PGGM invests in Australian fund

EG, an Australian real estate fund manager, has announced Dutch investor PGGM has made an equity commitment to the EG Australian Core Enhanced Fund (ACE), joining four Australian investors to give the fund the ability to invest more than $1.25 billion.

EG ACE is an open-ended, diversified real estate fund. The fund has already acquired five assets totaling $234 million.

“The initial investment strategy has been to target light industrial and logistics assets in Sydney and Brisbane, with a countercyclical investment in the Perth office market,” said Michael Noblet, ACE fund manager. “Moving forward, we will focus on inner urban industrial assets, resilient well-located office buildings and nondiscretionary retail assets.”

EG is currently considering a number of additional properties for acquisition that satisfy the investment criteria for EG ACE. The fund strategy seeks to reposition assets to core and deliver superior risk-adjusted returns. EG uses big