Dutch insurer ASR is investing over €100 mln in the CBRE Pan European Core Fund in a move to boost its non-listed international real estate portfolio.
The CBRE Pan European Core Fund is CBRE's flagship open-ended fund, which focuses on prime retail, office and logistics real estate, predominantly located in the eurozone.
ASR said the investment marks ‘a next step’ in the diversification of its international real estate portfolio.
Over the past 125 years, the insurer has built up a sizeable portfolio in non-listed Dutch property. It is now seeking to beef up the international component and earlier invested in the BlackRock Eurozone Core Property Fund. The portfolio is managed by the Investment Partners team at ASR Real Estate.
Dick Gort, CEO of ASR Real Estate, said: ‘The Investment Partners team of ASR Real Estate invests in newly issued participations (primaries) as well as secondaries on behalf of ASR. Our strategy enables us to maintain our agility and ensures an efficient growth of a well-diversified international real estate portfolio in high-quality European real estate for our clients.’
Rodney Zimmerman, head of Investment Partners at ASR Real Estate, added: ‘Within the spectrum of non-listed European funds, the CBRE Pan European Core Fund has an excellent reputation, with its well-diversified and high-quality European real estate portfolio. And similar to a.s.r., the Fund is also active in the field of sustainability. The GRESB score for the CBRE Pan European Core Fund improved in 2019 from 67 to 87 and achieved Green Star status.’
Richard Everett, fund manager, CBRE Pan European Core Fund commented: ‘To have a major Dutch insurance company like ASR investing in the fund is testament to our fund management capabilities and our commitment to sustainability. We look forward to meeting ASR’s investment objectives and we are very pleased to welcome them as investors to the fund.’