Institutional property manager Bouwinvest has been awarded a total of €92.5 mln in new mandates from four domestic pension schemes for its €2.6 bln Dutch residential fund, the largest single unleveraged fund for housing assets in the Netherlands.
Three of the Dutch pension funds are new investors in the residential fund and the fourth has extended its existing mandate by a further €20 mln.
The Pensioenfonds Fysiotherapeuten (physiotherapists’ pension fund) has invested €25 mln and was advised by Grontmij Capital Consultants. Pensioenfonds PNO Media (media industry pension fund) has invested €40 mln and was advised by Grontmij Capital Consultants. Pensioenfonds COOP (COOP pension fund) has invested €7.5 mln and was advised by Zanders Treasury & Finance Solutions. Bedrijfstakpensioenfonds voor de Zoetwarenindustrie (confectionary industry pension fund) has added €20 mln to its existing €30 mln investment in the residential fund, made last year.
Dick van Hal, CEO of Bouwinvest, said: “In the space of a year, Bouwinvest has attracted five new institutional investors into our Dutch Residential Fund to co-invest alongside our parent company bpf Bouw, the construction workers pension fund. This reflects both the quality of the assets in the fund -- where we target a 6.0% return for a very low risk -- and a sea change in investors’ perception towards the residential market in the Netherlands. Housing prices have turned a corner after five years of declines and moves by the Dutch government to liberalize the rental market are providing a more level playing field for investors.”