Amsterdam
PME Gives EUR 200 Million Mandate to CBRE Global Investors For Dutch Convenience Retail Opportunities
07 Aug 2020
Dutch pension fund PME, represented by MN, has given a mandate to CBRE Global Investors to build a convenience retail portfolio in the Netherlands. The first investments have been successfully completed with the acquisitions of an Albert Heijn convenience store in The Hague and the Helperplein shopping center in Groningen.
The investment strategy will focus on prime supermarkets and local shopping centers in urban areas. In addition, the mandate has a strong focus on sustainability and a wide investment horizon. The assets are selected by CBRE Global Investors, based on a series of criteria developed in house.
The Albert Heijn supermarket in The Hague is centrally located on the intersection of Theresiastraat and Laan van Nieuw Oost-Indië, a busy street in the Bezuidenhout district. The store, with a surface area of around 1,285 sq. m, has recently been refurbished.
The Helperplein shopping center is located in the southern part of Groningen. Conveniently located on the main street in the Helpman district, the 5,000 sq. m shopping center has a good mix of convenience retail, with a full-service 2,450 sq. m Albert Heijn supermarket as anchor tenant. Other tenants include drugstore Etos, Gall&Gall, Bruna, cheese store Van der Ley and bakery Meijer. Helperplein has essential services nearby, such as a car park and a health center.
Martijn Vlasveld, Portfolio Manager at CBRE Global Investors, said: “The essential places communities rely on for their daily needs also offer great long-term investment opportunities for pension funds. By focusing our strategy on the top 25% of supermarkets and shopping center's, we are focusing on assets that are inherently less sensitive to global events and e-commerce. These locations are used as local meeting places, the importance of which has become even more apparent during the COVID-19 pandemic. These assets also all meet the stringent sustainability criteria that form a key part of our investment mandate with PME.”
Marcel Andringa, of PME, said: “With this mandate, we contribute directly to sustainable shopping facilities in busy areas. At the same time, this convenience mandate acts as a counterpart to our high street retail portfolio and ensures stable cash flow regardless of the economic environment. A fitting complement to our investment portfolio.”
CBRE Global Investors was advised commercially by Kokelenberg & Ouwehand Vastgoed Adviseurs and legally by Houthoff. Bouwfonds Investment Management worked on behalf of the seller Vastgoed Zèta (Platinum-Oost) B.V. and was advised commercially by Vastgoed Centraal and legally by De Brauw Blackstone Westbroek.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
The investment strategy will focus on prime supermarkets and local shopping centers in urban areas. In addition, the mandate has a strong focus on sustainability and a wide investment horizon. The assets are selected by CBRE Global Investors, based on a series of criteria developed in house.
The Albert Heijn supermarket in The Hague is centrally located on the intersection of Theresiastraat and Laan van Nieuw Oost-Indië, a busy street in the Bezuidenhout district. The store, with a surface area of around 1,285 sq. m, has recently been refurbished.
The Helperplein shopping center is located in the southern part of Groningen. Conveniently located on the main street in the Helpman district, the 5,000 sq. m shopping center has a good mix of convenience retail, with a full-service 2,450 sq. m Albert Heijn supermarket as anchor tenant. Other tenants include drugstore Etos, Gall&Gall, Bruna, cheese store Van der Ley and bakery Meijer. Helperplein has essential services nearby, such as a car park and a health center.
Martijn Vlasveld, Portfolio Manager at CBRE Global Investors, said: “The essential places communities rely on for their daily needs also offer great long-term investment opportunities for pension funds. By focusing our strategy on the top 25% of supermarkets and shopping center's, we are focusing on assets that are inherently less sensitive to global events and e-commerce. These locations are used as local meeting places, the importance of which has become even more apparent during the COVID-19 pandemic. These assets also all meet the stringent sustainability criteria that form a key part of our investment mandate with PME.”
Marcel Andringa, of PME, said: “With this mandate, we contribute directly to sustainable shopping facilities in busy areas. At the same time, this convenience mandate acts as a counterpart to our high street retail portfolio and ensures stable cash flow regardless of the economic environment. A fitting complement to our investment portfolio.”
CBRE Global Investors was advised commercially by Kokelenberg & Ouwehand Vastgoed Adviseurs and legally by Houthoff. Bouwfonds Investment Management worked on behalf of the seller Vastgoed Zèta (Platinum-Oost) B.V. and was advised commercially by Vastgoed Centraal and legally by De Brauw Blackstone Westbroek.
– END –
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.