a.s.r. real estate investment management, “a.s.r. reim”, has completed its third close for the ASR Dutch Prime Retail Fund (“the Fund”). A French insurer has invested €50 million, bringing the total equity raised since inception to over €500 million.
Bas Tiemstra, Fund Manager and Managing Director Commercial Real Estate at a.s.r. reim said:
“We have raised over €500 million in less than two years, solely from the European investment community. This is partly due to the prime nature of the portfolio and difficulty in directly acquiring institutional assets in the Dutch market. We will be bringing similar, high quality investment opportunities to the market in 2014.”
Mark Evans, Head of Equity Placement, CBRE Real Estate Finance, added:
“This is an unprecedented achievement, particularly given the European economic climate during this time. The quality of the portfolio, structuring and management of the Fund and its subsequent outperformance, alongside its pipeline of exciting development and asset management opportunities, all combine to create a very solid and attractive investment opportunity. Following this recent success in Europe we are now seeing further interest from global investors.”
a.s.r. reim was advised by placement agent, CBRE Real Estate Finance. De Brauw Blackstone Westbroek provided legal advice and PWC acted as tax adviser to the Fund.