Cordares Vastgoed, the real estate branch of pensions manager and income insurer Cordares, is repositioning itself in the market, with a focus on indirect real estate, it said.
“We are changing into a lean and mean organisation, which will contract out many tasks,” it said in Cordares’ annual report.
Cordares Vastgoed ‘new style’ offers advise on real estate investment policy and implementation, on contracting out of real estate asset management, and on asset management of both listed and non-listed real estate.
The reorientation comes after Cordares Vastgoed – formerly SFB Vastgoed - lost the bulk of its real estate portfolio last year. This happened because the Cordares-affiliated industry-wide pension fund for the building industry, BPF Bouw, moved its assets to its own subsidiary, BPF Bouwinvest.
The main aim of Cordares Vastgoed is the acquisition of new commissions. The new start has been promising, and it has already been awarded a consultancy contract for a €110m portfolio, it added.
Moreover, it has already carried out real estate commissions for ASW, the administrator of the pension schemes for the building societies. The €3.8bn ASW has merged with Cordares as of January 1.
Cordares Vastgoed forecasts an increasing interest from pension funds for indirect real estate. Because of its expertise, it expects its main custom from medium and small pension funds, it indicated.
At the moment, Cordares Vastgoed has €490m of invested real estate assets.