NETHERLANDS - Progress, the Dutch pension fund of food giant Unilever, has sold three housing complexes in Breda, Groningen and Nijmegen as it continues to divest its directly-held domestic real estate portfolio.
The latest disposals are part of the pension fund's plan to move out of direct Dutch real estate in favour of an indirect global property exposure.
The assets were sold to Dutch residential investor and developer Amvest and included: 52 single-family houses and 12 separate garages in Berschot, Breda; 21 single-family houses, 90 multi-family houses and 10 garages in Paddepoel, Groningen; 104 single-family houses in Zwanenveld, Nijmegen.
CB Richard Ellis is handling the divestment of Progress' €600m portfolio, named Project Pangini, consisting of 52 clusters of 2,400 domestic units and 40,000 square metres of retail space.
CBRE advised the pension fund on the latest transaction and worked closely with Loyens & Loeff, responsible for legal matters, and Rietmeijer Huisvestingsadviseurs, responsible for the technical due diligence.