Not long ago, a Dutch pension fund was considering making a commitment to a European property fund. The fund manager reported that he was impressed, if not taken aback, by the pension’s level of due diligence. Indeed, its system of underwriting was incredibly comprehensive, and it looked at every piece of the operation for days at a time.
Dutch mess
The extraordinary tale of a huge Dutch real estate fraud, a warning by the country’s Central Bank over property valuations and how the Dutch office market could be hardest hit by the unwinding of German open-ended funds.
