Record transaction - MRP and Ballast Nedam Development sell 1,000 rental homes to CBRE Investment Management
MRP and Ballast Nedam Development have completed a substantial transaction within the leading area development Cartesius in Utrecht. On behalf of pension fund ABP, CBRE Investment Management has acquired 1,000 rental homes and 250 parking spaces, spread across four building blocks. In Cartesius— inspired by the scientific theory of the Blue Zones—2,530 sustainable homes are being developed. Later this year, the Utrecht City Council will decide whether a further 800 homes will be added. The homes acquired by CBRE IM are aimed at achieving a BREEAM-NL In-Use ‘Excellent’ certification.
Bart Meijer, CEO MRP, sees Cartesius as a new benchmark for urban development: “Cartesius shows what is possible when ambition and a long-term vision come together. Our ambition is for Cartesius to grow into a vibrant hub that not only offers sustainable and healthy living conditions, but also creates a new center of community and wellbeing. With iconic amenities such as the CAB ‘the Living Room of the Neighborhood’, the Cartesius child center and sports hall, and a design that enhances green spaces and social interaction, we are setting a new standard for urban development. With this record number of homes, we are not only making an important contribution to the Utrecht housing market, but also building a neighborhood that is ready for a healthy and sustainable future.”
From left to right Paul Oremus (CBRE IM), Bart Meijer (MRP), Wethouder Eelco Eerenberg, Onno Dwars (Ballast Nedam Development), Robert-Jan Foortse (APG), Ofer Gilboa (MRP), Kerem Gunaydin (Ballast Nedam Development)
Substantial contribution to Utrecht’s tight housing market
Utrecht has for many years been one of the tightest housing markets in the Netherlands. Demand for affordable and sustainable rental housing remains undiminished, while available space in the city is limited. With this transaction, MRP and Ballast Nedam Development make a substantial contribution to Utrecht’s housing challenge and usher in 2026 with renewed optimism. In addition, these rental homes are delivered on top of the share of social rental housing already under construction and the many owner-occupied homes being realized within Cartesius. This transaction creates significant acceleration in the short term, adding a large number of homes to the tight rental market.
According to Onno Dwars, CEO of Ballast Nedam Development, that acceleration is urgently needed: “Speeding up and delivering large numbers of homes in a tight housing market is essential. There is an urgent need for housing, particularly in the rental sector, and with this record transaction for Cartesius we are giving concrete substance to that need. The challenge is not only to build more homes, but to create better living environments with long-term value. Cartesius proves that scale and quality can go hand in hand: a place where health, sustainability and community form the foundation. A new urban district where living longer, healthier and happier is central. That together with our partners in this area development we are able to achieve this today makes us both humble and proud.”
Cartesius Living Blue Zone in Utrecht
Broad societal impact
For ABP and CBRE Investment Management, the acquisition fits within the partnership’s strategy to invest in sustainable, future-proof and socially relevant residential portfolios in cities where housing pressure is highest. Cartesius offers long-term lettability, a stable, long-term and inflation-linked investment, and a distinctive sustainability profile. The acquired homes consist of a mix of mid-market and free-sector rental housing. All homes meet high quality standards in terms of energy performance, materials and sustainability, in line with the investors’ long-term vision.
Harmen van Wijnen, Chair of the Executive Board of ABP, emphasizes the dual return of this investment: “Amsterdam and Utrecht are among the tightest housing markets in the country. With this investment, ABP underscores its conviction that affordable rental housing delivers returns in two ways: it directly helps reduce the housing shortage and offers a stable, long-term and inflation-linked investment. With these investments, we demonstrate that pension capital can be deployed for societal impact as well as for solid returns for our participants.”
CBRE Investment Management also views Cartesius as a future-proof investment. Bas Tiemstra, Head of Continental Europe Direct Real Estate Strategies at CBRE Investment Management Netherlands, explains: “Cartesius is a high-quality project in Utrecht and combines affordability with a focus on health, community and strong sustainability characteristics. This gives Cartesius resilience and creates long-term value.”
Cartesius: Living Blue Zone in the heart of the city
From the outset, Cartesius has been internationally leading and represents a world first as one of the earliest large-scale healthy urban districts worldwide, developed in collaboration with the Municipality of Utrecht and NS Stations. The development combines sustainable, energy-efficient homes and amenities with an environment that encourages social interaction, movement and relaxation. Cartesius is designed as a Living Blue Zone: a district in which scientific insights from the so-called Blue Zones areas where people demonstrably live longer and healthier lives are translated for the first time into an urban context. Within Cartesius, this concept is further advanced through a structural collaboration with, among others, the World Health Organization (WHO), UMC Utrecht, Utrecht University of Applied Sciences, Utrecht University and various research institutes. Health and livability are structurally measured, monitored and further developed. In addition, green space, sustainable mobility and biodiversity form an integral part of the design. Cartesius thus serves as a learning environment for future urban developments.
Delivery and next steps
In 2026, the first 653 homes within Cartesius will already be delivered by MRP and Ballast Nedam Development, of which 302 homes form part of CBRE Investment Management’s Dutch residential platform. The 1,000 homes acquired by CBRE Investment Management will enter construction from 2026. This will further advance the development of a healthy, future-proof district in the short term. CBRE Investment Management acts as investor on behalf of pension fund ABP and has been the fixed investment partner of MRP and Ballast Nedam Development within Cartesius since winning the tender in 2018.
For more information www.cartesius-utrecht.nl