NETHERLANDS - ICK, the €130m industry-wide pension fund for information, communication and offices technology in the Netherlands, has contracted out its €8.4m property portfolio to Syntrus Achmea Vastgoed.

According to Syntrus Achmea, it will help the scheme double its real estate allocation from 5% to 10%.

It added that ICK had picked Syntrus Achmea Vastgoed because it preferred a Dutch player specialising in real estate. The scheme also cited the number of investment options the company offered.

ICK said it had tasked Syntrus Achmea with investing in Dutch non-listed funds, focusing on care, retail and domestic property.

ICK's property portfolio was previously managed by ING Real Estate Investment Management, where its remaining assets are still managed by ING AM.

The financial services provider is already carrying out the pensions administration for ICK, which has 1,800 active participants and had a coverage ratio of more than 112% at the end of October.

Last year, it returned 14% on its listed property investments, whereas its non-listed real estate fell by 1%.

Henk Jagersma, executive chairman at Syntrus Achmea Vastgoed: "On pensions administration, we already have a good relationship with ICK's board, and we are glad we can also deploy our expertise for its property portfolio.