APG Group, one of the world’s largest independent pension fund managers, has formed a joint venture with Dutch telecommunications company Royal KPN N.V. to accelerate the rollout of fiber across the Netherlands.
The new joint venture will roll out 910,000 new fiber connections in underserved areas, targeting 685,000 households in medium-dense areas and 225,000 businesses.
APG will pay €440 million ($520 million) for a 50 percent stake in the joint venture, which will be split in an initial payment of €220 million ($260 million), and another €220 million ($260 million) to be paid in annual installments based on the rollout progress.
APG had €575 billion ($680 billion) of pension assets as of the fourth quarter of 2020.