The €68bn Dutch metal scheme PMT has taken over a €125m retail real estate portfolio from the €16.6bn agricultural sector pension fund BPL Pensioen. The purchase was carried out by PMT’s asset manager MN. The portfolio was sold by Syntrus Achmea Real Estate & Finance on behalf of BPL.
BPL Pensioen said it had divested its retail portfolio as it was “too limited to contribute effectively to diversification within its real estate holdings”. The proceeds would in part be re-invested in residential property, it said.
According to MN, the investment matched PMT’s property portfolio. It added that it believed in a real estate portfolio of both residential property, offices and retail assets.
Food provision sector scheme hires Robeco for fiduciary management
AVH, the €1.3bn Dutch pension scheme for the agricultural and food provision trade, has selected asset manager Robeco as its fiduciary manager. It said the decision was meant to strengthen pensions provision, board support as well as governance.
It added that its pensions provider AGH, which had carried out the executive asset management tasks so far, as well as consultancy Oyens & Van Eeghen, would keep an advisory role to act as a check.
According to AVH, Robeco would also take over management of the pension fund’s €350m liability-driven investment (LDI) portfolio. It made clear it expected the LDI portfolio to become more transparent and controllable as well as “EMIR-proof”. Until now, AVH invested in an LDI fund of asset manager BMO and a government bonds mandate with Candriam.
DNB retains pensions advisor
Dutch pensions regulator De Nederlandsche Bank (DNB) has re-appointed Rijswijk-based consultancy Montae as advisor on pension issues for DNB as an employer, following a tender under European legislation.
Montae’s advisory role involves “new pension arrangements, reconnaissance for co-operation with other employers and pension funds as well as advice about and during the social dialogue about a new pensions system”, according to the tender notice. The new contract is for two years, with DNB having the option of extending this to four or six years.
SBZ Pensioen, the €5.3bn Dutch industry-wide scheme for care insurers, has also chosen Montae, but for board support. This task had been carried out by pensions provider Syntrus Achmea. SBZ indicated it had opted for independent support because of its plans for digital service, the acquisition of employers from the financial sector, and new pension products.