ASR Dutch Core Residential Fund grows to EUR 2.4 billion in real estate assets in 2025

Robbert van Dijk, Fund Director of ASR Dutch Core Residential Fund, comments: "Despite the ongoing market uncertainty, the fund delivered a strong annual result. Our strategy of investing in affordable, high-quality housing generates attractive long-term results for our investors and at the same time makes an important contribution to the supply of housing to the Dutch population. With the combination of active asset management and our focus on sustainability, we are very well positioned for future growth. In total, we were able to distribute around 60 million euros to investors in 2025." 

The total return of the fund in 2025 was 9.9 percent, of which 7.2 percent was attributable to appreciation and 2.7 percent to distribution. Over a ten-year period, the average total return was 10.3 percent p.a. (change in value: 6.9 percent p.a., payout 3.2 percent p.a.).   

As of 31 December 2025, the fund's portfolio comprised 92 properties with a total of 6,137 residential units and 2,874 parking spaces. The largest geographical shares at the end of 2025 were in Amsterdam (around 22 percent), Utrecht (around 14 percent) and The Hague (around 10 percent).  

Robbert van Dijk continues: "We are still open to investor money – including from German investors. Our fund meets the requirements for the real estate quota of German institutional investors. With improving investment sentiment and strong fundamentals in the Dutch housing market, we are optimistic about the coming years."

The situation and discussion around rent regulation in the Netherlands has improved after the government announced an evaluation of the Affordable Rent Act (mid-2024). Where the law does not work as intended, adjustments are to be made. Due to the underlying points system, ASR Dutch Core Residential Fund is less affected by this, as its portfolio is characterised by high quality and a sustainable real estate portfolio.

"The long-term fundamentals of the Dutch residential real estate market remain compelling," says van Dijk. "Ongoing supply bottlenecks, limited new construction activity and demographic developments continue to support demand for rental apartments and support the fund's long-term performance."

One of the biggest challenges for investors is access to high-quality residential properties. "Due to our integrated residential platform, which also includes an in-house developer, a.s.r. real assets has access to an attractive pipeline of 13,000 residential units. The pipeline offers numerous investment opportunities – including for the ASR Dutch Core Residential Fund – and strengthens our competitive position in a market with little supply," says van Dijk.  

In the future, the fund will continue to focus on the further expansion of its affordable residential portfolio, improving sustainability and generating attractive, long-term returns. 

The ASR Dutch Core Residential Fund focuses on residential real estate in the economically and demographically strong regions and cities of the Netherlands, especially in the mid-range rental segment.