Three pension schemes invested an aggregate of more than €275 million in the approximately €1.5 billion retail fund of Dutch property developer ASR Real Estate Development.
ASR Dutch Prime Retail Fund — whose portfolio comprises solitaire/single high street units, shopping centers and supermarkets — attracted the investments from Pensioenfonds Vervoer, Stichting Bedrijfstakpensioenfonds voor de Detailhandel and Pensioenfonds APF.
The portfolio offers a total lettable floor area of more than 360,000 square meters.
ASR Real Estate, which is a subsidiary of ASR Nederland NV, undertook the fundraising independently, according to a release, noting that subscribers to the fund now consist of 11 leading global institutional investors.
Corestone Investment Managers AG was Pensioenfonds Vervoer's adviser, while Finance Ideas acted as adviser to Stichting Bedrijfstakpensioenfonds voor de Detailhandel, with Sweco Capital Consultants serving as an adviser in the placement for Pensioenfonds APF.