First Close of the ASR Dutch Core Residential Fund

Eosstraat

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.

This is the second Dutch sector–focussed fund that a.s.r. reim has successfully launched following the establishment of the ASR Dutch Prime Retail Fund in 2011. The 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 long-term 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, Capital Advisors, CBRE: “After the successful launch of the ASR Dutch Prime Retail Fund, a.s.r. reim has 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 Dutch institutional core residential fund market.”

CBRE’s Capital Advisors team advised a.s.r. reim on the structuring and placement of the Fund in a placement agent role. De Brauw Blackstone Westbroek provided legal advice and PwC acted as tax advisor to the Fund. Grontmij Capital Consultants advised SPF on 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 is 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 a unique liquidity mechanism.