A French insurance company has become the first third-party institution to invest in the Bouwinvest Dutch Institutional Office Fund.
A French insurance company has become the first third-party institution to invest in the Bouwinvest Dutch Institutional Office Fund.
The French investor has taken a €10 mln stake in the fund through its advisor Amundi Real Estate.
'We welcome this investor as the first third-party investor in the Bouwinvest Office Fund and indeed also as the first foreign institutional investor in our range of specialist property sector funds in the Netherlands,' commented Dick van Hal, Chairman of the board of directors Bouwinvest.
He added: 'This initial investment is important for what it symbolises. International institutional investors are now starting to buy into the recovery story for the core Dutch office market generally, rather than just focus directly on a few individual prime assets, as has been largely the case in recent years.'
The Bouwinvest Office Fund has total assets of about €562 mln managed, until now, for anchor investor the Dutch Construction Workers Pension Fund (bpfBOUW).
The 30 offices in the portfolio are distributed across the main cities in the Randstad central urban conurbation of the Netherlands.
Nicholas Holford for Amundi Real Estate said: 'Our client's real estate investment strategy is to target core assets in mature, transparent and stable European markets through the best third-party fund managers. So Bouwinvest’s investment performance track record and the quality of its portfolio in the Netherlands were key factors in our capital commitment to their Office Fund.'