‘Stichting Bedrijfstakpensioenfonds voor het Levensmiddelenbedrijf’, the Dutch Industry Wide Pension Fund for the Food Business, has selected Kempen Capital Management (KCM) to provide consultancy and monitoring services for their non-listed real estate portfolio with an estimated value of €200 million. In June of 2011, the pension fund appointed KCM as their fiduciary manager.
The non-listed real estate services include three new elements :
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Comprehensive strategic advice on the real estate portfolio. This includes advice on allocation to the various real estate segments, both listed and non-listed. KCM will address the distribution over sectors and regions, as well as the selection of appropriate real estate funds or managers to implement this distribution.
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Intensive monitoring of all non-listed real estate investments. KCM continuously monitors the managers of the real estate portfolio. KCM and these managers engage in an active dialogue at least quarterly. Customers are provided with quarterly reports on this monitoring.
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Several additional activities for the benefit of the portfolio, such as serving as a contact for the fund manager, performing legal acts, and processing the investments in the records.
KCM fulfils an advisory and monitoring role. As KCM does not itself have a non-listed real estate portfolio, the service provision is fully independent.
KCM has extensive experience with providing advice to pension funds and insurance companies in the field of allocation to non-listed) real estate. This new KCM service enables institutional investors to enhance their control and compliance performance and to increase their countervailing power vis-à-vis the managers of the real estate portfolio.
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