30 March 2026 | 6 min.
• Initial German investors have already been joined
• Six specialised fund strategies across the segments retail, residential, office, science parks, farmland and renewable energy
• Tailored separate accounts
• € 13.5 billion in Assets under Management
• Subsidiary of the second-largest Dutch insurance company
a.s.r. real estate, the real assets-focused investment and asset manager of the Dutch insurance group a.s.r., aims to engage more German institutional investors in the coming years. In recent years, the company has already succeeded in attracting its first reputable investors from Germany. This investor segment is now set to be further expanded. The focus lies on six fund strategies that provide structured access to the Dutch real estate market.
a.s.r. real estate has been investing in real assets on behalf of institutional investors for more than 130 years. As at 1 January 2026, Assets under Management amounted to € 13.5 billion. The company employs 220 professionals who actively manage the real assets portfolios Parent company a.s.r., the second-largest insurance group in the Netherlands, is the anchor investor in all funds. In-house asset and property management, proprietary research and strong ESG focus form the basis for stable, long-term distributable returns for institutional investors.
Dick Gort, CEO of a.s.r. real estate, comments: ’We are well established as a real assets manager among Dutch institutional investors. We receive a great deal of positive feedback on our funds and their track record, with a client base of more than 30 institutional investors, from both the Netherlands and abroad. In recent years, we have very successfully begun onboarding our first German institutional investors seeking targeted investments in the Netherlands. We now intend to intensify and expand these activities. To this end, we are already engaged in promising discussions in Germany.’
Clear fund structure as the foundation of the platform
The investment platform of a.s.r. real estate is based on a clear separation of asset classes. Each fund invests exclusively in a defined segment and follows an in-house developed, research-driven approach. The six strategies cover the asset classes retail, residential, office, science parks, farmland and renewable energy. a.s.r. real estate is licensed as an AIFM and is supervised by the Dutch Authority for the Financial Markets (AFM). The funds are structured in accordance with European regulations for alternative investment funds. The funds investing in residential, retail, offices and science parks, are compliant with the German real estate quota (Immobilienquote).
Dick Gort: ’Our one-fund-per-asset-class structure ‘provides institutional investors with precise allocations to specific use types within the core segments of the Dutch real estate market. The clear delineation of strategies ensures transparency on returns, risk, regulatory aspects and the sustainability profile. We believe creating real value means to invest for the long-term, therefore contributing to a future-proof living environment for all. Our research-driven approach ensures high-quality and investments in each asset class.’
The Netherlands as a European investment location
The Dutch real assets market traditionally has a strong institutional character. A significant share of assets is held or managed by insurers, pension funds and other long-term investors.
Dick Gort continues: ’For German investors, the Eurozone offers a market environment that is closely interconnected economically. Against the backdrop of comparable regulatory frameworks, the Dutch market can represent a valuable addition to existing German and European allocations.”
Fund overview
ASR Dutch Prime Retail Fund
Holds retail properties with a total volume of circa € 1.4 billion, with the majority of its’ Portfolio in the premium high-street segment. The focus is on the best performing retail areas in the top eight city centers in the Netherlands, supplemented by dominant convenience retail and supermarket assets. The fund aims for a total return of over 6% (net IRR), and has a track-record of more than 10-years with a dividend yield of more than 4.5%.
ASR Dutch Core Residential Fund
Focuses on residential properties, particularly in the mid-range rental segment, in economically strong regions of the Netherlands and has a volume of approximately € 2.4 billion. The strategy follows a core approach with a long-term investment horizon and aims for stable distributions and value appreciation in the Dutch residential segment. In addition, the fund has access to an in-house development pipeline of around 13,000 planned residential units. These projects are in various stages of development and may be integrated into the fund structure over time. This pipeline is of strategic importance as there is a shortage in available and affordable housing in the Netherlands and it allows a.s.r. real estate to offer customised solutions for individual mandates in the residential sector.
ASR Dutch Mobility Office Fund
Invests in office properties at the five largest mobility hubs of the Netherlands: the CBD locations of Amsterdam, Utrecht, Rotterdam, The Hague and Eindhoven. Invested capital amounts to approximately € 600 million. The target is an ongoing dividend yield of at least 5%, supplemented by long-term value appreciation from selective core investments. The assets in the Fund have long-term leases of on average 6.5 years and tenants with strong credit ratings.
ASR Dutch Science Park Fund
Invests in R&D facilities and office space at established innovation hubs in the Netherlands, such as technical university campuses and biotech campuses. These assets enable innovation, as tenants develop for example medicine and medical equipment, quantum technology and plant-based food solutions . The current volume is approximately € 275 million, the mid-term target volume exceeds € 500 million. The expected Internal Rate of Return is above 7%, with ongoing distributions in the range of 4-5%.
ASR Dutch Farmland Fund
Invests in agricultural land in various regions of the Netherlands and has a volume of approximately € 2.4 billion. The structure is largely unleveraged, just as the real estate funds. The long-term target is a net Internal Rate of Return of over 4%, complemented by annual distributions of more than 2%.
ASR Dutch Green Energy Fund I
Pools investments in Dutch renewable energy projects, including wind and solar parks as well as battery storage solutions and has a volume of circa € 400 million. With additional contributions, the fund’s assets are expected to grow to € 1 billion. Over the fund’s approximately 20-year term, a target Internal Rate of Return of more than 7% is sought. Returns are based, among other things, on power purchase agreements supported by long-term incentive schemes from the Dutch government.