Vastned funds to abandon joint management

Vastned Offices/Industrial and Vastned Retail have announced their intention to end their existing joint cooperation for the management structure from 1 January 2012. 'As a result of the termination of the cooperation both funds will have their own management team. With a view to the specific market conditions even more focus can be added in this way,' the Amsterdam-listed property funds said in a statement

Based on a collaboration agreement, originally concluded in 1996 and adjusted a number of times since then, the management of both funds is conducted jointly by Vastned Management, a joint subsidiary of the funds. The funds themselves do not have employees. The actual management is conducted by the board of management of VastNed Management, supported by a staff department which largely works exclusively for one of the funds and partly for both funds.

The termination of the management collaboration between the funds will be put to the general meeting of shareholders of both funds for approval in May.