The PNO Media pension fund for media workers in the Netherlands has significantly increased its investment allocation to Syntrus Achmea’s Dutch Retail Property Fund.
The allocation now comprises €50 mln compared to just €3.1 mln previously.
The Syntrus Achmea Dutch Retail Property Fund invests in prime retail locations in the main cities of the Netherlands as well as shopping centres that are dominant in their local catchment areas.
Over the past five years, the retail fund has generated an average annual return of 4.6%, significantly higher than the IPD Dutch all-property benchmark of of 3.8%. The fund has 21 investors and had invested capital of €674 mln at the end of 2015. Syntrus Achmea Real Estate & Finance manages a total retail portfolio, including discretionary separate account clients, of around €2 bn.
‘Quality retail assets in the main Dutch cities have started to attract attention from both domestic and international investors in recent months as capital values and rental growth gather pace on the back of renewed economic and consumer confidence,’ said Erick van Koppen, senior portfolio manager at Sweco Capital Consultants, which advised PNO on the process.
