Bouwinvest has received €120m from three Dutch pension scheme for its domestic residential fund.

The investment manager said its Dutch Residential Fund has been given further backing by the Confectionary Manufacturers Pension Fund, the Physiotherapists Pension Fund and the PNO Media Pension Fund.

Bouwinvest said it has invested €305m this year for the fund, which has €2.9bn of assets under management. Most of the capital invested by the fund has come from bpfBouw, the Dutch Construction Workers Pension Fund.

The institutional investor has bought 1,300 residential units, with 90% of the assets in Amsterdam. The fund also owns assets in Utrecht, Eindhoven and Rijswijk.

Allard van Spaandonk, Bouwinvest director for the Netherlands, said: “As the recovery in the major Dutch residential markets of the central Randstad urban conurbation accelerates with rising prices and rents, it is becoming increasingly difficult for investors to source the type of quality assets in the liberalised rental sector that we have just acquired.”

He said Bouwinvest has secured a supply pipeline of €658m. The portfolio is 98% let.