Utrecht,
05
July
2012
|
00:00
Europe/Amsterdam

Amvest sells agricultural portfolio to ASR

Summary

Amvest is transferring its agricultural portfolio to ASR so it can further specialise in the development of new residential investment funds, including a healthcare fund, new residential areas and homes in the mid-priced rental segment. To carry out these activities, Amvest will retain a strategic land portfolio of approximately 850 hectares. Amvest's core business consists of managing three residential investment funds valued at a total of € 2.8 billion and developing homes and residential areas.

​​Terra's portfolio comprises an area of 1,957 hectares that for the most part consists of leased or leasehold agricultural lands and 14 farms. In addition, the portfolio comprises 254 hectares of forested lands, a number of homes and recreational lands. Most of the lands are located in the provinces of Friesland and Groningen. A smaller portion is located in the provinces of Noord-Holland and Zuid-Holland. The takeover does not affect the lessees, tenants and leaseholders of these lands. Their contracts will remain unchanged.

ASR Real Estate Investment Management in total manages approximately € 4 billion in property investments, of which 21% is invested in rural property. Following the Terra acquisition, ASR will own over 33,000 hectares of land in the Netherlands. This makes ASR the largest private land owner in the Netherlands. ASR offers long-term land financing to agricultural entrepreneurs in the form of leases and leaseholds.