PGGM has doubled its investment in Behringer Harvard’s expanding multifamily real estate vehicle.
The Dutch pension fund, which looks after the interests of healthcare and social services workers from the Netherlands, committed $100 million in May, but has decided to invest another $100 million to the vehicle with the option of increasing its total investment to $300 million should it wish to.
Dallas-based Behringer Harvard has acquired assets across the US in locations such as Washington D.C., Las Vegas, Atlanta, Dallas and Houston and has near-term closures ready to sign on further properties in Washington, Fort Lauderdale and the Denver area.
According to data compiled by Private Equity Real Estate’s on-line limited partner database, PEREConnect.com, PGGM has more than €85 billion of assets under management, 12.9 percent of which is allocated to real estate. Sixty percent of its real estate allocation is to private real estate funds.