset manager, to deliver the transaction.