Three Dutch pension funds have invested a further €166.5 mln in the Dutch residential fund of Syntrus Achmea Real Estate & Finance, attracted by positive structural changes in the Dutch housing market.
An unnamed pension fund has raised its stake in the Dutch residential fund to €150 mln from €13.5 mln, with The Hairdressers Pension Fund moving to €33.4 mln from €8.2 mln and TrueBlue, the retirement plan for the IT and Office Technology sector, upping to €7 mln from €2.2 mln, for the total increase of €166.5 mln.
'The Syntrus Residential Fund has 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,' said Hans Keukelaar, Chairman at TrueBlue.
The Achmea Dutch Residential Fund invests largely 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 €682 mln in assets under management. Together with the portfolios of its discretionary clients, Syntrus Achmea currently has €4.3 bn invested in Dutch residential real estate.
Onno Hoff, director fund management real estate at Syntrus Achmea RE&F, said: 'The rapid growth in Syntrus’ institutional mandates in the Dutch residential sector demonstrate the strong investor interest in this market and also client confidence in our investment strategy.'
