a.s.r. real assets has presented the annual results for its ASR Dutch Core Residential Fund for 2025. The residential real estate fund, which has a volume of EUR 2.4 billion, looks back on a successful financial year. The fund's real estate assets increased from EUR 2.1 billion at the end of 2024 to EUR 2.4 billion at the end of 2025. Simultaneously, the number of residential units increased from 6,096 to 6,137. Annual rental income also saw an increase of 13.0 percent, from EUR 77.2 million to EUR 87.2 million. The fund continues to operate without external financing.
Robbert van Dijk, Fund Director of the ASR Dutch Core Residential Fund, stated that the fund had achieved a strong annual result despite ongoing market uncertainty. He emphasised that the strategy of investing in affordable, high-quality housing generates attractive long-term results for investors while contributing to housing provision for the Dutch population. The combination of active asset management and a focus on sustainability positions the fund well for future growth. In 2025, approximately EUR 60 million was distributed to investors.
The fund's total return in 2025 was 9.9 percent, of which 7.2 percentage points were attributable to value appreciation and 2.7 percentage points to distribution. Over a ten-year period, the average total return was 10.3 percent per annum, with a value change of 6.9 percent per annum and a distribution of 3.2 percent per annum. 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 geographical focus of the portfolio at the end of 2025 was Amsterdam, accounting for approximately 22 percent, followed by Utrecht with around 14 percent and The Hague with about 10 percent. Robbert van Dijk confirmed that the fund remains open to investor capital, including from German investors. He highlighted that the fund meets the real estate quota requirements for German institutional investors. Given an improving investment sentiment and the strong fundamentals of the Dutch housing market, they are optimistic for the coming years.
The discussion surrounding rent regulation in the Netherlands has eased following the announcement of an evaluation of the Affordable Rent Act in mid-2024. Adjustments are foreseen where the law does not function as intended. Due to its underlying points system and the high quality of its sustainable property portfolio, the ASR Dutch Core Residential Fund is less affected by these developments. Van Dijk underscored that the long-term fundamentals of the Dutch residential real estate market remain compelling. Persistent supply bottlenecks, limited new construction activity, and demographic developments continue to support demand for rental housing and the fund's long-term value development.
Access to high-quality residential properties poses a challenge for investors. Van Dijk explained that a.s.r. real assets, thanks to its integrated residential platform which includes an in-house developer, has access to an attractive pipeline of 13,000 residential units. This pipeline offers numerous investment opportunities, including for the ASR Dutch Core Residential Fund, and strengthens its competitive position in a market with limited supply. The fund will continue to focus on expanding its affordable housing portfolio, improving sustainability, and generating attractive long-term returns. The ASR Dutch Core Residential Fund focuses on residential properties in the mid-price rental segment in economically and demographically strong regions and cities in the Netherlands.
