NETHERLANDS - Progress, the Dutch pension fund of food giant Unilever, has begun to divest its directly-held domestic real estate portfolio through a sale of 30 residential assets in the city of Nijmegen to a private investor.

The disposal is part of the pension fund's plan to move out of direct Dutch real estate in favour of indirect global property exposure.

CB Richard Ellis is handling the divestment of the €600m portfolio, named Project Pangini, consisting of 52 clusters of 2,400 domestic units and 40,000 square metres of retail space.

Progress said it will divest the portfolio through a transparent process, either through the sale of individual entities or as clustered holdings.

Marco Hekman, managing director at CBRE in the Netherlands, who is leading the disposal process, declined to comment, but hoped to reveal more in the summer once the project was finalised.

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