SFDR ASR Real Assets Investment Partners

Our services to clients can be divided into three main categories:
• Strategy and policy regarding real estate and/or infrastructure portfolios.
• Implementation of the real estate and/or infrastructure strategy policies.
• Monitoring of the real estate and/or infrastructure investments.

ESG risks are extensively covered in all three categories when advising clients. ESG risks are events and circumstances in the environmental, social or governance field that could have a substantial adverse effect on the value of an investment. Despite the fact that our clients pursue different ESG policies, Investment Partners applies minimum standards that form part of its client advisory services. It is then up to the client whether to follow this advice.

  • Strategy
    ASR Real Assets Investment Partners (‘Investment Partners’) integrates the objectives and principles of a client’s ESG Investment Policy into the client’s strategic Real Estate Investment Plan.

    This involves three steps in which the client's ESG policy is evaluated, a new policy is established and subsequently translated into actions.

    Standards applied 
    Most clients have formulated an ESG policy. In addition, many pension funds have signed the Dutch Pension Funds Agreement on Responsible Investment (IMVB covenant).

    Both are starting points for entering into a dialogue with clients to see to what extent they are prepared to pursue an even more active ESG policy and take sustainability a step further.

    Implementation
    In our pre-selection process to shortlist and select a preferred real estate fund, ESG is a standard component of the so-called multi-criteria analysis.

    Standards applied
    In our analysis, Investment Partners recommends assigning a minimum weighting of 10% to the ESG component, excluding Governance. The final weighting depends on the extent to which the client has formulated its own ESG policy.

    The Governance of the real estate fund is a separate component in this analysis. Its weighting is coordinated with the client.

    Due Diligence 
    During a due diligence process on the preferred real estate fund, ESG is a standard component and the real estate fund’s ESG policy is discussed and assessed separately.

    Standards applied
    During a due diligence process, Investment Partners applies the following standards with regard to the “E” of ESG, among others:
    • The real estate fund must participate in the Global Real Estate Sustainability Index.
    • The real estate fund must have filled out the INREV DDQ questions on ESG.
    • The real estate fund must have filled out the INREV DDQ questions on Climate Risks.
    • The real estate fund reports on its ESG policy in a transparent and clear manner.

    During a due diligence process, Investment Partners attaches value to the social factors (the “S” of ESG) and pays attention to the following, among others:
    • Client / tenant satisfaction;
    • Gender equality and diversity of the fund manager.

    During a due diligence process, Investment Partners assesses the quality of the fund administration (the “G” of ESG) and the level of transparency of the fund manager’s operations by reference to the extent to which the fund complies with the INREV guidelines on a comply-or-explain basis, thereby attaching particular, though not exclusive, importance to:
    • Shareholder rights;
    • Availability of all relevant information for all shareholders;
    • The level of the effective management fee in relation to the added value provided by the fund manager;
    • Anti-corruption policy;
    • Policy on the conflict of interests;
    • Clear and prompt communication.

    In consultation with a client, the above standards can be further expanded and adapted to the client's specific ESG requirements.

    Monitoring
    The real estate funds in which our clients invest are monitored at a regular base. Assessing real estate funds against their own ESG policies is standard practice.

    Each quarter, Investment Partners prepares a quarterly report for real estate funds, and ESG is a standard component of these quarterly reports.

    On behalf of our clients, Investment Partners also engages in dialogue on the ESG Policy during structural consultations with the real estate funds.

    Standards applied
    Standard practices of the monitoring process include:
    • Each year, the real estate funds are assessed on their Global ESG Benchmark for Real Assets ('GRESB') score and Investment Partners reports the GRESB results per fund at portfolio level to its clients.

    • Once a year, Investment Partners assesses the SDGs of the real estate funds and the real estate portfolios against the client's SDG policy (if applicable).

    In consultation with the client, the above standards can be further expanded and adapted to the client's specific ESG requirements.

  • Strategy
    Investment Partners integrates the objectives and principles of a client’s ESG Investment policy into the client’s strategic Infrastructure Investment Plan.

    This involves three steps in which the client's ESG policy is evaluated, a new policy is established and subsequently translated into actions.

