Dutch pension fund PFZW is taking full ownership of domestic real estate developer and fund manager Amvest, 28 years after it was established as joint venture with Dutch insurer Aegon.
ASR will sell its 50% stake in the company on 1 January 2026, while a separate account managed by Amvest on behalf of ASR will be transferred to ASR Real Estate, the insurer’s in-house real estate investment management arm.
PFZW and ASR have been joint owners of Amvest since the merger of ASR and Aegon Nederland in 2023
Amvest’s two commingled funds will not be affected by the change in ownership. They consist of the Amvest Living & Care Fund, in which ASR and PFZW are the sole investors, and the Amvest Residential Core Fund, which has 20 investors, including ASR and Dutch pension fund asset manager PGGM (of which PFZW is the largest client).
The separate account of Stichting Pensioenfonds voor de Woningcorporaties (SPW) will remain under Amvest’s management.
PFZW and ASR said they would remain involved in a number of Amvest development projects – which will be completed jointly – and would continue to maintain their positions in the two commingled funds.
The current development portfolio of the Amvest Development Fund will be divided between ASR and PFZW. ASR will transfer its share of the development projects to its own development organisation, ASR Real Estate Development. Amvest will continue to develop PFZW’s projects and will add new developments to its portfolio.
The separate account of ASR, encopassing 7,500 residential units, will be transferred to ASR Real Estate. Amvest employees involved in the activities transitioning to ASR will continue their work and will join ASR from 1 January 2026.
In a joint announcement, PFZW and ASR said that by “dividing the activities, both shareholders enhance their effectiveness and will be able to pursue their own strategic direction going forward”.
Ewout Hollegien, chief financial officer of ASR, said: “By integrating an additional 7,500 homes into our own real estate platform, the assets under management and advice of ASR Real Estate will grow to approximately €20bn. The scale supports further efficiency and with this transaction, we strengthen our position in the Dutch real estate market.
“Over the coming years, ASR Real Estate Development intends to realise 13,000 homes. In doing so, we make a substantial contribution to reducing the housing shortage in the Netherlands, which aligns with ASR’s role as a socially-engaged Dutch insurer. Amvest will also remain a strong player in the Dutch housing market, where we will continue to be closely involved as a major investor in the Amvest funds.”
Jan Willem van Oostveen, director of investments at PFZW, said: “For over 25 years, Amvest has played a key role in PFZW’s Dutch real estate investments through our holdings in the Amvest Residential Core Fund and the Amvest Living & Care Fund. By expanding our stake in Amvest Vastgoed BV, PFZW secures long-term investments in new sustainable rental and care homes. Our investments with Amvest deliver solid long-term returns for PFZW participants and contribute to sustainable solutions for the Dutch housing market.”
Heleen Aarts, CEO of Amvest, said: “This step marks an important new phase in Amvest’s 25-year history. Together with PFZW as sole shareholder, we look forward to the future with confidence.
“Both Amvest and ASR Real Estate will continue as strong, professional and stable players in the Dutch housing market, fully equipped to further strengthen and expand their positions in this sector. Amvest will continue to work for both parties and will remain closely connected through the Amvest investment funds for many years to come.”
