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Amsterdam, PGGM Private Real Estate and Redevco, one of Europe’s leading retail real estate investment managers have launched Urban Retail Ventures, a €550 million European commercial real estate joint venture. Urban Retail Ventures will invest in the most favourable shopping and leisure destinations in Europe, focusing on cities that are winning the battle as quality retail locations.
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OPTrust, PGGM and USS, current shareholders in Globalvia, have announced their commitment to deploy an additional EUR 1.0 billion into transport infrastructure projects globally.
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PGGM has nominated Hans Op ‘t Veld (44) as head of Responsible Investment (RI). Hans is taking responsibility for the RI-team as of May 1, 2018 and will report to the two co-CIO’s of PGGM Investment management. Currently Frank Roeters van Lennep, CIO Private Markets, is managing RI on an interim basis.
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Rijkswaterstaat (part of the Dutch Ministry of Infrastructure and the Environment and responsible for the design, construction, management and maintenance of the main infrastructure facilities in the Netherlands) has awarded the Afsluitdijk project to the Levvel consortium. This joint venture is formed by Van Oord Aberdeen Infrastructure Partners B.V. (46%), BAM PPP PGGM Infrastructure Coöperatie U.A. (46%) and RebelValley B.V. (8%). Levvel will be responsible for design, build, finance and 25 years maintenance of the strengthened Afsluitdijk. Construction works are expected to start in the autumn of 2018. In 2023, works on the Afsluitdijk will be completed. The net present value of the project is approximately €550 million.
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The PGGM Supervisory Board has decided to appoint Edwin Velzel as the new CEO of the pension fund service provider, subject to the approval of the regulators. Velzel will take up his post on 1 November 2017.
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Marcel Jeucken, Managing Director Responsible Investment, is leaving pension fund service provider PGGM as of 1 November 2017. He is following a long-held wish to establish himself as an independent adviser in the field of responsible investment worldwide. His position will be filled in the interim by Frank Roeters van Lennep, CIO for Private Markets.
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Commitment to invest in ‘tech hot spots’ real estate
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On 1 November 2017, Else Bos will resign as Chief Executive Officer at PGGM to take on a new position elsewhere. Her new employer will be announced in due course.
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The 17 UN Sustainability Goals are a valuable reference for the sustainable investments of financial institutions, thinks Else Bos.
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Last year, the UN set out the Sustainable Development Goals (SDGs) for 2030, a set of 17 highly ambitious goals relating to climate, poverty, health care, education, and other challenges. Institutional and private investment capital is critically needed to help finance the $5-7 trillion that is needed each year to finance the 2030 Agenda.
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French real estate company Foncière Atland and Dutch pension fund manager PGGM have today announced the launch of a Paris and Ile-de-France office partnership. The joint venture has an allocation of circa €250 million to invest. It has successfully completed its first investment, 38 rue de la République, in Montreuil.
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PGGM has taken note of the size of the remuneration that the Chief Executive Officer (CEO) of NXP will receive on the successful acquisition of NXP by US company Qualcomm. It is our view that the outcome of (bonus) shares and stock options that have been granted, the total amount of which can exceed $400 million, is utterly unacceptable. As a responsible investor of Dutch pension assets, we consider such levels of remuneration in our societal context inappropriate.
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Boston, Massachusetts and Zeist, Netherlands – American Tower Corporation (NYSE AMT) and Dutch asset manager PGGM today announced entry into a definitive agreement to form a joint venture (“ATC Europe”), which will focus on pursuing telecommunications real estate investment opportunities in select countries on the continent. At closing, AMT will contribute its German assets into ATC Europe and PGGM will acquire a 49% interest in ATC Europe. American Tower will retain operational control and day-to-day oversight of ATC Europe.
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Frank Roeters (57) van Lennep will be Chief Investment Officer Private Markets (CIO) of PGGM Investments. He will succeed Ruulke Bagijn who left PGGM in May for a position at AXA Investment Management.
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Royal BAM Group and Dutch pension fund administrator PGGM announce an increased commitment to their joint venture.
