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PNO Media Pension Fund, the €4.2 bn pension fund for the media sector in the Netherlands, has become the second external investor for the ASR Dutch Core Residential Fund.

Utrecht-based ASR Real Investment Management (ASR REIM) announced on Thursday that the pension fund has committed €30 mln to the residential vehicle.

The ASR Dutch Core Residential Fund has a diversified portfolio, which is worth about €800 mln. It invests in non-subsidised rental properties, mostly in the Randstad conglomeration, the most densely populated western area of the Netherlands that includes the four largest cities.

Through the placement process, ASR is seeking to align with institutional investors with a long investment horizon. ASR will continue to hold a substantial share in the fund on a sustainable basis.

Robbert van Dijk, fund director of the ASR Dutch Core Residential Fund, said: 'Institutional investors are showing great interest in the ASR Dutch Core Residential Fund. Just this year, we have already raised €80 mln of external capital. In order to deliver the fund's long-term growth strategy, we are now undertaking an intensive acquisition programme.'

Casper van Grieken, senior director of CBRE Capital Advisors: 'There is a lot of interest in Dutch residential opportunities and consequently a lot of competition for capital. The ASR Dutch Core Residential Fund is a compelling proposition for investors due to the quality of the portfolio and structure of the fund. Completing a second placement just three months after the first is a significant achievement in this competitive market and testament to the quality of the portfolio and management team.'

CBRE Capital Advisors assisted ASR REIM in the structuring and placement of the fund. De Brauw Blackstone Westbroek provides legal services to the fund and PwC is the fund's tax consultant. PNO Media Pension Fund was advised by Grontmij Capital Consultants.