Dutch insurer ASR backs CBRE GI core European property fund

Dutch insurer ASR is investing over €100m on in a pan-European core property fund managed by CBRE Global Investors.

ASR said its investment into the CBRE Pan European Core Fund represents a next step in the diversification of ASR’s international property portfolio, following its September 2018 investment into BlackRock’s new open-ended Eurozone Core Property Fund.

The CBRE Pan European Core Fund’s portfolio focuses on prime retail and office real estate as well as well-located logistics real estate, predominantly in the eurozone.

ASR – which has over the past 125 years built up a sizeable non-listed portfolio in Dutch property – has been diversifying its real estate portfolio by adding non-listed European real estate. This portfolio is managed by the investment partners team at ASR real estate.

Dick Gort, CEO of ASR real estate, said: “The investment partners team of ASR real estate invests in newly issued participations (primaries) as well as secondaries on behalf of ASR.

“Our strategy enables us to maintain our agility and ensures an efficient growth of a well-diversified international real estate portfolio in high-quality European real estate for our clients.”

Rodney Zimmerman, head of the investment partners at ARS real estate, said: “Within the spectrum of non-listed European funds, the CBRE Pan European Core Fund has an excellent reputation, with its well-diversified and high-quality European real estate portfolio.

“And similar to ASR, the fund is also active in the field of sustainability. The GRESB score for the CBRE Pan European Core Fund improved in 2019 from 67 to 87 and achieved Green Star status.”

Richard Everett, fund manager, CBRE Pan European Core Fund, said: “To have a major Dutch insurance company like ASR investing in the fund is testament to our fund management capabilities and our commitment to sustainability.

“We look forward to meeting ASR’s investment objectives and we are very pleased to welcome them as investors to the fund.”

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