NETHERLANDS - Dutch pension funds BPF Bouw and Progress have sold the headquarters of food giant Unilever in Rotterdam to German fund manager Real IS.

BPF Bouwinvest, the real estate investment arm of the €24.2bn building industry pension fund, and Progress, the pension fund for Unilever, disposed of the 22,000 square metre office complex for €86m.

The property serves as the corporate headquarters for Unilever, which recently signed a new 10-year lease, and is home to Hogeschool Tio.

Real IS purchased the Rotterdam building for one of its institutional real estate funds.

The sale follows a number of disposals by Progress, which is following a strategy to move out of direct Dutch real estate in favour of a wholly indirect property exposure.

CB Richard Ellis advised BPF Bouwinvest and Progress in the transaction,while De Brauw Blackstone Westbroek provided legal advice.

NL real estate, a subsidiary of Knight Frank, and law firm Allen & Overy advised Real IS.