PFZW to become sole owner of Amvest Vastgoed

Dutch pension funds PFZW and a.s.r. have agreed to divide the real estate activities of Amvest, making PFZW the sole owner of Amvest Vastgoed by January 1, 2026.

a.s.r. office

PFZW will acquire a.s.r.'s shares in its management and development operations.
Amvest's current development projects will be divided between PFZW and a.s.r., while a.s.r. real estate will take over managing a separate portfolio of 7,500 residential units. The existing Amvest funds will remain unaffected.
This restructuring, pending regulatory approval, aims to streamline each shareholder's strategy and operations.
This follows a.s.r.'s acquisition of a 50% stake in Amvest after merging with Aegon Nederland in 2023.
Despite the split, PFZW and a.s.r. will collaborate on ongoing Amvest developments and maintain their investments in specific Amvest funds. a.s.r. will move its share of development projects to ASR Real Estate Development, while Amvest will continue developing PFZW's projects and adding new ones.
Both parties will continue to invest in the Amvest Residential Core Fund and the Amvest Living & Care Fund, and Amvest will continue to manage these funds, as well as the separate account of Stichting Pensioenfonds voor de Woningcorporaties (SPW).
Ewout Hollegien, CFO a.s.r, said: ‘By integrating an additional 7,500 homes into our own real estate platform, the Assets under Management & Advice of a.s.r. real estate will grow to approximately €20 billion. The scale supports further efficiency and with this transaction, we strengthen our position in the Dutch real estate market. Over the coming years, ASR Real Estate Development intends to realise 13,000 homes. In doing so, we make a substantial contribution to reducing the housing shortage in the Netherlands, which aligns with a.s.r.’s role as a socially engaged Dutch insurer. Amvest will also remain a strong player in the Dutch housing market, where we will continue to be closely involved as a major investor in the Amvest funds.’
Jan Willem van Oostveen, director of Investments PFZW, commented: ‘For over 25 years, Amvest has played a key role in PFZW’s Dutch real estate investments through our holdings in the Amvest Residential Core Fund and the Amvest Living & Care Fund. By expanding our stake in Amvest Vastgoed, PFZW secures long-term investments in new sustainable rental and care homes. Our investments with Amvest deliver solid long-term returns for PFZW participants and contribute to sustainable solutions for the Dutch housing market.’
Heleen Aarts, CEO Amvest, added: ‘This step marks an important new phase in Amvest’s 25-year history. Together with PFZW as sole shareholder, we look forward to the future with confidence. Both Amvest and a.s.r. real estate will continue as strong, professional, and stable players in the Dutch housing market, fully equipped to further strengthen and expand their positions in this sector. Amvest will continue to work for both parties and will remain closely connected through the Amvest investment funds for many years to come.’