Italian insurer invests in ASR Dutch Mobility Office Fund
An Italian insurance company has entered as a participant in the ASR Dutch Mobility Office Fund on 1 July. It is investing approximately € 30 million. This takes the total external equity raised by the office fund of a.s.r. real estate to around € 180 million.
The investment by the Italian investor strengthens the international investor base of the ASR Dutch Mobility Office Fund. The other participants in the fund are: a.s.r., Sumitomo Mitsui Banking Corporation, one of the largest banks in Japan, another Asian institutional investor, and Stichting Bedrijfstakpensioenfonds voor de Detailhandel, the pension fund for the Dutch retail sector.
Pieter Vandeginste, fund director of the ASR Dutch Mobility Office Fund, said: ‘We are very pleased that a renowned Italian insurance company has invested in our office fund. Together with the previous investments by the Asian participants, this investment demonstrates that the office portfolio of the ASR Dutch Mobility Fund is highly regarded internationally. Our strategy of focusing only on offices in the vicinity of mobility hubs is proving successful. The new capital gives us an opportunity to finance new acquisitions.’
CBRE Capital Advisors acted as placement agent for a.s.r. real estate.
About the ASR Dutch Mobility Office Fund
The ASR Dutch Mobility Office Fund focuses on high-quality offices in the immediate vicinity of mobility hubs in the Netherlands, such as major rail and metro stations and Schiphol airport. These locations combine excellent accessibility with a dynamic environment. Mobility hubs have a good mix of public transport and local services, as well as a wide range of amenities. At least 70% of the intended portfolio will comprise offices, supplemented with other assets.
The ASR Dutch Mobility Office Fund is open to institutional investors. The fund has a diversified portfolio of 12 properties and a number in the pipeline, with a combined value of approximately €600 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 over the long term.
Structure of the fund
The ASR Dutch Mobility Office Fund is an open-ended mutual fund with an indefinite term. The fund is structured in accordance with INREV guidelines in order to guarantee investors the best possible transparency. The fund has a liquidity mechanism with a redemption facility and the possibility of a secondary transfer.