Rabobank and PGGM enter into a €1 billion credit risk sharing transaction on a portfolio of Dutch commercial real estate finance exposures

On 29 October 2025, Coöperatieve Rabobank U.A. (“Rabobank”) entered into a new significant risk transfer (SRT) transaction with Dutch pension investor PGGM on behalf of Dutch pension scheme PFZW. 

The transaction provides Rabobank with a first loss protection on a €1,000mn portfolio of granular commercial real estate finance exposures in the Netherlands. The transaction supports Rabobank’s ambition to grow its commercial real estate finance portfolio, in line with its strategy and ambition in the Netherlands to further assist its business clients in this market. 

For PGGM, the transaction provides the ability to share the credit risk in a portfolio of diversified credit exposures to core clients of Rabobank. It fits well with its 3D strategy by supporting Rabobank’s financing of the built environment in the Netherlands, where the bank is well-known for its focus on improving the energy efficiency of its real estate financing portfolio. 

As the underlying exposures remain on Rabobank’s balance sheet, there is no impact on Rabobank’s clients and the relationship with them, and the bank’s interests are aligned with those of PGGM. 

The structure meets the Simple, Transparent and Standardised (STS) criteria under the Securitisation Regulation and provides an effective hedge against the credit risk of the underlying portfolio.

The transaction expands Rabobank’s long standing partnership with PGGM, with whom similar transactions have been done over the years. The previous transaction was executed in 2024 and related to the bank’s large corporate portfolio.

Peter de Bruin, Head of Rabobank Real Estate Finance, adds: "With this transaction, we ensure that we can continue to optimally serve our commercial real estate customers. It marks Rabobank’s first SRT transaction fully focused on commercial real estate. This additional growth capacity offers us greater flexibility for the future and enables us to work together with our customers towards our strategic goals of 2030."

Barend van Drooge, Head of Credit Risk Sharing at PGGM, adds: “We are very proud to broaden our risk sharing relationship with Rabobank, which has been an important part of our portfolio since 2014. We believe Rabobank has a clear commitment to supporting the transition of the built environment in the Netherlands which fits well with PGGM’s 3D ambitions to balance risk, financial return and sustainability in PFZW’s portfolio of investments.”

About PGGM Investment Management 
PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM. It fulfills a social mandate: the sustainable investment of the pension capital of around three million participants of PFZW, the pension scheme for the Dutch health and welfare sector. On 30 September 2025, PGGM IM managed EUR 255 billion in public and private markets globally.  
More information about PGGM IM: annual-report-pggm-vermogensbeheer-b-v-2024.pdf

About Rabobank Group 
Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employed 49,000 FTE per 30 June 2025. Rabobank Group is active in 34 countries.  
For more information about the Rabobank Group go to www.rabobank.com.