PGGM allocates €75m to UK shopping centres
Published: 08 June, 2010
PGGM, a leading Dutch pension fund and asset manager, has invested around €75m in Standard Life Investments UK Shopping Centre Trust.
Following an agreement in December 2009, the Dutch investor has invested in Standard Life Investments’ £1.2bn portfolio of UK shopping centres, which counts Brent Cross in London and Churchill Square in Brighton among its assets.
The trust aims to outperform the shopping centre sub-sector of the IPD universe over a rolling three-year period. This has been achieved over all time periods since launch in 2005.
Mathieu Elshout, senior investment manager at PGGM, said: “This investment gave us immediate and 100% access to an unleveraged portfolio of prime assets in an important sector of the UK commercial property market. While the portfolio is essentially core in nature, the assets are actively managed and the management team demonstrated a deep understanding of the market.”
