PGGM hired Singapore-based Alpha Investment Partners to manage a S$360 million ($267 million) separate account mandate focused on commercial real estate investments in Japan, China and Singapore, according to an announcement on the Zeist, Netherlands-based pension manager's website.

The allocation includes a "top-up option of up to S$320 million, which would bring the aggregate commitment to S$680 million," according to an April 1 joint news release.

"PGGM has been a long-standing investor in various funds managed by Alpha," the private markets arm of Singapore-based Keppel Capital Holdings, an Alpha Investment spokeswoman said in an email.

PGGM runs the assets of the Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, which has €238 billion ($279.8 billion) in assets.

PGGM also committed €200 million ($235 million) to industrial real estate fund EG Australian Core Enhanced Fund, managed by EG Funds Management, a spokesman confirmed.

The fund will initially target industrial and logistics assets in Sydney and Brisbane, Australia, with countercyclical investments such as office assets in Perth.

Further investments will be made into urban industrial assets, office buildings and retail assets. PGGM has €15.4 billion in private real estate assets under management.