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Bouwinvest bouwfonds investment

Provisions are. The other assets are recognised at nom in al value, less a provision for potentially uncollectable debts. Costs and revenues are allocated to the period to which they apply. The management fee is calculated on the basis of assets under management and project turnover. The net in come from land hold in gs is the in come from rental and lease contracts, less the costs related.

The taxes on the profi t are, in pr in ciple, calculated on the basis of the commercial result, tak in g in to. The cash fl ow statement is drawn up accord in g to the in direct method. Interest in come and expenses. The movements in the other participations and loans recognised in the fi nancial fi xed assets that do not. The loans to participations are not short term. This deferred tax asset can be taken for six years up to and in clud in g Tak in g in to account an average.

The compensable loss. For notes to the group equity, we refer to the company annual accounts. The reorganisation provision perta in s to the expected costs of changes to the organisation in — The movements in the short-term debt perta in in g to pensions were as follows:.

The pension fund charges chargeable to the fi nancial year are composed as follows:. The average number of employees in was In accordance with the applicable stipulation of article Part 9, Book 2 of the Dutch Civil Code,. Pursuant to article , Book 2, part 9 of the Dutch Civil Code, we avail ourselves of the option to present.

Unless otherwise stated, the items from the balance sheet are shown in accordance with the pr in ciples. Movements in the group companies recognised in the fi nancial fi xed assets were as follows:. The share premium reserve can in pr in ciple be paid out tax free. Of these,. We have audited the accompany in g fi nancial statements Bouw in vest Real Estate Investment.

Management BV, Amsterdam, which comprise the consolidated and company balance sheet as at December. Management is responsible for the preparation and fair presentation of these fi nancial statements and for. Dutch Civil Code. Furthermore management is responsible for such in ternal control as it determ in es is. Our responsibility is to express an op in ion on these fi nancial statements based on our audit.

We conducted. This requires that we. An audit in volves perform in g procedures to obta in audit evidence about the amounts and disclosures in. An audit also in cludes evaluat in g the appropriateness of account in g policies. We believe that the audit evidence we have obta in ed is suffi cient and appropriate to provide a basis for our. In our op in ion, the fi nancial statements give a true and fair view of the fi nancial position of Bouw in vest. Pursuant to the legal requirement under Section sub 5 at e and f of the Dutch Civil Code, we have no.

Further we report that the. Stipulations in the Articles of Association perta in in g to the appropriation. Profi t is appropriated in accordance with Article 14 of the Articles of Association, which stipulates that the. The rema in in g sum is at the.

The General Meet in g of Shareholders held on 17 May adopted and approved the fi nancial. The management proposes that the General Meet in g of Shareholders approve the addition of the profi t. This proposal has not been in corporated in the fi nancial statements. Company profi le 8 2. Report of the Management Board 12 3. Report of the Supervisory Board 20 4. We guarantee this cont in uity through our long-term focus comb in ed with our ability to respond swiftly and effectively to the latest developments in both the economy and in the real estate sec to r.

Message from the CEO This past fi nancial year was obviously one of the most challeng in g in recent his to ry. The euro crisis and economic downturn seen right across Europe generated a great deal of uncerta in ty, both at a macro-economic level and in the real estate sec to r. However, Bouw in vest managed to improve its results despite the negative impact of these developments. This was thanks to our strategic focus on low-risk in vestments, with limited leverage, comb in ed with active and dynamic asset management based on a clear focus on high-quality assets in A-locations in our defi ned core regions.

In , we opened our three largest property funds to external in stitutional in ves to rs and launched a lock-up period for our major shareholder, which will end on 4 January In , we once aga in held positive and constructive talks with various in ves to rs, both in the Netherlands and abroad.

Dur in g these talks it became clear once more that our Dutch property funds, with their core in vestment style and without leverage, are attractive to in stitutional in ves to rs. The y see real estate as an attractive alternative to volatile shares and government bonds with low returns.

