ASR Dutch Mobility Office Fund raises € 150 million in first six months
a.s.r. Real Estate Investment Management (a.s.r. REIM), has completed its second close for the ASR Dutch Mobility Office Fund (“the Fund”), established in December 2016. Sumitomo Mitsui Banking Corporation, one of the largest banks in Japan, and another Asian institutional investor have invested in the Dutch office fund, bringing the total external equity raised in the first six months to € 150 million.
Stichting Bedrijfstakpensioenfonds voor de Detailhandel, the pension fund for the Dutch retail sector, joined the Fund in May 2017 as its first external investor. The ASR Dutch Mobility Office Fund started in December 2016 after the acquisition of the offices portfolio of Basisfonds Stationslocaties and is the third Dutch sector fund launched by a.s.r. Real Estate Investment Management.
Pieter Vandeginste, fund director of the ASR Dutch Mobility Office Fund: ‘We are very pleased to welcome the two Asian institutional investors to our high quality office fund. Together with the previous investment by the Dutch pension fund for the retail sector, this closing confirms that our strategy to focus on high quality offices near mobility hubs in the Netherlands is attractive for both national and international investors. We want to generate a broad international investor base in our fund.’
About the 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.
The ASR Dutch Mobility Office Fund is open to institutional investors. The fund boasts a diversified portfolio consisting of about 12 properties and a number in the pipeline, with a total value of approximately € 400 million. The intended participants are institutional investors with a long investment horizon. a.s.r. will continue to hold a substantial share in the fund.
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 investors the best possible transparency. The fund has a liquidity mechanism in which the manager offers a redemption facility and the possibility of a secundary transfer.