FINANCE: ASR real estate investment management (ASR REIM) has completed the first close of its ASR Dutch Core Residential Fund.
The close came as the Dutch Pension Fund for Physiotherapists (SPF) invested an additional €25m (£17.7m) to the €25m already committed by the institution.
The fund, which is being advised as placement agents by CBRE’s Capital Advisors team, will focus on Dutch non-regulated rental properties, mostly in the Randstad area.
SPF was the first external investor in what is ASR REIMS’s second Dutch focused fund. ASR was the cornerstone investor and provided a seed portfolio to the fund.
A previous fund, the ASR Dutch Prime Retail Fund, launched in 2011 has a diverse retail portfolio valued at €800m.
Robbert van Dijk, fund director of the ASR Dutch Core Residential Fund: “We are pleased to welcome SPF as the first external investor in the fund and we are looking forward to a longterm partnership. This first close emphasizes the confidence in this fund, which we believe is distinctive in the Dutch market on the 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.”
