ASR Dutch Core Residential Fund and AM support affordable housing in Utrecht with Laurierkwartier

a.s.r. real estate has purchased 97 homes in the Laurierkwartier project in Utrecht from project developer AM on behalf of the ASR Dutch Core Residential Fund. Upon completion, the majority of the homes will be let through the City of Utrecht’s ”Actieplan Middenhuur”, a plan for Mid-Priced Rental Sector in Utrecht. In this way, AM and a.s.r. real estate’s residential fund support affordable housing in Utrecht, which is currently in short supply. The construction of the residential complex by BAM Wonen began on 20 May and is scheduled to be delivered in mid-2022.

Laurierkwartier is located in a prominent location in the Hoge Weide district to the west of Utrecht’s inner city, and forms a link between the suburb of Parkwijk and the lower-rise buildings in Hoge Weide. The project consists of 50 apartments and 47 single-family homes, ranging between 60 and 134 m², each with its own parking space. The homes have been developed by AM in such a way that they are suitable for first-time buyers or young professionals as well as families. Some 69 of these homes will be made available in the mid-priced rental segment upon completion, with fixed rents and subject to maximum annual indexation. The homes will fall under the “Actieplan Middenhuur”. Under this plan, the city of Utrecht and various market players, including a.s.r. real estate and AM, have committed to expanding Utrecht’s housing stock by adding more mid-priced rental homes. The other 28 single-family homes will be let in the private sector.

Laurierkwartier is a highly sustainable and energy-efficient project. The houses meet BENG 1, 2 and 3 requirements and have a GPR score of 8.3 and 8.4. The housing project has a strong circularity focus, both in terms of the homes and the enclosed green spaces. The materials and the construction methods used were selected for their low environmental impact. In addition, the homes can be adapted to the residents’ requirements over time. Also, the exterior walls are partly reusable thanks to the use of an innovative stacking system. The design was provided by FARO Architecten.

Robbert van Dijk, fund director at ASR Dutch Core Residential Fund: ‘The Laurierkwartier is an excellent acquisition for the ASR Dutch Core Residential Fund. The project fits well with the Fund's strategy, partly due to its location in a focus region and its positive contribution to the Fund’s sustainability ambitions. This appealing project is a way for us to make an active contribution to expanding the range of affordable housing in the city of Utrecht, which we will continue to strive for in the future.’

Gerhard Bolk, director of AM: ‘We are proud to be doing our bit to add more homes in the mid-priced rental segment with the Laurierkwartier project. This is an ambitious plan in terms of both architecture and sustainability, which makes it a worthy addition to the Hoge Weide district. I congratulate a.s.r. real estate on this acquisition.’

ASR Dutch Core Residential Fund

The ASR Dutch Core Residential Fund was launched in 2015 and provides homes for 5,000 households. The fund represents 11 Dutch institutional investors. Just like its investors, the Fund has a long-term vision that focuses on sustainability and socially responsible investments. The Fund invests in sustainable, high-quality apartments and single-family homes, particularly in the mid-priced rental segment. The locations it selects are characterised by strong demographic and economic fundamentals, which form the basis for a stable investment climate. This investment policy has helped the fund to outperform the IPD Dutch Residential Benchmark both last year and on a longer-term comparison.