IEF Capital, a joint venture between Bouwfonds Asset Management and the Inflation Exchange Fund (IEF), has agreed to sell a Dutch portfolio of 21 office buildings and 18 industrial complexes to Halverton Real Estate Investment Management for EUR 250 mln. The portfolio provides a total lettable area of 230,000 m2, mainly concentrated in the Randstad conurbation in the west of the Netherlands.

IEF Capital, a joint venture between Bouwfonds Asset Management and the Inflation Exchange Fund (IEF), has agreed to sell a Dutch portfolio of 21 office buildings and 18 industrial complexes to Halverton Real Estate Investment Management for EUR 250 mln. The portfolio provides a total lettable area of 230,000 m2, mainly concentrated in the Randstad conurbation in the west of the Netherlands.

Taco de Groot, Halverton's chief investment officer, told PropertyEU that the real estate assets are relatively old properties acquired from the Shell pension fund and Rodamco Europe. Halverton will likely set up a special fund around the portfolio, he said.

Jones Lang La Salle, which acted for Bouwfonds Asset Management and IEF, said the parties expected to complete the transaction over the summer. The sale stemmed from a strategic reorientation by the vendor after the merger of several funds.

Since its foundation in 2001, IEF Capital has acquired a real-estate portfolio worth approximately EUR 2.5 bn through public tenders, bilateral transactions and a public takeover. The portfolio is used as a hedge for IEF's inflation products, which are sold to institutional investors.