Coöperatie Draagt Elkanders Lasten (DELA) has sold a portfolio of Dutch residential property assets to Amvest and joined the manager’s core fund.

A residential portfolio built up by subsidiary DELA Vastgoed and worth €121m will be added to the manager’s fund.

DELA said it would invest in the fund over the next few years as it looked to increase its residential investments.

Frank Hendriksen, chair of the board at DELA Vastgoed, which manages the cooperative’s €1.3bn real estate portfolio, said: “Coöperatie DELA has indicated that it wants a marked expansion of the proportion of residential in its investment mix.

“We’ve now built up an attractive portfolio of residential properties, but we need to cooperate with outside parties to meet DELA’s ambition.”

Amvest’s fund, he said, offers DELA access to a “young and geographically diverse residential portfolio with a solid pipeline of new properties”.

Wim Wensing, director of investment management at Amvest, said new capital from Coöperatie DELA would allow it to continue investing in opportunities offered by the private sector residential market.