Dutch real estate investment manager ASR REIM has completed a third close for its ASR Dutch Prime Retail Fund, raising a total of over €500 mln in equity.
Dutch real estate investment manager ASR REIM has completed a third close for its ASR Dutch Prime Retail Fund, raising a total of over €500 mln in equity.
The real estate investment management arm of Dutch insurer ASR said the fund has received commitments from six investors including an unnamed French insurer which committed €50 mln in the latest fundraising round.
'We have raised over €500 mln in less than two years, solely from the European investment community,' commented Bas Tiemstra, fund manager and managing director for commercial real estate at Utrecht-based ASR REIM.
He added: 'This is partly due to the prime nature of the portfolio and difficulty in directly acquiring institutional assets in the Dutch market.'
Tiemstra expects the company will bring 'similar, high-quality investment opportunities to the market in 2014'. In total, ASR REIM manages some €4 bn of commercial and residential real estate assets.
ASR Dutch Prime Retail Fund owns a portfolio of 202 retail assets valued at €1.3 bn and let to over 610 tenants. The portfolio consists of single high-street units, shopping centres and supermarkets covering a lettable area of around 300,000 m2.
ASR REIM was advised by placement agent CBRE Real Estate Finance. De Brauw Blackstone Westbroek provided legal advice and PWC acted as tax adviser to the fund.
