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PGGM consortium buys into €1bn deal

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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 says it is 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. 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.

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