Syntrus Achmea finalises BPL Pensioen’s first investment in timber

10-11-2022

On behalf of BPL Pensioen, Syntrus Achmea Real Estate & Finance has purchased 213 residential units on the Binckhorst in The Hague, partly built using timber-based construction. This is BPL Pensioen’s first-ever investment in timber construction.

The 213 apartments in the ‘One Milky Way’ project, which include 47 units in the mid-market segment, are located in a residential tower with 183 units as well as a low-rise building with 30 units. The low-rise building is being built using Cross Laminated Timber (CLT), a natural building material that has a much lower CO2 footprint compared to traditional materials such as steel and concrete. Building the 30 units on the Binckhorst with this technique results in a savings of 460 tons of CO2.

‘Our ESG policy already focuses on making existing residential units more sustainable and acquiring sustainable and affordable rental units in particular’, explains Mark Rosenberg, board member of BPL Pensioen. ‘With this new acquisition in The Hague, we are also adding biobased materials in new construction, which leads to a further reduction of CO2 emissions. This underlines our ambition to be a green fund for the green sector.’

In addition to the 213 rental units, the project includes 40 owner-occupied homes, a car park with 283 parking spots, and 4,350 m2 of commercial space. A large, shared roof terrace is available for the residents to encourage social interaction and strengthen biodiversity in the area. The development of ‘One Milky Way’ is in the hands of VORM, and the residential units are being built by Waal. The project is scheduled for delivery in the first half of 2026.

‘We are proud that BPL Pensioen is now our second client to invest in timber construction’, says Boris van der Gijp, Director of Real Estate at Syntrus Achmea. ‘We’ve been promoting the use of more bio-based materials in construction for some time now, as it greatly reduces CO2 emissions as well as construction time. It's great that we can turn our clients' intentions into actual projects built with wood.’