Three Dutch pension funds have increased their holdings in Syntrus Achmea’s residential fund by €166.5m.

Kappers, the pension fund for hairdressers, and TrueBlue, the retirement plan for the IT sector, along with an unnamed third pension fund, committed more capital to the vehicle.

The unnamed scheme raised its stake from €13.5m to €150m, while the Hairdressers Pension Fund moved to €33.4m from €8.2m, and TrueBlue from €2.2m to €7m.

Hans Keukelaar, chairman at TrueBlue, said the fund had proved to be a solid and reliable investment fund with good returns and a low risk profile, “which is why we have decided to raise our capital allocation”.

The fund invests in mid-priced rental apartments in the liberalised housing sector of the main Randstad urban conurbation of the Netherlands.

At the end of 2015, the fund had 23 institutional investors and €682m in assets under management.