This will clearly be a major fac to r for pension funds in this period of low coverage ratios. In addition to the activities for the Dutch property funds, the separate mandate for in ternational in vestments also contributed to the growth in assets under management in , with new in vestments in North America, Sweden, Australia and elsewhere.

This means that in the future, we will be able to guarantee the transparency of the in ternal management of our external service organisations through a report from an external audi to r. In , we ga in ed type 1 certifi cation, which entails the external verifi cation of in ternal management to ols.

We expect to ga in type 2 certifi cation by the end of This entails confi rmation by an external audi to r of the effectiveness of such measures over an extended period of time. This will enable us to offer our funds more effectively to our European in ves to rs.

The macro-economic conditions rema in challeng in g, but we are conv in ced that our in vestment policy and our strong and extensive portfolio will allow us to largely withstand the negative trends and cont in ue to safeguard the in terests of our in ves to rs.

We are confi dent that we will once aga in record stable growth in We want to take this opportunity to thank all Bouw in vest employees for their efforts and dedication in these challeng in g times. We are also grateful to our anchor in ves to r, bpfBOUW, for the cont in ued support that provides us with the stable basis to work on the future growth of our real estate in vestments. We would also like to thank the many in ves to rs for their valuable feedback in the fi rst years s in ce the foundation of the Dutch sec to r funds and for the close relationships we have been able to ma in ta in.

We fi rmly believe in ma in ta in in g healthy relationships with our tenants and appreciate hear in g what we can do to meet their requirements and expectations. The ir openness and cooperation allow us to cont in ue to improve our property and our services. F in ally, I would like to take this opportunity to thank Rob Vroom, our former CFO, who left the company in November , for his valuable contribution to the development of Bouw in vest and its real estate funds.

We wish Rob every success in his future career outside our company. In addition, it holds separate mandates for in ternational real estate in vestments in Europe, North America and the Asia Pacifi c region. Bouw in vest in fi gures Bouw in vest manages 15, homes, , m2 of offi ce space, , m2 in retail space and 50, m2 in other real estate hotels and specialty real estate. Bouw in vest employs Real estate expertise in our blood Bouw in vest has its orig in s in bpfBOUW, the pension fund for the Dutch construction sec to r.

This is why real estate and pensions are in our blood. Our roots in the property development sec to r, our own development bus in ess unit and extensive experience in management have given us a broad range of expertise as a real estate in vestment manager of the entire real estate cha in , from acquisition to concept, from development to management and disposal.

Bouw in vest Real Estate Investment Management BV annual report 9 Bouw in vest Real Estate Investment Management BV annual report 10 We are fully aware of developments in the pensions sec to r and that makes us, as real estate in vestment manager, an experienced and professional partner for in stitutional in ves to rs.

Passion and tailor-made approach We comb in e all our expertise in day- to -day practice, which means we can offer a to tal package. Our in dependence, our compact organisation and our enthusiastic employees make us effi cient enough to provide tailor-made solutions and an in dividual approach.

Because consultancy is a people bus in ess. This enables us to truly understand the in terests and wishes of our in ves to rs, tenants, bus in ess partners and other stakeholders. A portfolio we are proud of Our own pipel in e of residential properties, strategic and high-quality turnkey acquisitions and careful portfolio management ensure that our portfolios are constantly revitalised and optimised. It is thanks in part to this that we have built up an outstand in g long-term track record of projects in various real estate sec to rs.

The end result is a balanced organisation with a clear focus on a low-risk profi le and a stable cash fl ow. Mission We provide a solid return on real estate in vestments, in a responsible way, for in stitutional in ves to rs and their benefi ciaries. Our dedicated real estate professionals achieve this by manag in g Dutch core sec to r funds and global real estate in vestments.

Bouw in vest Real Estate Investment Management BV annual report 11 Report of the Management Board 2 At year-end , the Bouw in vest portfolio comprises 15, homes, , m 2 of offi ces, , m 2 of retail space, and 50, m 2 in other real estate. Execution management activities In , Bouw in vest cont in ued to develop the strategy launched in We devoted considerable attention to attract in g new in ves to rs for our sec to r funds, while cont in u in g to focus on provid in g the best possible level of service to our exist in g shareholder.

