First close of the ASR Dutch Core Residential Fund
a.s.r. real estate investment management (´a.s.r. reim´), the real estate investment division of Dutch insurance company a.s.r., has completed the first close of the ASR Dutch Core Residential Fund (‘the Fund’). The Dutch Pension Fund for Physiotherapists (´SPF´) is the first external investor to participate in the Fund alongside a.s.r. SPF has subscribed € 25 million to the Fund and has recently decided to increase their allocation to the Fund with an additional € 25 million.
The ASR Dutch Core Residential Fund is after the ASR Dutch Prime Retail Fund the second Dutch sector fund that a.s.r. reim successfully launches. The Residential Fund is seeded by a diverse portfolio valued at approximately € 0.8 billion. The Fund’s portfolio comprises rental properties in the non-regulated market, predominantly located in the centrally located Randstad area. The Fund focuses on institutional investors with a long investment horizon. a.s.r., the original owner of the seed portfolio, remains committed to the Fund as a long-term cornerstone investor.
Robbert van Dijk, Fund Director of the ASR Dutch Core Residential Fund: ´We are pleased to welcome SPF as the first external investor in the Fund and we are looking forward to a longterm partnership. This first close emphasizes the confidence in this Fund, which we believe is distinctive in the Dutch market on basis of its diversified high quality portfolio, modern fund terms and an attractive liquidity mechanism. We are happy to see that, next to SPF, other investors have expressed their interest to subscribe to the Fund in the near future.´
Casper van Grieken, Senior Director at CBRE Capital Advisors: ´After the successful launch of the ASR Dutch Prime Retail Fund, a.s.r. reim now launched the Dutch Core Residential Fund and successfully realised the first external placement. We believe this is a great result, especially in a period with more competition than ever before in the market of Dutch institutional core residential funds.´
a.s.r. reim was advised by placement agent CBRE Capital Advisors on the structuring and placement of the Fund. De Brauw Blackstone Westbroek provided legal advice and PwC acted as tax advisor to the Fund. Grontmij Capital Consultants advised SPFon the Fund selection.
About the ASR Dutch Core Residential Fund
Institutional investors
The Pension fund for Physiotherapists (‘SPF’) is, next to a.s.r., the first institutional investor in the Fund. The original owner of the seed portfolio, insurance company a.s.r., remains committed to the Fund as a long-term cornerstone investor.
Fund’s portfolio valued at circa €0.8 billion
The Fund comprises a diverse residential portfolio valued at circa € 0.8 billion, providing investors with immediate exposure to 4,800 Dutch core residential real estate properties located in the main economic regions of the Netherlands.
The Fund’s structure
The Fund is a contractual mutual Fund, governed by Dutch law, with an indefinite life. It has been set up in line with INREV Guidelines to ensure best practice reporting and on-going transparency for investors. Furthermore, the Fund has an unique liquidity mechanism.
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