Dutch pension fund PME has acquired two retail assets as part of a new €200 mln mandate it has handed CBRE Global Investors, to invest in convenience retail in the Netherlands.
The purchases were an Albert Heijn convenience store in The Hague and the Helperplein shopping centre in Groningen. Financial details were not disclosed.
The Albert Heijn asset is centrally located on a junction in a busy street in the Bezuidenhout district. The Helperplein shopping centre comprises 5,000 m2 and is anchored by an Albert Heijn supermarket.
PME, which is represented by MN, is focusing the mandate on prime supermarkets and local shopping centres in urban areas, with a focus on sustainability. CBRE Global Investors selects appropriate sites.
Martijn Vlasveld, portfolio manager at CBRE Global Investors, said: 'The essential places communities rely on for their daily needs also offer great long-term investment opportunities for pension funds. By focusing our strategy on the top 25% of supermarkets and shopping centres, we are focusing on assets that are inherently less sensitive to global events and e-commerce.
'These locations are used as local meeting places, the importance of which has become even more apparent during the COVID-19 pandemic. These assets also all meet the stringent sustainability criteria that form a key part of our investment mandate with PME.’
Marcel Andringa, executive director of PME, said: 'With this mandate, we contribute directly to sustainable shopping facilities in busy areas. At the same time, this convenience mandate acts as a counterpart to our high street retail portfolio and ensures stable cash flow regardless of the economic environment. A fitting complement to our investment portfolio.'
