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a.s.r. real estate has been investing in real estate on behalf of institutional investors and managing real estate portfolios for over 125 years. As part of a.s.r., one of the largest insurance companies in the Netherlands, a.s.r. real estate has always felt responsible for delivering long-term returns on invested assets. Forward thinking and sustainability is part of our DNA.

Investing in perpetual value

a.s.r. real estate manages non-listed sector funds, which invest in retail- and residential properties, offices, real estate on science parks and agricultural land in the Netherlands. We also invest in renewables and international unlisted real estate funds and listed real estate securities on behalf of our clients. 

Thanks to our many years of experience, we know that real estate asset management is fundamentally about people. People who count on us for their lives and livelihoods. People who rely on financial security through their pension fund and insurance company. And, of course, our own people.

That’s why we invest not only in advanced systems and tools but also in attracting and retaining the most experienced and talented professionals. We strongly believe that investing in quality is the best way to guarantee a return on investment and long-term value development.

As a team, we deliver on our promise to ‘invest in perpetual value’ by investing responsibly in high-quality real estate.

Sector forecasts

Science Parks: The science park real estate market fundamentals have been consistently strong. Even during periods of crisis, there are no signs that real estate characteristics have deteriorated. In fact, most science park-specific sectors, such as pharma, biotech and life science have even benefitted from COVID-19. Continued investments in these sectors remains due to the current health crisis as the need for vaccines and R&D in human health and life science are becoming more necessary in ‘tomorrow’s society’.

The long-term growth trend of knowledge-based industries is expected to continue.

Office: Offices near Intercity train stations in the G-4 cities, Amsterdam, Rotterdam, The Hague and Utrecht have been consistently outperforming the general Dutch office market. COVID-19 has led to uncertainty in the Dutch office market and has accelerated the trend of remote working. The need for social interaction, collaboration and innovation will attract employees back to the office.

We expect that the offices near public transport hubs in the G-4 and Eindhoven will be less affected than other submarkets. The highly urbanized nature of these cities and supply of various functions within walking distance will be especially attractive for the next generations of workforce.

Residential: The fundamentals driving the Dutch residential market are strong. The population is expected to grow considerably in the coming decades due to ageing and migration. The construction pace of newly-built homes remains insufficient to coop with current demand, let alone increased demand in the future. While prices on the owner occupier market are reaching record highs, the affordability is under pressure. With current market dynamics, affordable rental homes will remain attractive even during any future market turmoil.

Retail: Dutch city centers undergo a rapid transformation under changing consumers’ shopping habits. COVID-19 has accelerated this trend. Part of the consumers’ online shopping adoption is structural though. Therefore, most city centres will transform to a more compact and multifunctional retail core. Prime retail locations in the G-4 and to a lesser extent G5-8 stay most resilient and could profit from secondary and tertiary streets being transformed.

Food-anchored district shopping centres and supermarkets offer diversification, solid yields and sound fundamentals.

Rural: The farmland market fundamentals have been consistently strong in the last decades. The scarcity of farmland, growing worldwide population and a strong worldwide position of the Netherlands, creates a continuous demand for land. Besides that, farmland investments have a low correlation with other investment classes and is a diversifier in investment portfolios. The sector is transforming to become a future-proof (circular) with as few emissions as possible. The European Recovery Fund supports farmers affected by the Covid-19 outbreak.

A lot of positive measures structurally improves the sector and make it more sustainable for the future. In this sector investors can make a difference regarding corporate social responsibility.

Investment principles & strategy

The a.s.r. real estate Fund’s investment policy is to invest in direct real estate, by selecting core high quality assets on the best locations in the Netherlands. We provide investors the opportunity to invest in Funds with stable, sustainable and attractive returns. Whilst this ensures the quality of the Portfolios it also protect against future obsolescence. Key points in a.s.r. real estate’s investment strategies include:

Core funds: Provide investors with a stable, low-risk and attractive returns through active asset management with our inhouse fund-, asset and property management. 

Personal approach: It’s all about people. That’s why a.s.r. real estate builds a personal relationship with all of our clients to gain a thorough understanding of their needs 

Long-term: As part of an insurance company, a.s.r. real estate has always felt responsible for delivering long-term returns on invested assets. Forward thinking and sustainability is part of our DNA.

Research driven investment approach: Research is fundamental to the investment style, philosophy and process. The research department translates market data and market analyses into tailor made investment views and advisory reports.

Strategic Corporate Development 

On behalf of our clients, we invest responsibly in high-quality real estate that fits within a clearly defined strategy. We are convinced that this offers the best guarantee for returns and value development in the long term. Not only for our clients but also for society.

With ASR Nederland N.V. as anchor investor and a strong international investor base consisting of more than 25 institutional investors, a.s.r. real estate is able to anticipate developments and act quickly on opportunities that arise in the market. Such as acquiring assets and portfolios, structuring non-listed real estate sector funds, but also investing in renewables (solar and wind farms). We also manage a growing portfolio of international non-listed real estate funds and listed real estate securities.

Performance Verification

The Funds’ investment returns are closely monitored and compared with market benchmarks such as the MSCI Dutch or relevant European sector indices. To value sustainability, we use the GRESB scores.

Compliance statement

ASR Real Estate B.V. (a.s.r. real estate) is a Private company with limited liability (Besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands. a.s.r. real estate is a subsidiary of ASR Nederland N.V. a.s.r. and its licensed subsidiaries are supervised by the Dutch Central Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM).

a.s.r. real estate holds a license as a manager of alternative investment institutions as referred to in Section 2:65(1)(a) of the Financial Supervision Act (Wet op het financieel toezicht (Wft)). Pursuant to this license a.s.r. real estate acts as a manager of alternative investment institutions in the sense of article 1:1 Wft.