PNO Media has extended its portfolio management contract with Grontmij Capital Consultants.

The Dutch pension fund’s €500m (€542m) non-listed real estate portfolio will continue to be managed by firm. 

Grontmij will advise PNO Media on the policy, implementation and monitoring of its real estate investments.

The company has been advising the pension fund on real estate in its domestic market of the Netherlands, Continental Europe and the US.

The majority of these investments are long-term in nature, offer protection against inflation risks and generating regular cash flow.

Jeroen van der Put, director of Media Pensioen Diensten, said Grontmij’s international expertise enabled the pension fund to remain “in control” of its real estate investments and underlying fund managers.

PNO Media was recently one of three Dutch pension funds to back Bouwinvest’s retail fund – the vehicle’s first third-party commitment.

Pf Grontmij, Pf Fysiotherapeuten and Pf PNO Media committed €55m to Bouwinvest’s Dutch Institutional Retail Fund.