EUROPE - The e190bn Dutch Stichting Pensioenfonds ABP (ABP), and e48.4bn Danish Arbejdsmarkedets Tillaegpension (ATP) have joined forces with the current management team of Hemingway Properties to form a £500m joint venture company, Greenhills Real Estate.
Greenhills will acquire and operate office, industrial and mixed-use properties in the UK and has already acquired a portfolio of 30 office and industrial properties for £220m from Scarborough Development Group.
ABP, who is a major shareholder in Hemingway, and ATP are each investing an initial £40m of equity in the first closing to allow for the acquisition of the portfolio.
The hope is to acquire income producing commercial property investments that have the potential to be or are “institutional investment quality”.
Rob Bingen, senior portfolio manager at AB, said: “Because of the specific focus, Greenhills Real Estate fits very well into ABP’s diversification strategy of venturing with local experts targeting value added real estate opportunities.”
Michael Nielson (pictured), CEO of ATP Real Estate added: “An institutional product like this gives us an exposure to the UK property market which would be unobtainable through more widely marketed indirect investment products.”
Macquarie Capital Partners is acting as the exclusive financial advisor to Greenhills.
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