Traditionally, no part of the private equity real estate industry has been more opaque than secondaries – the trading of fund interests. But thanks to some improved transparency, the European market got to hear of a significant deal last month. CBRE’s PropertyMatch platform disclosed probably the largest single fund trade ever to take place in the region. APG Asset Management, the Dutch pension fund manager, sold its 24.8% stake in the CBRE GI Dutch Office Fund to undisclosed buyers for around €320 mln. As is usually the case with landmark transactions, this deal says different things.

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