Dutch PGGM Purchases 60% Stake in UPP Group Holdings Ltd.
Dutch pension fund manager PGGM Vermogensbeheer B.V. purchased a 60% stake in UPP (University Partnerships Programme) Group Holdings Ltd. from infrastructure funds managed by Barclays Plc. It is the United Kingdom’s second biggest student housing operator. The deal is valued at around £840 million. PGGM manages six pension funds and is based in city of Zeist in the Netherlands. Current assets under management for PGGM total around €125 billion. PGGM is keen on social infrastructure.
Henk Huizing, PGGM’s Head of Infrastructure, said in the statement, “the inflation-linked, stable cash flows are an excellent match with our clients’ liabilities.”
In 2010, UBS AG was hired by Barclays Infrastructure Funds Management to sell all or a portion of their investment in UPP Group Holdings Ltd.