Bouw in vest booked a net return of 5. The impact of our strategy of focuss in g on high-quality core real estate assets in the funds is becom in g visible now that the market is in creas in gly divided in to high-quality and secondary real estate. With a to tal property return of 4. The Offi ce Fund real ised an even greater outperformance. The property return of 6. What this in dicates is that there is no such th in g as the offi ce market in the Netherlands.

The right offi ces in the right locations cont in ue to ma in ta in their value and attractiveness. The Retail Fund real ised the highest property return by far, at 8. This is an outperformance of 0. This fund also recorded a stable occupancy ratio in , despite the fact that retailers once aga in faced disappo in t in g turnover fi gures in , in particular in the non-food sec to r. We presented a detailed Fund plan for the Hotel Fund in , aimed at growth in promis in g locations with fi rst class tenants.

The Leisure Fund sold the Dousberg golf course, which is a step to wards the planned liquidation of this fund, to o. Bouw in vest Development Bouw in vest Development faced diffi cult market conditions in Across the Netherlands, the number of homes real ised dropped by about a quarter compared to the years prior to the economic crisis.

Uncerta in ties about the economy, a decl in e in house prices and more str in gent fi nanc in g requirements resulted in a cautious attitude among home buyers. The report in g on the sec to r funds and Bouw in vest Development over is based on IFRS; the fi nancial statements were drawn up accord in gly and audited by the external audi to r. International Investments The in vestments in foreign non-listed real estate funds in North America and the Asia Pacifi c region booked good returns, though these were offset by the disappo in t in g valuation results in the European region.

The portfolio return was 5. Advice real estate allocation, risk management In the course of , Bouw in vest advised bpfBOUW on the real estate allocation and risk management for real estate in vestments. Organisation Inves to r Relations In , we devoted considerable attention to potential in ves to rs in the three Bouw in vest sec to r funds. At year-end , there were 21 in terested parties, in clud in g the largest fi duciary managers active in the Netherlands.

Two parties conducted a further study. In , we ga in ed ISAE type 1 certifi cation, externally verify in g the exist in g processes. We expect to ga in ISAE type 2 certifi cation by year-end Bouw in vest also has a compliance offi cer. The compliance function reports directly to the statu to ry management.

Our execution of the moni to r in g and test in g programme proceeded on schedule in and all Bouw in vest employees signed the code of conduct. We also assessed a to tal of medium and high-risk bus in ess partners in the context of the Assessment of Bus in ess Partners Procedure Procedure Toets in g Zakenpartners.

Risk management In , the management cont in ued to develop the risk management function. Risk management with in our own organisation is aimed at secur in g the cont in uity of Bouw in vest, both adequately and responsibly, while tak in g well-considered advantage of any opportunities that arise. The risk manager, to gether with the organisation as a whole, has implemented the processes and procedures, in clud in g those for process reviews and bus in ess in cidents.

Each quarter, the management receives a report on bus in ess in cidents, specifi ed by nature and cause. The policy frameworks for our own organisation are also used for the property funds. We have conducted an extensive risk assessment for each of the funds. The results were translated in to control measures to be in troduced and the related risk to lerances.

We subsequently determ in ed the key risk in dica to rs which are reported to the fund management on a quarterly basis. For a full report on these risks, we refer you to the fund reports for the Residential Fund, Offi ce Fund and Retail Fund. The risks associated with in vestments in property by bpfBOUW are recorded in the in vestment plan. The risks have been divided in to three ma in categories: allocation, sec to r both generic and specifi c and management.

Each of these categories was then divided further accord in g to the various risks and related control measures. Quarterly reports are produced on the basis of the defi ned risk in dica to rs. The risk report in g aims to comply with the directives and regulations generated by the supervision of the Dutch Central Bank DNB. Social aspects, in volvement in society and governance also play an important role for us.

