Third placement for ASR Dutch Core Residential Fund

The Dutch Pension Fund for Physiotherapists has increased its share in the ASR Dutch Core Residential Fund by € 25 million. This is the third placement in six months, bringing the total of external equity in the fund to € 80 million. Grontmij Capital Consultants advised the Dutch Pension Fund for Physiotherapists on its placement.

The ASR Dutch Core Residential Fund is a.s.r. real estate investment management’s residential fund. The fund has a diversified residential portfolio valued over € 0.8 billion. It invests in non-regulated rental housing located primarily in the Randstad conglomeration. The envisaged participants are institutional investors with a sustainable investment horizon. As the original owner of the portfolio, insurer a.s.r. will continue to hold a substantial share in the fund on a long-term basis. 

Robbert van Dijk, Fund Director of the ASR Dutch Core Residential Fund: “In order to achieve the fund’s long-term growth strategy, we are pursuing an ambitious programme of acquisitions, chiefly in the Randstad conglomeration. But we are also looking at interesting projects outside this area. For example, we recently signed two contracts to build rental housing in the cities of Zwolle and Arnhem. We expect to make further acquisitions during the course of 2015 and hence to expand the fund in line with our shareholders’ wishes.”

Casper van Grieken, Senior Director of CBRE Capital Advisors: “The pressure to make acquisitions in the Dutch residential market remains high due to undiminished interest among institutional investors to invest in it, both nationally and internationally. The ASR Dutch Core Residential Fund has demonstrated that, in spite of this pressure, it is more than capable of making sound acquisitions. It thus shows itself to be a strong player in the market.”

CBRE Capital Advisors advised a.s.r. real estate investment management on the structuring and placement of the fund. De Brauw Blackstone Westbroek provides legal services to the fund and PwC is the fund’s tax consultant. The Dutch Pension Fund for Physiotherapists was assisted by Grontmij Capital Consultants.