ASR Dutch Prime Retail Fund raises over € 275 million
As of 1 July, Pensioenfonds Vervoer, the Dutch pension scheme for employees working in the transport sector, Stichting Bedrijfstakpensioenfonds voor de Detailhandel, the Dutch pension scheme for employees working in the retail sector, and Pensioenfonds APF, the pension scheme for employees of chemical concern Akzo Nobel, entered as participants in the ASR Dutch Prime Retail Fund. They invest a total of over € 275 million in the retail fund of a.s.r. real estate.
The value of a.s.r. real estate’s retail fund is approximately € 1.5 billion. The portfolio consists of stores in prime locations, district shopping centres and supermarkets, with a total lettable floor area of more than 360,000 m2. Over 75% of the portfolio is located in the Randstad conurbation and 95% of the high street portfolio is located in the top 20 shopping cities in the Netherlands. The investor base is a mix of national and international investors.
Edwin van de Woestijne, fund director of the ASR Dutch Prime Retail Fund, said: ‘After several placements by Dutch and international investors, we are once again pleased to welcome a number of leading Dutch pension funds as participants in the fund. The ASR Dutch Prime Retail Fund is the most core retail fund in the Netherlands, with retail property in the best shopping cities in the Netherlands and a low percentage of leverage.’
a.s.r. real estate carried out the fundraising independently. Corestone Investment Managers AG advised Pensioenfonds Vervoer. Finance Ideas acted as advisor to Stichting Bedrijfstakpensioenfonds voor de Detailhandel and Sweco Capital Consultants acted as an advisor in the placement for Pensioenfonds APF.
About the ASR Dutch Prime Retail Fund
Subscribers to the Fund consists after this closing of 11 leading global institutional investors. The original owner of the seed portfolio, a.s.r., remains committed to the Fund as a long-term cornerstone investor.
Fund’s portfolio valued at circa € 1.5 billion
The Fund comprises a diverse retail portfolio valued at circa € 1.5 billion, providing investors with immediate exposure to circa 200 prime Dutch retail real estate assets let to over 630 retailers. The portfolio consists of solitaire/single high street units, shopping centres and supermarkets.
The Fund’s structure
The Fund is a contractual mutual fund, governed by Dutch law, with an indefinite life and with a low level of gearing. It has also been set up in line with INREV Guidelines to ensure best practice reporting and ongoing transparency for investors.