a.s.r. and PFZW reposition Amvest’s real estate activities

PFZW and a.s.r. have today agreed to divide the real estate activities of Amvest. As from 1 January 2026, PFZW will acquire a.s.r.’s shares in the management and development organisation, becoming the sole shareholder of Amvest Vastgoed B.V. The current development portfolio of Amvest will be split between PFZW and a.s.r. Management of a.s.r.’s separate account, comprising 7,500 residential units, will be transferred to a.s.r. real estate. No changes will be made to the funds managed by Amvest. By dividing the activities, both shareholders enhance their effectiveness and will be able to pursue their own strategic direction going forward. The transaction is subject to approval by the AFM and ACM.

Following the combining of a.s.r. and Aegon Nederland in 2023, a.s.r. became a 50% shareholder in Amvest. PFZW will now acquire a.s.r.’s shares, becoming the sole shareholder of Amvest. Both PFZW and a.s.r. will remain involved in a number of Amvest development projects, which will be jointly completed. Both parties will also continue to invest in the Amvest Residential Core Fund and the Amvest Living & Care Fund, maintaining their current positions in these funds over the coming years.

Within the current development portfolio of the Amvest Development Fund, a division will take place between a.s.r. and PFZW. a.s.r. will transfer its share of the development projects to its own development organisation, ASR Real Estate Development. Amvest will continue to develop PFZW’s projects and will add new developments to its portfolio. The separate account of a.s.r., currently managed by Amvest, will be transferred to a.s.r. real estate. Amvest employees involved in the activities transitioning to a.s.r. will continue their work and will join a.s.r. as from 1 January 2026. The Amvest Residential Core Fund, the Amvest Living & Care Fund, and the separate account of Stichting Pensioenfonds voor de Woningcorporaties (SPW) will remain under Amvest’s management.

Ewout Hollegien, CFO a.s.r.: ‘By integrating an additional 7,500 homes into our own real estate platform, the Assets under Management & Advice of a.s.r. real estate will grow to approximately € 20 billion. The scale supports further efficiency and with this transaction, we strengthen our position in the Dutch real estate market. Over the coming years, ASR Real Estate Development intends to realise 13,000 homes. In doing so, we make a substantial contribution to reducing the housing shortage in the Netherlands, which aligns with a.s.r.’s role as a socially engaged Dutch insurer. Amvest will also remain a strong player in the Dutch housing market, where we will continue to be closely involved as a major investor in the Amvest funds.’

Jan Willem van Oostveen, Director of Investments PFZW: ‘For over 25 years, Amvest has played a key role in PFZW’s Dutch real estate investments through our holdings in the Amvest Residential Core Fund and the Amvest Living & Care Fund. By expanding our stake in Amvest Vastgoed B.V., PFZW secures long-term investments in new sustainable rental and care homes. Our investments with Amvest deliver solid long-term returns for PFZW participants and contribute to sustainable solutions for the Dutch housing market.’

Heleen Aarts, CEO Amvest: ‘This step marks an important new phase in Amvest’s 25-year history. Together with PFZW as sole shareholder, we look forward to the future with confidence. Both Amvest and a.s.r. real estate will continue as strong, professional, and stable players in the Dutch housing market, fully equipped to further strengthen and expand their positions in this sector. Amvest will continue to work for both parties and will remain closely connected through the Amvest investment funds for many years to come.’