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Rabobank to set up €5B fund to invest in Dutch rental homes

Rabobank plans to establish a €5 billion fund in 2019 aimed at adding 15,000 Dutch rental homes over the next 10 years, Bloomberg News reported, citing a statement by the lender.

The move comes amid housing shortage and sharp increases in house prices in large cities in the Netherlands as property developers continue to face a string of issues, including increasing construction costs, tougher regulation and lack of available workers, the news outlet reported.

As a result, the Dutch lender said it seeks to help plug the "huge gap" between pricey rental homes and social housing. The fund, dubbed BPD Woningfonds, will work with property developer Bouwfonds Property Development, a unit of Rabobank, to build the first 1,000 homes in 2020, according to the report.