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PGGM approves S$360m commitment

The Dutch pension fund approves mandate for an Asia-Pacific commercial real estate vehicle.

Institution: PGGM
Headquarters: Zeist, Netherlands
AUM: €266 billion
Allocation to alternatives: 22%

PGGM has awarded a S$360 million mandate to a commercial real estate-focused separate account managed by Alpha Investment Partners, the private fund management arm of Keppel Capital, according to a press release issued by the manager.

The separate account also incorporates a S$320 million top-up option, which could bring the aggregated commitment to S$680 million if fully exercised by PGGM. The vehicle will predominantly focus on core-plus commercial property opportunities in Japan, China and Singapore.

PGGM currently allocates 12 percent of its total investment portfolio to real estate.

As illustrated below, the €266 billion pension fund manager’s previous real estate commitments have predominantly targeted core and value-add strategies across Europe and Asia-Pacific.

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