BELGIUM - The EUR3.3bn pension fund for telecoms giant Belgacom has appointed Lasalle Investment Management to run the EUR85m European real estate brief.
Originally, EUR170m was earmarked for the mandate but this was scaled downdue to the relatively low liquidity levels of the market, said senior investment officer, Fabian de Bilderling.
Belgacom has not ruled out using the remaining EUR85m to boost the existing European portfolio or creating a new global real estate portfolio which may focus solely on the US REIT market. Any decision is likely to be taken by year end.
On separate note, the fund said that it is still researching the possibility of a first foray into hedge funds, with a decision again likely by December.
“There are still questions to be answered before investing in such asset classes, especially regarding transparency and legal aspects,” added de Bilderling.
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