a.s.r. real estate

Strategy ASR Property Fund

Dutch non-listed property strategy
Within the non-listed property portfolio, the current strategy focuses on the retail, residential and office sectors. The portfolio mix consists of approximately 68% retail, 18% residential and 14% offices. The investment policy is designed to bring about broad diversification across locations, types of investment properties, solvency of tenants and expiration dates of rental contracts. The performance of the non-listed property portfolio is measured using the IPD Netherlands Quarterly Universe property index benchmark. The portfolio performs within the first quartile of best-performing Dutch non-listed real estate portfolios.

Listed real estate securities strategy
Investments are made in listed real estate companies based in Europe. The ASR Property Fund currently seeks to place 75% of its invested assets in property funds with a listing in continental Europe and 25% in UK-listed property funds, partly to mitigate the currency risk.

In line with the listed real estate securities strategy, preference is given to a selection of specific real estate companies over a selection of real estate sectors, countries or regions.

The performance of the listed real estate securities is measured using a combination of two indices, i.e.: 
- 50% FTSE EPRA/NAREIT Developed Europe Liquid 40 Capped
- 50% FTSE EPRA/NAREIT Developed Europe Liquid 40 ex UK Capped

Key characteristics of the ASR Property Fund investment policy are:
• Liquidity: the fund was formed for the benefit of a.s.r. unit-linked policyholders and aims to generate an attractive dividend yield. The option of cashing in some of the listed portfolio facilitates independent funding and the timely distribution of dividend to depositary receipt holders.

• No debt capital: the ASR Property Fund does not make use of debt capital to finance its investments.