ASR Real Estate Investment Management has carried out the second closing of its Dutch Prime Retail Fund, having received additional capital commitments of €75 mln.
ASR Real Estate Investment Management has carried out the second closing of its Dutch Prime Retail Fund, having received additional capital commitments of €75 mln.
With the addition of a French and a Swiss institutional investor, subscribers to the fund now comprise five institutional investors from across Europe.
ASR REIM, the asset management arm of Dutch insurance group ASR, is the original owner of the seed portfolio and remains committed to the fund as a long-term cornerstone investor.
The fund was launched in July 2011, when it received equity of €380 mln at first close. It currently owns over €1.2 bn of real estate, including 205 prime Dutch retail real estate assets.
'This second close has a bolstering effect that consolidates the transition of ASR REIM into an international fund management business,' said Bas Tiemstra, fund manager and managing director Commercial Real Estate.
ASR said the fund has a pipeline of 'attractive secured investment opportunities' valued at €265 mln. The vehicle is a contractual mutual fund, with an indefinite life.
ASR REIM was advised by CBRE Real Estate Finance. De Brauw Blackstone Westbroek provided legal advice and PWC acted as tax lawyer to the fund.
