The $40-billion Dutch pension fund Bpfbouw has ventured into Australian real estate for the first time, allocating funds to three separate core property funds.
It is the first time Bpfbouw has allocated to Australian real estate, although the fund is not unfamiliar with the local market.
The pension fund for the construction sector also had $350 million allocated to a wide range of Australian shares as of 30 September 2011.
Earlier this week, media reports suggested the pension fund had allocated $30 million to GPT's wholesale office fund, Investa's Commercial Property Fund and Goodman's Australian Industrial Fund, while the fund was expected to allocate $200 million more at a later date.
But Bouwinvest, the real estate manager of the fund, said that information was incorrect.
"The information is not correct, both in terms of funds mentioned and the amounts," Bouwinvest international investments director Stephen Tross told Investor Weekly.
Tross said that because the investments were made in private funds, he could not disclose the names or amounts, but the investments were in line with the normal strategy of the fund.
"[The fund's real estate] investments have predominantly a core investment profile and are well diversified globally across North America, Europe and Asia-Pacific and across real estate sectors, including housing, offices and retail," he said.
"International investments are made in stable countries with sound perspectives, using a minimum of leverage. Our investments in Australia fit well with this strategy."
The financial crisis had limited the opportunities in the core real estate space, which prompted the entry into the Australian market, he said.
He did not rule out the fund would look at further investment opportunities in the region.
