PGGM backs Standard Life for sustainable real estate

Dutch pension giant in sustainable property move

PGGM, the asset manager of €96bn Dutch health care fund PFZW, has cited sustainable investment credentials as one of the reasons for its €75m investment in Standard Life Investments’ (SLI) UK Shopping Centre Trust. The Dutch pension giant said it made the move to get exposure to the UK property sub-sector, but added that the fund was attracted to SLI’s responsible investment stance. Mathieu Elshout, PGGM senior investment manager, said Standard Life adhered to the fund’s responsible investment policy for real estate, which integrates environmental, social and governance (ESG) issues.Elshout said: “It shows Standard Life Investments’ commitment to Socially Responsible Investment (SRI) principles”. SLI fund manager Ed Jenkins said the firm had a longstanding commitment to developing and managing real estate on an environmentally sustainable basis. “PGGM is the first property investor with which we have agreed specific reporting requirements on sustainability issues,” he said. “We were quick to agree to this, as it’s already in line with our existing practice.”
The fund, which launched in 2005, is a closed-end vehicle domiciled in Jersey with around £1.2bn in assets.