BELGIUM - The e500m Brussels based VKG/CPM pension fund for doctors, dentists and pharmacists is seeking a manager for an indirect international real estate mandate, as part of a strategic geographical shift in its property investment set-up.
“ It is a planned move from Belgian to international real estate; we need a manager who can run a portfolio of indirect real estate investment, throughout Europe and the US, starting from a non-existent position,” says Karel Stroobants, director of the fund.
“ We will define the details of the mandate together with the manager. It is a process we started a few years ago, going from direct real estate to office buildings, to indirect real estate and now we are taking a step further to international indirect real estate,” he adds.
In a recent move the pension fund also switched the manager of an e20m US mid-cap portfolio.
VKG dropped Denver Investment Advisors in favour of MFS International, a subsidiary of Boston based MFS Investment Management, owned by Toronto based Sun Life Financial.
“ We were not satisfied with the explanation they gave us on under-performance. The upside performance was nice, under-performance was not too bad, but it was the explanation we didn’t like,” says Stroobants.