Dutch insurer ASR has revealed it invested €100m as a cornerstone investor into BlackRock’s new open-ended Eurozone real estate fund.

Newly launched Eurozone Core Property Fund (Euro Core) received €280m in commitments from six investors at first close. Euro Core will primarily invest in offices, retail and logistics in the eurozone.

ASR said that it wanted to increase diversification after it had managed unlisted real estate in the Netherlands for the past 125 years, with its current portfolio, totalling around €3.5bn.

Dick Gort, chief executive of ASR Real Estate, said that the Euro Core fund would offer ASR an attractive opportunity to expand its investments into international real estate and to further diversify its portfolio.

He added that “the visions of BlackRock and ASR were well aligned in terms of sustainability and socially-responsible investing.”

The investment fund’s goal was to achieve an industry-leading Green Star score as part of the sustainability benchmark GRESB, Gort said.

Gort said the €100m investment was ASR’s first step in its expansion into European property funds.

“BlackRock is a prestigious asset manager and an established player on the global real estate market, with funds following long-term real estate strategies and generating attractive results with a leverage of no more than 30%.”