M&G Real Estate, part of asset manager M&G, has agreed to forward-fund  a €41.7 million private sector rental housing project in Leiden, the Netherlands

Amsterdam-based developer Lingotto’s project is named More5 and will consist of 206 apartments and 178 sq m commercial space. 184 of the apartments will be ‘affordable’, 150 of which are intended for university employees. The project is located in the Bioscience Park and near the city centre.

Laurien van Wieringen, head of Real Estate Investment and Asset Management at M&G in the Netherlands, says: "Over the past 10 years, the population of Leiden has increased by almost 5%, leading to a shortage of approximately 10,000 housing units. This project makes a small contribution to reducing the regional housing shortage."

The apartment complex will be equipped with 240 solar panels for the CHP system and will include parking for 527 bicycles. The project is expected to be completed in Q4 2025. More5’s GPR score is aimed at, at least 7.5 and to be awarded a BREEAM-in use very good certificate or higher one year after completion. As a result, all tenants will benefit from energy labels A, A+ and A++.

Robert Ciggaar, Associate Director Residential & Hotel Investment at Savills in the Netherlands, says: “We are delighted to have been able to assist M&G in this successful transaction, in the midst of challenging times. With these affordable, sustainable and future-proof rental properties, M&G is actively contributing to the transformation of a monofunctional area to a diverse and vibrant environment in Leiden."