    Standards applied
    Most clients have formulated an ESG policy. In addition, many pension funds have signed the Dutch Pension Funds Agreement on Responsible Investment (IMVB covenant). Both are starting points for entering into a dialogue with clients to see to what extent they are prepared to pursue an even more active ESG policy and take sustainability a step further.

    Implementation 
    In our pre-selection process to shortlist and select a preferred infrastructure fund, ESG is a standard component of the so-called multi-criteria analysis.

    Standards applied
    In our analysis, Investment Partners recommends assigning a minimum weighting of 10% to the ESG component, excluding Governance. The final weighting depends on the extent to which the client has formulated its own ESG policy.

    The Governance of the infrastructure fund is a separate component in this analysis. Its weighting is coordinated with the client.

    Due Diligence
    During a due diligence process on the preferred infrastructure fund, ESG is a standard component and the infrastructure fund’s ESG policy is discussed and assessed separately.

    Standards applied
    During a due diligence process, Investment Partners applies the following standards with regard to the “E” of ESG, among others:
    • The infrastructure fund in question must participate in either the GRESB Infrastructure Assessment or the UNPRI, or pursue ESG policies based on a number of selected SDGs.
    • The infrastructure fund reports on its ESG policy and objectives in a transparent and clear manner.

    During a due diligence process, Investment Partners attaches value to the social factors (the “S” of ESG) and pays attention to the following, among others:
    • Gender equality and diversity of the fund manager.
    • The fund manager’s security policy.

    During a due diligence process, Investment Partners assesses the quality of the fund administration (the “G” of ESG) and the level of transparency of the fund manager’s operations by reference to the extent to which the fund complies with the INREV guidelines on a comply-or-explain basis, thereby attaching particular, though not exclusive, importance to:

    • Shareholder rights;
    • Disclosure of side letters;
    • Availability of all relevant information for all shareholders;
    • The level of the effective management fee in relation to the added value provided by the fund manager;
    • Anti-corruption policy;
    • Policy on the conflict of interests;
    • Clear and prompt communication.

    In consultation with the client, the above standards can be further expanded and adapted to the client's specific ESG requirements.

    Monitoring
    The funds in which our clients invest are monitored at a regular base. Assessing funds against their own ESG policy is standard practice.

    Each quarter, Investment Partners prepares a quarterly report for funds, and ESG forms a standard part of these quarterly reports.

    On behalf of our clients, Investment Partners also engages in dialogue on the ESG Policy during structural consultations with the infrastructure funds.

    Standards applied
    Standard practices of the monitoring process include:
    • Each year, the infrastructure funds are assessed on their Global ESG Benchmark for Real Assets ('GRESB') score and Investment Partners reports the GRESB results per fund at portfolio level to its clients.

    • Once a year, Investment Partners assesses the SDGs of the funds and the infrastructure portfolios against the client's SDG policy (if applicable).

    In consultation with the client, the above standards can be further expanded and adapted to the client's specific ESG requirements.

  • Investment Partners does not take into account the adverse effects of investment decisions on sustainability factors when providing strategic advice and policy, implementing and monitoring real estate and/or infrastructure portfolios and/or funds. The main reason for this is that there are currently insufficient tools to measure the actual adverse effects on sustainability factors of the advised products. When such tools become available and when they also represent a certain standard in the real estate and/or infrastructure industry, Investment Partners will take adverse effects into account in its advisory services to clients and will determine its course of action therein.

  • ASR Real Assets Investment Partners is part of the a.s.r. group under the management of ASR Nederland N.V. ASR Nederland N.V. has group-wide sustainability, remuneration, tax and procurement policies. ASR Real Assets Investment Partners applies these policies, also with a view to sustainable business operations. The remuneration policy has the system of fixed salaries for employees and meets the conditions of a controlled remuneration policy in accordance with the principles of the AFM. The remuneration policy of ASR Nederland N.V. sets out how this policy is aligned with the integration of a sustainability risks policy. See: https://www.asrnl.com/about-asr/governance-and-organization/policy-and-guidelines/remuneration-policy