NETHERLANDS – MN Services has bought 29 apartments in Rotterdam on behalf of its owner, the €20bn metalworkers’ scheme Pensioenfonds Metaal en Techniek.

MN said it has acquired the flats in the city’s St. Job complex from real estate company BAM Vastgoed BV. The price was not disclosed.

According to MN, the transaction is the first step towards the start of the restoration and building of the complex, a former warehouse.

The site will be converted to a complex of 109 apartments and 2000 square metres of offices. BAM Vastgoed and BAM Woningbouw Volker have been awarded the restoration contract.

MN was assisted by Mark Dürr Vastgoed consultancy in the transaction.

According to pensionfundsonline.co.uk, Rijswijk-based PMT has a real estate allocation of 12%.

Earlier this month MN named Philip Jan Looijan as fiduciary management chief of MN Services Investment Management and member of the investment management team from April 1.

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