Second placement of ASR Dutch Core Residential Fund
PNO Media Pension Fund welcomed as new investor
Three months after the first placement of the ASR Dutch Core Residential Fund, a.s.r. real estate investment management (a.s.r. reim) has welcomed the PNO Media Pension Fund as its second external investor. The pension fund has invested a total amount of € 30 million. The PNO Media Pension Fund was advised by Grontmij Capital Consultants.
The ASR Dutch Core Residential Fund is a.s.r. reim's residential fund. The fund has a diversified residential portfolio, which is worth about € 800 million. It invests in non-subsidised rental properties, mostly in the Randstad conglomeration, the most dense area of the centre of the Netherlands including the four largest cities. Through the placement process, a.s.r. has been seeking to align with institutional investors with a long investment horizon. As the original owner of the portfolio, a.s.r. will continue to hold a substantial share in the fund on a sustainable basis.
Robbert van Dijk, Fund Director of the ASR Dutch Core Residential Fund, said: “We are pleased to welcome the PNO Media Pension Fund as a new investor in our fund. Institutional investors are showing great interest in the ASR Dutch Core Residential Fund. Just this year, we have already raised €80 million of external capital. In order to deliver the fund's long-term growth strategy, we are now undertaking an intensive acquisition programme.”
Casper van Grieken, Senior Director of CBRE Capital Advisors: “There is a lot of interest in Dutch residential opportunities and consequently a lot of competition for capital. The ASR Dutch Core Residential Fund is a compelling proposition for investor due to the quality of the portfolio and structure of the fund. Completing a second placement in just 3 months after the first is a significant achievement in this competitive market and testament to the quality of the portfolio and management team”
CBRE Capital Advisors assisted a.s.r. reim in the structuring and placement of the fund. De Brauw Blackstone Westbroek provides legal services to the fund and PwC is the fund's tax consultant. The PNO Media Pension Fund was advised by Grontmij Capital Consultants.
About the ASR Dutch Core Residential Fund
The original owner of the seed portfolio, insurance company a.s.r., remains committed to the Fund as a long-term cornerstone investor. In addition to a.s.r. the Pension Fund for Physiotherapists and the Pension Fund PNO Media joined as a shareholder to the Fund.
Fund’s portfolio valued at circa €0.8 billion
The Fund comprises a diverse residential portfolio valued at circa € 0.8 billion, providing investors with immediate exposure to 4,800 Dutch core residential real estate properties located in the main economic regions of the Netherlands.
The Fund’s structure
The Fund is a contractual mutual Fund, governed by Dutch law, with an indefinite life. It has been set up in line with INREV Guidelines to ensure best practice reporting and on-going transparency for investors. Furthermore, the Fund has an unique liquidity mechanism.