Dutch pension fund PME has awarded CBRE Global Investors a €200m mandate to invest in retail real estate asset in the Netherlands.
The pension fund for the metal and electro-technical engineering sector, via its asset manager MN, has hired CBRE GI to invest in prime supermarkets and local shopping centres in urban areas.
In an announcement, CBRE GI said the first investments have been completed with the acquisitions of a 1,285sqm Albert Heijn convenience store in The Hague and the 5,000sqm Helperplein shopping centre in Groningen.
Financial details were undisclosed.
Martijn Vlasveld, portfolio manager at CBRE GI, said: “The essential places communities rely on for their daily needs also offer great long-term investment opportunities for pension funds. By focusing our strategy on the top 25% of supermarkets and shopping centres, we are focusing on assets that are inherently less sensitive to global events and e-commerce.
“These locations are used as local meeting places, the importance of which has become even more apparent during the COVID-19 pandemic. These assets also all meet the stringent sustainability criteria that form a key part of our investment mandate with PME.”
Marcel Andringa, executive board member at PME, said: “With this mandate, we contribute directly to sustainable shopping facilities in busy areas.
”At the same time, this convenience mandate acts as a counterpart to our high street retail portfolio and ensures stable cash flow regardless of the economic environment. A fitting complement to our investment portfolio.”
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