Pensioenfonds Horeca & Catering, Zoetermeer, Netherlands, hired Northern Trust to manage a €200 million ($264 million) listed real estate indexing strategy, said Wouter van den Brink, spokesman for the €4.3 billion pension fund, in an e-mail.
The portfolio will be benchmarked against the euro-hedged FTSE EPRA/NAREIT Developed index, according to a news release.
Funding will come from an active real estate portfolio that has been terminated, Mr. van den Brink said. “We do not have a strong conviction that active management adds value on a structural basis for this asset class,” according to Mr. van den Brink, who declined to identify the previous real estate manager.
