Dutch insurance group ASR has attracted €380m in a first close for a Dutch retail fund seeded with the group’s assets.
Advised by CBRE’s European placement team, ASR Real Estate Investment Management has brought in three European institutional investors as co-investors in an oversubscribed capital raise. The fund’s €1.1bn portfolio comprises supermarkets, shops and shopping centres across the Netherlands and a pipeline of additional assets valued at €280m.
ASR REIM intends to launch more seeded funds. In 2006 ASR REIM structured the ASR Property Fund for in-house funds and the Fortis Bank Nederland pension fund. This invests 60% in direct property, mainly Dutch retail, and 40% in European listed companies and derivatives.