Stichting Pensioenfonds Fysiotherapeuten (SPF) has given Syntrus Achmea €25m to invest in domestic retail property.
Syntrus Achmea Real Estate & Finance announced the mandate for its Dutch Retail Property Fund.
The mandate follows an increase in allocation to the fund by the PNO Media pension fund for media workers.
The retail fund invests in prime high street locations and dominant shopping centres.
Syntrus Achmea said the fund had financed the redevelopment of the Makado shopping centre in Beek, as well as investing in Rotterdam’s Lijnbaan high street.
The fund sold 11 assets considered not core for the strategy.
The retail fund has generated an average annual return of 4.6% over the past five years, higher than the 3.8% return of the IPD Benchmark.
The fund, which has 21 investors, had €674m in assets under management at the end of last year.
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