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"As a defender of workers’ rights, including their right to a safe mobility and to continuous information, I am pleased to see the emergence of a European project aimed at tracking pension rights across Europe. In my view, seeking a truly European solution instead of applying a pre-existing system on a European scale is a sensible choice," said the President of the European Economic and Social Committee George Dassis at a conference organised jointly by the TTYPE (Track and Trace Your Pension in Europe) Consortium and the EESC.
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Pension investor PGGM invested one billion euros in ‘solutions’ last year investments that not only yield a competitive financial return, but also have a tangible impact in the areas of climate, water, food and health. Total investments in this category reached 8.9 billion euros at the end of 2015.
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The Financial Stability Board (FSB) today announced the names of additional members of the Task Force on Climate-related Financial Disclosures (TCFD) for phase 2 of the work of the Task Force. The Task Force, which was created in December, is developing voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders. More effective disclosures will help to reduce financial stability risks by avoiding an abrupt repricing of financial assets as the impact of climate change becomes clearer.
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Ruulke Bagijn, Chief Investment Officer for Private Markets, leaves pension fund service provider PGGM. As from 1 May 2016, she will be Global Head of Real Assets Private Equity of AXA Investment Managers - Real Assets (“AXA IM - Real Assets”) in Paris.
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Legal & General Capital (LGC) and Dutch pension fund manager, PGGM, have today announced the launch of a Build to Rent partnership. The partnership will initially invest £600m into building purpose built private rental housing across the UK, providing over 3000 homes.
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PGGM and Banco Santander have entered into a risk sharing transaction related to a portfolio of Small and Medium Enterprise (SME) loans originated by Banco Santander in Spain. The private transaction involves a portfolio of EUR 2.3 billion consisting of more than 6,000 loans to Santander’s clients in Spain.
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Danish PKA and Dutch PGGM call for political action in joint report
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Stronger focus on sustainability protects pension savings
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Data analytics platform GeoPhy and pension investor PGGM will join forces in an exclusive collaboration to map the global real estate portfolios, which PGGM administers for its clients, on sustainability and CO2 footprint. For the first time, full transparency will be achieved on the CO2 effects of global real estate investments through the technology developed by GeoPhy and the use of ‘big data’.
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Rijkswaterstaat and the OpenIJ consortium have reached financial close for the contract to design, construct, finance and maintain a new sea lock at IJmuiden. The OpenIJ consortium consists of BAM-PGGM, VolkerWessels and DIF. The contract value is approximately €500 million.
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U.S. pharmaceutical company adheres to requests of PFZW and PGGM
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Rijkswaterstaat awards construction of the new sea lock at IJmuiden to Consortium OpenIJ
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Zeist, Netherlands - Following the public announcement of the settlement between Court-appointed Lead Plaintiff PGGM Vermogensbeheer B.V. (“PGGM”) and Hewlett-Packard Company (“HP”) resolving the federal securities class-action lawsuit arising out of HP’s acquisition of Autonomy Corporation plc (“Autonomy”), statements were made in various media outlets suggesting that the settlement was an indicator of the merits of the action and of culpability by HP. These statements were inaccurate and do not reflect the views of PGGM.
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Bunnik, the Netherlands, The National Development Finance Agency (NDFA), part of the National Treasury Management Agency (NTMA), has announced the appointment of BAM PPP PGGM as preferred tenderer in the development of four new courthouses and the refurbishment and extension of three existing court buildings.
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‘Baltic 2’ will provide electricity for 340,000 households
Dutch pension fund manager PGGM is taking part in the new German offshore wind farm ‘Baltic 2’. PGGM will invest in the project alongside Macquarie Capital, who agreed to acquire a 49.89 percent stake in the project earlier this year. The wind farm, which becomes fully operational this summer, will provide clean energy to 340,000 households. Baltic 2 is part of the Energiewende, the policy that aims for a fast transition to a low carbon electricity production in Germany.
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Zeist, Netherlands, June 9 2015 – Court-appointed Lead Plaintiff PGGM Vermogensbeheer B.V. (“PGGM” or “Lead Plaintiff”) and Defendant Hewlett-Packard Company (“HP”) have agreed to settle a 2012 securities class action for USD 100 million in cash. The settlement resolves a federal securities class-action lawsuit arising out of HP’s acquisition of Autonomy Corporation plc (“Autonomy”), announced on August 19, 2011 and completed on October 3, 2011.
