PME awards retail portfolio mandate to CBRE Global Investors

Dutch pension fund PME has given a mandate to CBRE Global Investors to build a convenience retail portfolio with a focus on sustainability in the Netherlands.

The portfolio’s investment strategy will focus on prime supermarkets and local shopping centres in urban areas, with initial investments having been successfully completed with the acquisitions of an Albert Heijn convenience store in The Hague and the Helperplein shopping centre in Groningen.

CBRE Global Investors was advised commercially by Kokelenberg & Ouwehand Vastgoed Adviseurs and legally by Houthoff.

Bouwfonds Investment Management worked on behalf of the seller Vastgoed Zèta (Platinum-Oost) B.V. and was advised commercially by Vastgoed Centraal and legally by De Brauw Blackstone Westbroek.

The Albert Heijn supermarket, which has a surface area of around 1,285 square metres and has recently been refurbished, is centrally located in the Bezuidenhout district.

The 5,000 square metre Helperplein shopping centre is located on the main street of Groningen’s Helpman district and has a mixture of convenience retailers.

CBRE Global Investors, which will select assets based on a series of criteria in house, said the mandate had a “strong focus on sustainability and a wide investment horizon”.

CBRE Global Investors portfolio manager, Martijn Vlasveld, said: “The essential places communities rely on for their daily needs also offer great long-term investment opportunities for pension funds. By focusing our strategy on the top 25 per cent of supermarkets and shopping centres, we are focusing on assets that are inherently less sensitive to global events and e-commerce.

“These locations are used as local meeting places, the importance of which has become even more apparent during the Covid-19 pandemic. These assets also all meet the stringent sustainability criteria that form a key part of our investment mandate with PME.”

PME executive director, Marcel Andringa, said: “With this mandate, we contribute directly to sustainable shopping facilities in busy areas. At the same time, this convenience mandate acts as a counterpart to our high street retail portfolio and ensures stable cash flow regardless of the economic environment. A fitting complement to our investment portfolio.”

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