In the latest property sale by the pension fund of Dutch electronics company Philips, the publicly-listed real estate fund Nieuwe Steen Investments has bought eight properties in the Netherlands for €143 million.
The portfolio of properties comprises more than 73,000 square meters of office and retail space, 75 percent of which is located in the Randstad, the highly urbanised western part of the Netherlands. According to NSI, the rent revenues of the portfolio total €11.2 million. Half the portfolio is leased to government agencies.
The sale follows the recent acquisition by Dela Vastgoed of a retail property in Rotterdam from the pension fund for an undisclosed amount. At the end of last year, the pension fund sold 1100 residential rental spaces – about 15 percent of its real estate holdings – to real estate fund Vesteda, a spinout from Dutch pension fund ABP, for about €200 million.
The property sales come as several former fund officials are under investigation for fraud. The alleged crime reportedly cost the company €100 million, and attorneys are currently looking into the issue of Philips’ responsibility for the loss.