Reusing Benelux offices for affordable living: Project by Patrizia and Revive for affordable housing in Benelux region
In a significant move towards addressing the demand for affordable housing and promoting environmental sustainability, real assets investment manager Patrizia and Revive Fund Management have formed a joint venture to invest €75 million in the development of affordable and socially and environmentally sustainable housing in the Benelux region.
The partnership aims to develop socially and environmentally sustainable housing, focusing on affordable living spaces that meet high energy efficiency standards, including achieving an Energy Performance Certificate (EPC) rating of A. This reflects superior energy efficiency and reduced carbon emissions in residential properties.
The joint venture leverages both capital investment and expertise in property development to address the demand for affordable housing while emphasizing environmental sustainability through energy-efficient building standards.
The Resonance housing initiative, a key component of this venture, has three main impact goals: creating affordable and social housing, developing green buildings, and advancing inclusion and connectivity. For every investment, there is a requirement to focus on all three of these goals.
The first building redevelopment in the Resonance housing initiative is underway in Brussels, with a further three to four projects planned for the future. The initiative focuses on affordable and socially and environmentally sustainable housing in the Benelux region.
To convert office space into homes, the buildings often have to be "completely stripped" and must be redeveloped to meet an EPC A rating and a zero operational carbon footprint. The joint venture plans to make a total of five investments and support up to 7,500 people into affordable and social housing.
Every development undertaken by the Resonance housing fund and its partners requires the creation of a community space, such as a day care centre or library, for use by its residents. This emphasis on community spaces is expected to foster a sense of belonging and inclusivity among residents.
The Resonance housing fund has an IRR target of 12%, reflecting the potential for strong financial returns while achieving social and environmental impact.
Meanwhile, in other news, CorPower Ocean has received a €40m EU grant for a wave energy farm, and Renalfa has raised €315M from an EBRD-led investor group. These developments further underscore the growing emphasis on sustainable energy solutions and the potential for innovative technologies to drive positive change.
The Patrizia fund's earlier ventures include the development of social housing in and around Dublin and a UK partnership focused on developing affordable single-family homes. This track record of commitment to affordable and sustainable housing initiatives positions Patrizia and Revive well for their joint venture in the Benelux region.
[1] Source: Patrizia press release [2] Source: Revive Fund Management press release
- The joint venture between Patrizia and Revive Fund Management, aiming to develop socially and environmentally sustainable housing, will invest €75 million in the Benelux region, specifically focusing on affordable living spaces that meet high energy efficiency standards.
- The Resonance housing initiative, a key component of this venture, has three main impact goals: creating affordable and social housing, developing green buildings, and advancing inclusion and connectivity, with each investment requiring a focus on all three areas.
- The initiative has started a redevelopment project in Brussels, with plans for additional three to four projects in the future, all focused on affordable and socially and environmentally sustainable housing in the Benelux region.
- To meet energy efficiency standards and achieve an Energy Performance Certificate (EPC) rating of A, buildings undergoing redevelopment may need to be "completely stripped" and redeveloped to meet an EPC A rating and a zero operational carbon footprint.
- The Resonance housing fund aims to make a total of five investments, supporting up to 7,500 people into affordable and social housing, and every development will include a community space like a day care center or library to foster a sense of belonging and inclusivity among residents.
- The Resonance housing fund has an IRR target of 12%, reflecting the potential for strong financial returns while achieving social and environmental impact, making it apparent that the venture aims to drive positive change both in terms of sustainable living and finance.
