The Eurozone has experienced an environment of rising interest rates since 2022, a trend that intensified after February 2026 due to geopolitical developments. This is evident, among other things, in an increase in Dutch government bond yields from approximately 3.0 percent to around 3.5 percent over the course of 2026. The European Central Bank reacted to these inflationary tendencies and raised its key interest rate by 25 basis points on 10 September.
Despite these developments, Dick Gort, CEO of a.s.r. real assets, does not anticipate any significant negative impacts on his company's portfolio, which amounts to approximately EUR 13 billion. He stated that he is not concerned about a rise in interest rates. Demand for residential properties remains strong due to ongoing scarcity. A low impact is also expected for commercial properties, as the company primarily invests in core products. This is underpinned by very low vacancy rates and almost no payment arrears in the portfolio.
Positive Revaluations and Strategic Focus
In the first half of 2026, despite the challenging real estate market environment, the revaluations of a.s.r. real assets' properties showed positive development. Dick Gort highlighted that increases in value were primarily observed in residential properties. The office, retail, and science park asset classes proved stable.
Real estate currently represents 12 percent of the investment assets of ASR Nederland, the second-largest Dutch insurer. This share is within the defined target range, and no significant adjustments are planned at present. To further increase assets under management, a.s.r. real assets aims to acquire capital from external investors. This is to be realised through specialised funds and separate accounts.
Investment Opportunities for Institutional Investors
a.s.r. real assets offers institutional investors various opportunities to participate in its portfolios. The total volume of assets under management is EUR 13.5 billion. Investments can be made across six different funds in various asset classes.
- —Office
- —Retail
- —Residential
- —Science Park
- —Renewable Energy
- —Farmland
In addition to the fund structures, institutional investors also have the option to invest via separate accounts.
