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TNO awards extra €20m to MN Services

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NETHERLANDS - The pension fund of technical research institute TNO has awarded an additional €20m in international real estate assets to MN Services, MN said.

The move takes MN’s real estate brief for the fund to €53m. Rijswijk-based MN has run property for TNO since 2003.

The mandate consists of private real estate funds and joint ventures in Europe, North America and Asia, MN added.

“The size of the mandate of Pension Fund TNO will increase by over 60%. We are very pleased with this vote of confidence,” said Richard van Ovost, MN’s director of international real estate.

Last month IPE reported that Joop Ruijgrok had been appointed director of the TNO scheme. He would take over from Erik van Ballegooijen.

It has also emerged that MN’s director of strategy and development, Martin Sanders, was to leave to become chief investment officer of Unilever pension fund.

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