a.s.r. real estate buys the majority of Phoenix portfolio

Acting on behalf of the ASR Dutch Prime Retail Fund (ASR DPRF), a.s.r. real estate has acquired 14 of the 15 properties in the portfolio of Phoenix Joint Venture C.V., with a total value of approximately €100 million. Located at prime sites in the best Dutch shopping cities, the buildings all fit into the strategy of ASR DPRF.

Of the 14 stores, six are in Amsterdam, three in Utrecht, one in Eindhoven and four in Maastricht. All are of high quality and situated close to current assets of ASR DPRF With their purchase, ASR DPRF has further bolstered its leading position in the cities concerned. The transaction brings the total value of the ASR DPRF portfolio to €1.75 billion. Twelve (inter)national institutional investors currently participate in the fund.

“This is a unique transaction for us,” says ASR DPRF fund director Edwin van de Woestijne. “It reinforces our retail fund with properties at prime sites in the best Dutch shopping cities. This fits in well with ASR DPRF’s strategy to invest in core retail property with a low risk profile, and strengthens our position in the largest urban centres in the Netherlands. In a changing retail market, properties in these cities continue to perform strongly and benefit from warm interest on the part of consumers, retailers and investors.”

a.s.r. real estate received legal advice from Houthoff and technical advice from Sweco.

Phoenix Joint Venture C.V. is a collaboration between The RJB Group of Companies and High Five Real Estate B.V. and received legal advice from DLA Piper. Commercially Phoenix received advice from Kokelenberg & Ouwehand and KroesePaternotte.