Third placement for ASR Dutch Core Residential Fund
Additional investment by Dutch Pension Fund for Physiotherapists
The Dutch Pension Fund for Physiotherapists has increased its share in the ASR Dutch Core Residential Fund (ASR DCRF) by € 25 million. This will bring the total external equity placed in the ASR DCRF to 80 million. This is the third placement in six months for the ASR DCRF.
The ASR Dutch Core Residential Fund is a.s.r. real estate investment management’s residential fund. The fund has a diversified residential portfolio, which is worth over € 0.8 billion.
It invests in non-subsidised rental properties mostly in the Randstad conglomeration. The envisaged participants are institutional investors with a long investment horizon. As the original owner of the portfolio, insurer a.s.r. will continue to hold a substantial share in the fund on a long-term basis.
Robbert van Dijk, Fund Director of the ASR Dutch Core Residential Fund: “In order to achieve the fund’s long-term growth strategy, we are pursuing an ambitious programme of acquisitions, chiefly in the Randstad conglomeration. But we are also looking at interesting projects outside this area. For example, we recently signed two contracts to build rented housing in the cities of Zwolle and Arnhem. We expect to make further acquisitions during the course of 2015 and hence to expand the fund in line with our shareholders’ wishes.”
The pressure to make acquisitions in the Dutch residential market remains high due to undiminished interest among institutional investors to invest in it, both nationally and internationally. The ASR Dutch Core Residential Fund has demonstrated that, in spite of this pressure, it is more than capable of making sound acquisitions. It thus shows itself to be a strong player in the market.
CBRE Capital Advisors advised a.s.r. real estate investment management on the structuring and placement of the fund. De Brauw Blackstone Westbroek provides legal services to the fund and PwC is the fund’s tax consultant. The Dutch Pension Fund for Physiotherapists was assisted by Grontmij Capital Consultants.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.