NETHERLANDS – Dutch health care fund PGGM is part of a consortium that is buying retailer Vendex KBB’s real estate portfolio in a sale-and-lease-back agreement.

Vendex said it was selling its property portfolio to a consortium arranged by IEF Capital, a joint venture between IEF Nederland and ABN Amro’s Bouwfonds Asset Management division.

The pension scheme is a “major participant” in the consortium and is also a co-financier through inflation-linked products, a statement said.

Bouwfonds, which is also involved in financing the deal, will manage the portfolio.

The deal – which relates to 73 stores and other properties occupied by HEMA, V&D and Bijenkorf - will provide “long-term stability and operational flexibility” and allow Vendex KBB to focus on its core retail activities.

IEF Capital has some €2.5bn in real estate assets. Vendex KBB was advised by Lazard and CB Richard Ellis.

NIB Capital and ING Real Estate provided a more than €1bn bridge facility to the deal.