NETHERLANDS - The €12bn Dutch railway pension fund (SPF) and the €2bn public transport pension fund (SPOV) have, together with Generali Real Estate, bought an €80m Dutch shopping centre project.

The pension funds and Generali, led by the funds' asset management and administration arm SPF Beheer, bought the project in the Dutch city of Eindhoven from Heijmans NV and Dutch investment bank NIBC.

The Rond de Admirant project is 50%-owned by both companies and includes a shopping centre and underground parking garage in the city centre, while the project has a 20% vacancy rate, according to Heijmans.

The purchase follows an earlier announcement from SPOV in April revealing direct property was its best returning asset class in 2007, generating a return of 11.4%.

SPF's direct property portfolio returned 13.2% in 2007.