ABP (Algemeen Burgerlijk Pensioenfonds) said its property portfolio delivered 1.3% in 2013.
The result was, it said, due to a 3% profit from its 24% holding of real estate. Strategic property, held to create long term additional value, produced gains of 0.8%.
The the €309bn Dutch civil service scheme said it plans to stand by its strategic investment plan for 2013-2015, focusing on an asset ratio of 40% fixed income and 60% securities, as it announced total annual investment returns of over 6%.
According to its annual report, ABP slightly increased its equity and government bond allocation in 2013, at the expense of inflation-linked investments and alternatives.
However, the scheme incurred a 3% loss in 2013 on its TAA, “following unusually low volatility on equity markets, leading to a very low return at one manager”. ABP said the manager’s contract had now been terminated but did not provide further details.
This week, chairman Henk Brouwer announced that he is to step down from the role, citing personal reasons. An ABP spokeswoman said Brouwer’s will step down on 1 June.
