Syntrus Achmea merges its residential funds: ADRF becomes bigger, younger, and more sustainable

Syntrus Achmea Real Estate & Finance has merged two residential funds and obtained a new mandate of €190 million. As a result, the Achmea Dutch Residential Fund (ADRF) has grown in size to a total of €2.3 billion. At the same time, the portfolio is improving in terms of average year of construction and energy label.

As a result of the merger, the portfolio of the Achmea Dutch Value Added Residential Partnership (ADVARP) has been added to the ADRF. This results in an addition to the portfolio of over €500 million, consisting of 1100 residential units (100% A label), a pipeline with an Amsterdam project under construction, and three land holdings in the Randstad area.

‘We are proud of the confidence demonstrated by investors in our merger’ says 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.”

Over the past years, the ADRF’s portfolio has been significantly strengthened through acquisitions in various locations including Eindhoven, Amsterdam, Zaandam and Nieuwegein. In addition, hundreds of older housing units in less preferred regions were sold. In combination with activities aimed at making existing dwellings more sustainable, the CO2 emissions per square metre therefore decreased quite rapidly. By 2030, the fund expects emissions to decrease by 70% (in comparison to 1990). That far exceeds the target of 49%. In the most recent GRESB-benchmark, the fund once again obtained the maximum rating of five stars.

The ADRF recently obtained a mandate of €190 million 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.’