The eurozone has been in an environment of rising interest rates since 2022. After the outbreak of the Iran war in February 2026, the upward trend in interest rates has increased again. Yields on Dutch government bonds have risen from around 3.0 percent to around 3.5 percent at present in the course of 2026. The European Central Bank is reacting to inflationary trends and raised the key interest rate by 25 basis points on September 10.
a.s.r. real assets CEO Dick Gort assumes that rising interest rates will not have too much of an impact on a.s.r. real assets' portfolio of around 13 billion euros.
Gort says: "I'm not afraid of a rise in interest rates. Residential real estate remains in demand due to the shortage. Rising interest rates will also have less of an impact on our commercial real estate because we invest mainly in core products. The vacancy rate is very low and we have virtually no arrears."
Despite the challenging real estate environment, the revaluation of a.s.r. real assets' properties in the first half of 2026 was positive. Dick Gort commented: "Appreciations were particularly evident in residential properties. Offices, retail properties and science parks remained stable."
Real estate currently accounts for 12 percent of the fixed assets of ASR Nederland, the second largest Dutch insurer. Gort: "This share is within the target range. No significant changes are planned. To further increase our assets under management, we want to acquire capital from external investors by offering solutions through our specialized funds and separate accounts."