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PGGM again commits capital to the joint venture with BAM PPP focused on PPP projects in the Netherlands and a number of north-western European countries. Both partners expect that further projects will be able to be added to the portfolio in 2015.
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Rockspring Property Investment Managers (“Rockspring”) has completed, with PGGM and AG Real Estate, a €350 million acquisition of a portfolio of German out of town retail warehouse assets from a joint venture between Capital & Regional plc and Ares Management.
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Legal & General Capital and Dutch pension fund manager, PGGM, have today announced the launch of a London Office joint venture partnership and successfully completed its first £67 million investment – 72 Broadwick Street in Soho. The joint venture initially has an allocation of circa £375 million to invest.
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Asset manager PGGM has acquired a minority interest in Autoroutes Paris-Rhin-Rhône (APRR) from Macquarie European Infrastructure Fund for an undisclosed sum.
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Singapore/Zeist - The Redwood Group, the Singapore-based logistics fund manager and Asia logistics partner of Equity International has closed a further $100M (JPY equivalent) from PGGM into Redwood’s logistics real estate strategy in Japan.
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Singapore/Zeist - The Redwood Group, the Singapore-based logistics fund manager and Asia logistics partner of Equity International has closed a further $144M from PGGM into Redwood’s logistics real estate strategy in the PRC.
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PGGM recently decided to no longer invest in five Israeli banks, namely Bank Hapoalim, Bank Leumi, First International Bank of Israel, Israel Discount Bank and Mizrahi Tefahot Bank.
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PGGM Investment Management (‘PGGM IM’), one of the largest investors globally in real estate, announces the successful first closing of the Redwood Japan Logistics Fund (‘RJLF’). This fund is managed by the Redwood Group Asia (‘Redwood’), which is the Asia logistics partner of Equity International.
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Defendant Bank of America Corporation (“BAC”) has agreed to pay $2.425 billion in cash and to implement significant corporate governance improvements to resolve a federal securities class-action lawsuit arising out of its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”), announced on September 15, 2008 and completed on January 1, 2009. The Action, In re Bank of America Corp. Securities, Derivative, and Employee Retirement Income Security Act (ERISA) Litigation, Master File No. MDL 2058, is currently pending in the United States District Court for the Southern District of New York before Judge P. Kevin Castel.
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Asset manager PGGM will acquire an interest in NOGAT B.V., owner of the Northern Offshore Gas Transportation system. This company uses its own offshore pipeline network to transport natural gas sourced from the North Sea to the Netherlands. PGGM sees this interest as an attractive long-term investment which is also consistent with the Netherlands’ ambition to become Europe’s gas roundabout.
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Jeroen F.J. de Munnik has been appointed Chief of Institutional Business (CIB) and member of PGGM’s Executive Committee. He succeeds Else Bos, who has been CEO of PGGM since the beginning of March and served as CIB previous to that. Jeroen de Munnik will start at PGGM on 1 October.
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Statement PGGM, a Dutch pension administrator managing invested assets in excess of 140 billion euros, added the American supermarket group Walmart to its exclusion list. The motives behind this decision are twofold firstly, Walmart was not prepared to take PGGM’s concerns about the company’s tense labour relations in its domestic market into consideration and, secondly, the Walmart board was not willing to participate in fruitful dialogues with its shareholders.
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BAM PPP PGGM Infrastructure Coöperatie (the joint venture between BAM PPP and the Dutch pension fund service provider PGGM) and OFI InfraVia today announce their acquisition of 50% and 25% respectively of the economic interests in the concession rights associated with the A8 A-model project (the “A8”) from BAM PPP (25%), Fluor Infrastructure (25%) and VolkerWessels Deutschland (25%). The final 25% remains held by Egis Investment Partners (19%) and Berger Bau (6%).
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For the first time PGGM has had its Responsible Investment Annual Report audited by an independent external
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For the first time PGGM has had its Responsible Investment Annual Report audited by an independent external party. This audit was performed by KPMG. As such the pension fund service provider was the first in its sector worldwide to do so. The result is a more balanced report on responsible investing.
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PGGM takes an important step in responsible investment. The asset manager has developed a specific ESG index which evaluates the 2,800 companies in the FTSE All World Index for their environmental policy, social policy and good governance (ESG). This allows PGGM to focus its clients’ investments even more directly on companies that perform well in these respects.
