PREFACE

Netherlands first

Looking at the Netherlands through the eyes of investors, there is every reason for pride: a stable economy, low government debt, a strong credit rating, and a transparent, mature real estate market. In a world where old allies are becoming increasingly unpredictable and former adversaries more assertive, the Netherlands stands out as a safe haven for institutional investors. It also provides an excellent platform to accelerate progress on our major societal challenges in housing, affordability, climate, and energy.

Dutch real estate offers stable cash flows, inflation protection, and attractive return prospects, combined with the ability to deliver measurable social impact — for example, by adding affordable, age-appropriate housing and upgrading the sustainability performance of existing stock. These strengths have long been present, but they now align particularly well with the pension objectives under the new WTP framework.

From a strategic perspective, a higher allocation to Dutch real estate is well justified. Not by sentiment, but by rational analysis. This applies not only to domestic pension funds and insurers, but equally to international institutional investors. Given the scale of the challenges in The Netherlands ahead — notably in housing delivery, ageing, and decarbonisation — additional foreign capital is in fact urgently needed.

However, strong fundamentals and attractive investment characteristics alone are not enough. If we want to open the door to greater institutional investment in real estate, a competitive investment climate is essential. This includes, for example, reducing the real estate transfer tax to levels comparable with other European countries and ensuring equal tax treatment for foreign and Dutch pension funds — in other words, exemption from corporate income tax.

The capital is available. Let us work together to deploy it effectively: for pension beneficiaries, for the elderly, for households seeking a home, for tenants living in poorly insulated dwellings — and for both current and future generations in a liveable, sustainable country.

I wish you an enjoyable read,

Boris van der Gijp Co-Chair, Director of Investments, Achmea Real Estate