CBRE sells stake in Dutch Office Fund

Dutch pension fund manager Blue Sky Group has bought positions in the fund, which is sized at €1.56bn, in a secondaries transaction.

Real estate investment manager CBRE Global Investors has sold a significant stake of its Dutch Office Fund to a number of pension funds represented by the Blue Sky Group, according to a statement.

CBRE Global Investors declined to comment on how much Blue Sky paid for the stake; however, the fund is sized at €1.56 billion.

“The transaction is part of a modification of the real estate investment portfolios and was derived from a broader diversification and positioning study,” said Blue Sky Group chief investment officer Mark Burbach.

Blue Sky is a Dutch pension fund manager and administrator that spun out of the airline group KLM in 1999. It manages three corporate pension schemes for its main client KLM and it offers advisory services to the Dutch pension schemes Lucent Technologies Pensioenfonds, Pensioenfonds BP and Pensioenfonds Buhrmann.

The pension funds Blue Sky represented in the deal include Stichting Pensioenfonds KLM-Cabinepersoneel, Stichting Algemeen Pensioenfonds KLM, Stichting Pensioenfonds Vliegend Personeel KLM, Stichting Pensioenfonds Blue Sky Group and Stichting TOTAL Pensioenfonds Nederland, according to the statement.

Blue Sky invests into private equity through direct and fund investments, according to data from Secondaries Investor’s sister publication Private Equity International.

CBRE has $90.2 billion in assets under management and sponsors real estate investment programs for investors across North America, Europe and Asia, according to its website.