REAL ESTATE - Delta Lloyd Vastgoed will take over the direct real estate portfolio of the Nedlloyd Pension Fund, both parties have announced.

The transaction involves about 35 blocks of offices, retail centres and housing in the Netherlands, of which the largest is retail centre De Brusselse Poort in Maastricht, Delta Lloyd Vastgoed and Nedlloyd Pension Fund said.

Neither party was prepared to disclose the amount of the transaction.

Nedlloyd Pension Fund wants to invest the proceeds in the acquisitions of non-listed indirect real estate funds in Europe, it stated.

According to Delta Lloyd, the transaction fits in its growth model, and the planned reorientation of the assets in its real estate portfolio. "Our new strategy aims at a shift to more assets in the retail sector, and less in offices," a spokeswoman said to IPE.

Nedlloyd Pension Fund said its main advisers were Ruurd Abma and Henk van Leeuwen, it indicated. Troostwijk Makelaars has been the coordinating adviser for Delta Lloyd.

At the moment, Delta Lloyd it is still carrying out a due-diligence. In case of a positive outcome, both parties expect that the transaction can take place this year.