”A tertiary focus is non-discretionary retail, which we’re monitoring from a pricing point of view at the moment.
“We will be predominantly weighted toward Sydney, Melbourne and Brisbane. We’re also looking at a few prospects in Canberra right now.
“In a place like Sydney there’s a reducing amount of supply in inner-urban locations and there’s continued demand for tenants.”
PGGM, which has more than $400 billion under management, has been active in Australia for two decades with the Charter Hall and EG investments a sign of its increasing commitment to the local market.
“We see the Australian markets resetting and offering good risk-adjusted returns,” said PGGM senior director Ronald Bausch, who oversaw the fund manager’s partnership with Charter Hall.
The Charter Hall partnership has acquired at least seven properties including a 30-hectare car distribution centre with development potential at Minto, in Sydney’s south-west, from Qube Holdings.
Australia has also been in the sights of even larger Dutch pension fund, APG, which most recently entered the local commercial real estate debt market via a $600 million investment with MaxCap Group.
APG owns a 25 per cent stake, worth around $460 million, in a portfolio of retirement villages run by Lendlease. It has also invested in a $380 million end value mixed-use development in Melbourne’s CBD fringe.
Dutch pension giant boosts local exposure with $350m EG investment - The Australian Financial Review
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