Dutch pension fund PGGM has said it is not part of the consortium making a hostile bid for property fund Vastned Retail. Last week IEF Capital, a joint venture of Bouwfonds Asset Management and Inflation Exchange Fund (IEF), indicated it will persist with its EUR 1.15 bn bid to acquire VastNed Retail, despite the latter's rejection of the offer.

Dutch pension fund PGGM has said it is not part of the consortium making a hostile bid for property fund Vastned Retail. Last week IEF Capital, a joint venture of Bouwfonds Asset Management and Inflation Exchange Fund (IEF), indicated it will persist with its EUR 1.15 bn bid to acquire VastNed Retail, despite the latter's rejection of the offer.

IEF Capital board member Gil Grossman said at the time his company planned to present the offer to all VastNed shareholders, including PGGM which holds 20% of the shares and which he claimed supported the bid. But a spokesperson for PGGM told PropertyNL - PropertyEU's sister publication - that the pension fund is not part of the consortium vying for Vastned Retail. PGGM has cooperated previously with IEF Capital in relation to the purchase of retail properties from the Maxeda portfolio.

VastNed spokesman Arnaud du Pont said the offer was 'far too low and provides no basis to enter into negotiations with IEF Capital.' He said the offer took no account of expected positive reappraisals of VastNed Retail's assets in the final quarter of 2007 and first three months of 2008.

Vastned Retail invests in retail properties in the Eurozone and had a portfolio worth EUR 1.7 bn at end-2006. PGGM has total pension capital of about EUR 70 bn.