Stichtingpensioenfonds TNO, Rijswijk, Netherlands, hired MN Services to manage 30 million euros ($32 million) in real estate, said Eric van Ballegooigen, pension fund director. The 1.3 billion euro plan is increasing its real estate exposure while cutting back on equities, said Mr. van Ballegooigen. Up to 10% of plan assets will now be invested in real estate, while equity exposure has been cut to 50%, from 55%. Kempen continues to run a 90 million euro property portfolio.
The TNO mandate is the first time MN Services, which manages the 17 billion euro Bedrijfspensioenfonds voor de Metaal en Technische Bedrijfstakken, will manage money for a pension plan outside the Dutch metal industry, said Hans Rademaker, MN managing director of investments.