NETHERLANDS - Dutch APG Investments, the wholly-owned division of ABP created to manage the assets and administration of the pension fund, has reshuffled its Asian real estate team.
Brett Gordon has been appointed director of listed real estate Asia, replacing Robert Jan Foortse, who has been promoted.
Gordon recently joined APG's Hong Kong office, having previously worked at Jupiter Asset Management.
Foortse managed listed real estate investments in Asia from Amsterdam, but he will take on the role of director for European non-listed real estate, while continuing to manage the Australian real estate portfolio.
Commenting on the move, Patrick Kanters, managing director global real estate, said: "Having strong and sizeable teams in place at the offices in Amsterdam, and at our subsidiaries in New York and Hong Kong, we have reinforced our access to the various local markets.
He added: "This enables us to build upon our comprehensive global real estate strategy and actively capitalize on the wide range of opportunities available in listed companies, non-listed property funds, joint ventures and co-investments."
APG launched its Hong Kong office in 2007. Daan van Aert, director of non-listed real estate Asia, heads the non-listed investments team from the Hong Kong branch.
A spokesman told IPE the Hong Kong office now employs a real estate team of seven. APG's total real estate team consists of 31.
Last month, the institution announced in its annual report its real estate and real estate funds generated a negative return of -9.4% in 2007.
Indirect real estate had been under particular pressure from developments on the financial markets, the report stated.
If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com
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