Philips Real Estate Investment Management, part of the Dutch electronic giant's pension fund, is at the centre of a major investigation into corruption and bribery in the Dutch property investment sector, it emerged last week. The company itself is not under suspicion, but a current and former employee have been detained in connection with deals involving property worth several hundred million euros. A total of sixteen people were arrested last week in connection with the investigation in raids on 54 premises in the Netherlands, Switzerland and Belgium. Six people are still being detained.

Philips Real Estate Investment Management, part of the Dutch electronic giant's pension fund, is at the centre of a major investigation into corruption and bribery in the Dutch property investment sector, it emerged last week. The company itself is not under suspicion, but a current and former employee have been detained in connection with deals involving property worth several hundred million euros. A total of sixteen people were arrested last week in connection with the investigation in raids on 54 premises in the Netherlands, Switzerland and Belgium. Six people are still being detained.

One of the suspect transactions concerns the Symphony project at Amsterdam's prestigious Zuidas business district. The multifunctional complex is being developed by Rabo Bouwfonds and Trimp & Van Tartwijk and was purchased earlier this year by Philips' pension fund for an estimated € 250- € 300 mln, according to PropertyEU's sister publication PropertyNL. Another deal under investigation concerns the sale of a Dutch office portfolio worth some € 350 mln to Fortis Real Estate Investment.

A number of those arrested work or have worked at three Dutch property firms - the names of which were not released by the public prosecution department. 'The firms are not considered guilty and it is up to them whether they identitfy themselves in public,' the department said.