PGGM, Redevco launch joint property venture

PGGM Private Real Estate, part of PGGM, the cooperative Dutch pension fund service provider, and Redevco, the property investment management company that is part of Cofra Holding AG, have launched a joint venture investing €550m into European commercial property.

The Urban Retail Ventures business will invest in shopping and leisure properties across the region, with particular focus on cities that are seen as offering ‘quality’ locations.

Investment decisions rely on use of Redevco’s proprietary City Attractiveness research model and the investment capabilities of the PGGM Private Real Estate team. The venture has been seeded with the acquisition of Promenade Sainte-Catherine, a property scheme in central Bordeaux. The City Attractiveness modeling ranks 825 European cities in 25 countries according to so-called ‘soft factors’ that are understood to create a ‘social buzz’ around locations, above and beyond fundamentals such as market, economic and population metrics.

The venture also is committed to a zero carbon portfolio by 2030.

Urban Retail Ventures is Redevco’s third European property joint venture, following previous ones initiated with UK manager Hermes and US private equity player Ares.

PGGM is one of the largest providers of pension services in the Dutch market, with some €218bn of assets under management, and overseeing administration of pensions for some 3 million scheme members.

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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