Netherlands-based pension fund manager Philips Pensioenfonds is considering selling its direct real estate portfolio, Dutch newspaper Vastgoedmarkt reported on Thursday. The portfolio includes real estate assets valued at just over EUR 1 bn, according to the company's last annual report. This figure does not include a number of new projects added in 2007. A company spokesperson confirmed the firm is considering selling off the real estate portfolio.
Netherlands-based pension fund manager Philips Pensioenfonds is considering selling its direct real estate portfolio, Dutch newspaper Vastgoedmarkt reported on Thursday. The portfolio includes real estate assets valued at just over EUR 1 bn, according to the company's last annual report. This figure does not include a number of new projects added in 2007. A company spokesperson confirmed the firm is considering selling off the real estate portfolio.
CB Richard Ellis and Jones Lang LaSalle have been appointed to find potential buyers. CB Richard Ellis is responsible for the commercial assets in the porfolio, while JLL will account for the residential units. The expected sale value is at least of EUR 1.5 bn.
The portfolio includes shopping centers, offices and residential units, such as the Gelderlandplein and the Osdorpplein shopping malls, the Maupoleum office building in Amsterdam, the Eurocenter residential complex at Zuidas, Amsterdam's business district, as well as the recently-acquired Symphony development, also at Zuidas.
