The Achmea Dutch Residential Fund (ADRF), managed by Syntrus Achmea Real Estate & Finance, has grown in size to €2.3bn after merging with another residential fund and raising €190m from a new investor.

More than €500m worth of assets held by the Achmea Dutch Value Added Residential Partnership have been added to ADRF.

The portfolio includes a 1,100 units and an Amsterdam project under construction and three land holdings in the Randstad area.

In recent years, the ADRF has sold hundreds of older housing units in less preferred regions and redeployed the capital into assets in Eindhoven, Amsterdam, Zaandam and Nieuwegein.

As a result, Syntrus Achmea expects carbon emissions per square metre from the portfolio to decrease by 70% on 1990 levels when combine with efforts to make existing assets more sustainable.

“We are proud of the confidence demonstrated by investors in our merger,” said Casper Hesp, director of investment management at Syntrus Achmea.

“The merger results in one of the youngest and most sustainable residential funds in the Netherlands, which also has a diversified client base of 21 different participants. As a result, the fund will be properly positioned for the future.”

The ADRF has also received a €190m mandate from a new participant, a Dutch pension fund.

“This is another demonstration of confidence,” says fund manager Onno Hoff. ”In the coming years, we will invest these funds in sustainable and affordable residential units in promising regions in the Netherlands.”