Dutch Fund Manager Says Post-Brexit Uncertainty Remains for Global Real Estate

Hans Op ‘t Veld, head of listed real estate at Dutch pension fund PGGM, joined REIT.com for a video interview at REITWeek 2017: NAREIT’s Investor Forum at the New York Hilton Midtown.

Op ‘t Veld commented on the investment climate in the wake of last year’s Brexit referendum in the United Kingdom.

“We are now in a situation that is not all that much different from last year in the sense that we still don’t know exactly what Brexit is going to be like,” Op ‘t Veld said.

Despite the lingering uncertainty, London continues to be a safe bet, according to Op ‘t Veld. “A lot of investors are looking for capital preservation, and they still believe London is a safe place,” he said.

Urban areas with trophy assets, including Manhattan and San Francisco, continue to attract investor attention, Op ‘t Veld said. In addition, Germany is also seen as a safe haven, he noted.

Op ‘t Veld also discussed PGGM’s goal of reducing the carbon footprint of its property portfolio by 50 percent. He noted that PGGM’s goal was met with skepticism when it was first announced. Now, however, companies have overtaken PGGM by seeking a zero percent footprint, he added.