Three large Dutch pension funds have invested in 620 homes for students and first-time buyers on the housing market.

The sector-wide schemes for agriculture workers (BPL), the metalworking and electro-technical engineering industry (PME) and butchers (Slagers) have invested €85m between them.

The combined investment was made through Syntrus Achmea Real Estate & Finance.

It comprises apartments without gas connections in the Campus Yours in the Dutch town of Leiden.

The €16.3bn BPL is to finance all 197 student homes, while also investing in 140 starter apartments in a €40m transaction.

PME – one of the Netherlands’ biggest pension funds, with total assets of €46bn – and the €2.3bn Slagers have invested €24m and €21m, respectively, in the remaining starter homes.

The 620 apartments marked the completion of the Leiden project, which in total comprising 1,785 homes.

With €19.6bn in property assets under management, Syntrus Achmea Real Estate & Finance ranked 46th in IPE Real Assets’ annual Top 100 Real Estate Investment Managers survey, published in November.