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After a thorough selection process and subsequent due diligence, asset manager PGGM has decided to appoint JP Morgan Chase, N.A. to become the third custodian for PGGM and her clients.
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Two more projects transferred to BAM PPP and PGGM joint venture; JV continues good growth
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Else Bos (53) has been appointed Chief Executive Officer (CEO) of the pension fund service provider PGGM in Zeist by the shareholder of PGGM. Her appointment takes effect immediately. She succeeds Martin van Rijn, who joined the new cabinet as state secretary in the Ministry of Health, Welfare & Sport in November 2012. Since then, she has been acting CEO alongside her job as Chief Institutional Business (CIB) at PGGM. The appointment is subject to the approval of De Nederlandsche Bank.
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PGGM has appointed Ruulke Bagijn (41) as Chief Investment Officer Private Markets with effect from 1 March 2012.
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PGGM has been proclaimed Global Financial Sponsor of the Year 2012. The asset management company received the award for a number of notable investments made in that year. The award is from the journal Project Finance International.
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PGGM and Ampere Equity Fund, acting jointly through a dedicated investment vehicle, OPW, are pleased to announce that they have closed the refinancing of the purchase (completed in December 2010) of their 24.8% stake in the Walney offshore wind farm (situated about 14 km off the UK coast in the Irish Sea), the largest operating wind farm in the world.
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Else Bos (52) has been appointed acting Chief Executive Officer (CEO) by the Supervisory Board of the pension fund service provider PGGM. Bos has been with PGGM since 2002, in the capacity of deputy CEO since 2010. With the appointment of Martin van Rijn to the new cabinet she will be assuming Van Rijn’s responsibilities as from today. The exact interpretation of the position of CEO is the subject of further discussions.
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The report Enhancing the Risk Disclosures of Banks was published on Monday 29 October. It was compiled by the Enhanced Disclosure Task Force (EDTF), an initiative of the financial sector, under the auspices of the Financial Stability Board (FSB). The EDTF was formed in May 2012 with the aim of developing a framework for enhanced risk disclosure.
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Today, during the PEI Responsible Investment Forum 2012, PGGM announced that it has developed - and is to apply -a responsible investment policy specifically for Private Equity. In so doing, PGGM became the first global institutional investor with such a public policy published on its website.
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PGGM Infrastructure Fund 2010 has acquired a 60 percent stake in UPP Group from funds managed by Barclays Infrastructure Funds Management (BIFM) for an undisclosed amount.
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Redwood Group Asia and PGGM announce the successful first closing of the Redwood China Logistics Fund, following the decision by PGGM to commit up to the USD equivalent amount of EUR 95 million on behalf of its PGGM Private Real Estate Fund.
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Leading Dutch pension fund serviceprovider PGGM has received the Financial News Award for Most Pioneering European Institutional Investor in Hedge Funds 2012. This industry award is based on a ranking by more than forty peers and counterparties in the European hedge fund industry. PGGM received this award in 2011 as well.
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The Dutch pension fund service provider PGGM is to be the first institutional asset manager to develop a method of measuring the sustainable return of pension assets. In doing so, PGGM will provide its institutional clients with an overview of the extent to which their investment portfolios will, over the course of time, contribute to the preservation of the world. PGGM is to start its first pilot projects this year.
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PGGM has appointed Eric-Jan Vink (40) as Head of Private Equity with effect from 1 March 2012.
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Dutch pension fund service provider PGGM and Danish pension fund service provider PKA have signed an agreement to exchange knowledge and develop cooperation on a number of areas, including investments.
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Walney (UK) Offshore Windfarms Ltd is today opening the world’s largest operational offshore wind farm off the coast of Barrow-in-Furness, Cumbria. The £1 billion Walney wind farm, which is a joint venture between DONG Energy (50.1%), SSE (25.1%) and OPW ( 24.8%), is being officially opened by Edward Davey, Secretary of State for Energy and Climate Change. With 102 turbines and a total capacity of 367.2 MW, Walney can supply up to 320,000 households a year with renewable power.
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PGGM has appointed Arjen Pasma (37) as Chief Risk Officer (CRO) with effect from 1 March 2012
