Dutch investment manager ASR has raised €50 mln from a domestic pension fund at the first close of its Dutch Core Residential Fund.
Dutch investment manager ASR has raised €50 mln from a domestic pension fund at the first close of its Dutch Core Residential Fund.
The Dutch Pension Fund for Physiotherapists (SPF) is the first external investor to participate in the fund alongside ASR. In addition to its earlier commitment of €25 mln, SPF recently boosted its allocation to the fund with another €25 mln.
The fund’s portfolio comprises rental properties in the non-regulated market, predominantly located in the centrally located Randstad area. It focuses on institutional investors with a long investment horizon.
The ASR Dutch Core Residential Fund is the second Dutch-focussed fund that ASR REIM has launched following the establishment of the ASR Dutch Prime Retail Fund in 2011.
Robbert van Dijk, director of the ASR Dutch Core Residential Fund, commented: ‘We are pleased to welcome SPF as the first external investor in the fund and we are looking forward to a long-term partnership. This first close emphasises the confidence in this fund, which we believe is distinctive in the Dutch market on basis of its diversified, high quality portfolio, modern fund terms and an attractive liquidity mechanism. We are happy to see that, next to SPF, other investors have expressed their interest to subscribe to the fund in the near future.'
CBRE’s Capital Advisors team advised ASR on the structuring and placement of the fund in a placement agent role. De Brauw Blackstone Westbroek provided legal advice and PwC acted as tax adviser. Grontmij Capital Consultants advised SPF on the fund selection.
