The pension fund of Dutch company Royal Philips Electronics has sold a retail portfolio to Dutch private investor Kroonenberg Group.
No financial details were disclosed but market observers believe that Kroonenberg paid around €400m.
Philips Real Estate Investment Management (PREIM), which manages the assets on behalf of the electronics giant, sold 67,000 m2 of floor space, 20,000 m2 of offices and 270 apartments to Kroonenberg.
Some 80% of the assets are located in Amsterdam the rest are in Rotterdam and Eindhoven.
Meanwhile, the director and ex-director of PREIM, as well as a former Bouwfonds director, remain in custody in connection with a property fraud.
