a.s.r. Real Estate Investment Management acquires offices portfolio of Basisfonds Stationslocaties C.V.
Prime real estate transferred to new ASR Dutch Mobility Office Fund
a.s.r. Real Estate Investment Management (a.s.r. REIM) buys the offices portfolio of Basisfonds Stationslocaties C.V. The portfolio is valued at € 275 million. Together with offices already owned by a.s.r., the real estate now purchased is being transferred to the ASR Dutch Mobility Office Fund, a new office property fund in which institutional investors can participate.
Nine of the properties in the Basisfonds Stationslocaties C.V. portfolio are being transferred to the ASR Dutch Mobility Office Fund. The offices which are not in line with the fund’s strategy are being resold. In addition, two office properties already owned by a.s.r. will be transferred to the fund. At a later stage, another five properties will also be transferred.
ASR Dutch Mobility Office Fund
The ASR Dutch Mobility Office Fund focuses on high quality property in the vicinity of mobility hubs in the Netherlands, i.e. important train and metro stations and Schiphol Airport. These locations combine excellent accessibility with dynamic surroundings. Mobility hubs have a good mix of public transport and local functions and a wide range of amenities. At least 70% of the intended portfolio of office property funds consists of offices, supplemented with other assets (particularly car parks).
Dick Gort, CEO of a.s.r. REIM, comments: ‘After launching a successful retail and residential fund, we are now offering institutional investors the opportunity to invest in the ASR Dutch Mobility Office Fund. The fund’s strategy is to focus on a specific market segment, i.e. high quality offices in the vicinity of mobility hubs. Surveys show that these prime office locations command a higher rental and occupancy rate than properties in other locations. As accessibility by public transport and multifunctionality will, if anything, become even more important in the future, this makes these offices an attractive investment.’
Placement agent CBRE Capital Advisors is assisting a.s.r. REIM with the placement of the fund. NautaDutilh N.V. is acting as legal adviser and PwC as tax adviser to the fund.
About the ASR Dutch Mobility Office Fund
The ASR Dutch Mobility Office Fund is open to institutional investors. The fund boasts a diversified portfolio consisting of about 11 properties and five in the pipeline, with a total value of approximately € 400 million. All the properties are located in the vicinity of mobility hubs in the major Dutch cities and Schiphol Airport.
The intended participants are institutional investors with a long investment horizon. a.s.r. will continue to hold a substantial share in the fund in the long term.
Structure of the fund
ASR Dutch Mobility Office Fund is an open-ended mutual fund with an unlimited maturity. The fund is structured in accordance with the INREV guidelines in order to guarantee its investors the best possible transparency. The fund also has a unique liquidity mechanism.
About a.s.r. Real Estate Investment Management
a.s.r. Real Estate Investment Management (a.s.r. REIM) is one of the largest real estate investment management companies in the Netherlands. For more than a century now, a.s.r. REIM has been involved in direct and indirect property investments and has managed property portfolios for institutional investors. a.s.r. REIM buys, sells, leases, maintains, develops and redevelops properties for its clients based on discretionary portfolio management. For more information, see www.asrreim.com.
With the funds and its in-house asset and property management specialists, a.s.r. REIM has acquired a wealth of experience and built a good reputation in the Dutch property market.
Assets under management totalled approximately € 4.3 billion on 30 June 2016. All assets are properties located in the Netherlands, including:
- retail properties (approx. 418,000 m2)
- residential properties (approx. 4,850 units)
- offices (approx. 201,000 m2)
- (agricultural) land (approx. 35,000 hectares, i.e. the largest private land portfolio in the Netherlands)