Dutch insurer ASR has acquired a portfolio of offices near to train stations for €275 mln on behalf of its new Dutch Mobility Office Fund.
ASR Real Estate Investment Management's purchase of the 15-asset portfolio from limited partnership investment fund, Basisfonds Stationslocaties, is one of the largest office deals in the Netherlands so far this year, according to PropertyEU Research.
The new fund is intended for institutional investors. ‘After launching a successful retail and residential fund, we are now offering institutional investors the opportunity to invest in the ASR Dutch Mobility Office Fund,' said Dick Gort, CEO of ASR REIM.
The fund's strategy is to focus on a specific market segment, high-quality offices and ancillary assets such as car parks in the vicinity of mobility hubs. Offices will account for 70% of the portfolio.
'Surveys show that these prime office locations command a higher rental and occupancy rate than properties in other locations. As accessibility by public transport and multifunctionality will, if anything, become even more important in the future, this makes these offices an attractive investment,' Gort said.
Nine of the properties in the Basisfonds Stationslocaties are being transferred to the ASR Dutch Mobility Office Fund, along with two office properties already owned by ASR. At a later stage, another five properties will also be transferred to the new fund. The combined value of all these assets is around €400 mln.
Another six assets acquired from Basisfonds Stationslocaties do not fit the Mobility fund strategy as they are located in smaller towns. ASR REIM plans to sell these assets on to other investors.
CBRE Capital Advisors is assisting ASR REIM with the placement of the fund. NautaDutilh is acting as legal adviser and PwC is tax adviser to the fund.
