CB Richard Ellis advises on portfolio sale for Progress

Progress, pension fund of Unilever Netherlands, has commissioned CB Richard Ellis to sell its real estate portfolio.

The portfolio comprises 52 property complexes with over 2,400 residential units, of which approximately 1,000 single family houses and more than 1,400 multi family houses, as well as over 40,000 sq m retail space. The properties are located throughout the Netherlands.

The reason for selling the portfolio comes from Progress’ preference for indirect investments in real estate, such as participating in property companies, over direct investments in real estate. In this portfolio sale transparency during the full process is the first matter of importance, whereby the sale per property or cluster of properties seems most appropriate. The preparations for the sale are currently in business. It is to be expected that the properties will be offered to the candidate-buyers by Mid February and that the sale of the portfolio will be completed in the second quarter of this year. A detailed description (in Dutch) of the sales process is to be found on www.cbre.nl/paganini.