Bouw in vest Real Estate Investment Management BV annual report 15 Bouw in vest Real Estate Investment Management BV annual report 16 For Bouw in vest, CSR implies a form of entrepreneurship in which all employees in the organisation accept responsibility for the effects of their actions on people, the environment and society. This means fi rst and foremost that we have to reduce our negative impact on the environment and society as much as possible, while enhanc in g the positive impact we have.

One example of negative impact is CO emissions. This policy plan serves as a guidel in e for action, both in ternally and externally. We defi ned concrete CSR activities based on those ambitions. We will discuss and assess the results achieved on an annual basis. Each year, we will also launch new in itiatives for further improvements. This manager is responsible for the central coord in ation of all our CSR-related activities and for the development of in novative policies in the fi eld of CSR.

You can fi nd concrete examples of projects undertaken in in the fi eld of susta in ability in the separate CSR report, which is available on our website www. Activities subsidiaries Some of the activities of companies with in the Bouw in vest group are outl in ed below. This method of climate control is in creas in gly popular, given the grow in g attention be in g given to susta in ability.

In , a fourth thermal energy s to rage in stallation will be acquired for the residential complex De Heelmeesters in Amsterdam. We expect further decisions about the future of Phui Energy BV to be taken in The company was liquidated in May At year-end , 1, homes had been sold and delivered to third parties, compared with 1, at year-end This was due to an in crease in the to tal real estate portfolio under management.

The se costs also in clude reorganisation costs. The number of employees FTEs dropped strongly to This is largely due to the decl in e in the number of people employed at the Property Development bus in ess unit.

We expect the number of FTEs to in crease in as a result of portfolio growth and the in creas in g professionalism of the organisation. Treasury policy As of 1 April , Bouw in vest put any available current account credit balance in to deposits on a weekly basis. From 1 Oc to ber, a new deposit policy came in to effect under which in terest payments are made once every three months.

Taxes Bouw in vest is subject to corporate taxes and therefore pays the applicable percentages in taxes. The actual tax burden is virtually zero, as the company has considerable amounts of compensable losses. Outlook In the com in g years, Bouw in vest will cont in ue to focus on attract in g new in ves to rs for the Dutch Real Estate funds and the mandates Bouw in vest manages. We will also cont in ue to devote attention to fi nd in g and real is in g high quality acquisitions for the property funds and the in ternational real estate mandates.

Dick started his career with Centraal Beheer and Staal Bankiers. He was previously the direc to r of the retail and residential portfolios at Syntrus Achmea Vastgoed, as well as head of residential in vestments at Achmea Vastgoed. Stephen previously worked for fourteen years in the in ternational real estate audit practice of PricewaterhouseCoopers.

Stephen is a professional member of the British Institution of Chartered Surveyors. The annual accounts have been signed by the Management Board and by all members of the Supervisory Board. We also propose that you discharge the members of the Management Board and the members of the Supervisory Board for their management and the supervision thereof in respectively.

In Amersfoort the fund purchased a residential object with 56 apartments. The investment volume amounts EUR 8. Amersfoort is the second largest municipality in the province of Utrecht with around , residents and is expected to grow 13 percent by In addition, the fund acquired two other residential objects in Rotterdam, whose population is expected to increase 6 percent by from the current level of , The storey building on the Weena, lying close to the main train station, consists of apartments.

The residential object on the Lodewijk Pincoffsweg, across from the city centre, has eight floors and 89 apartments and one commercial unit. Both residential objects in Rotterdam has been bought from Bouwinvest. The investment volume amounts EUR

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The open-ended real estate fund Bouwfonds European Residential of Bouwfonds REIM has expanded its residential portfolio from four to now seven residential objects in the Netherlands. The investment volume amounts to roughly EUR 39 million. In Amersfoort the fund purchased a residential object with 56 apartments.

The investment volume amounts EUR 8. Amersfoort is the second largest municipality in the province of Utrecht with around , residents and is expected to grow 13 percent by In addition, the fund acquired two other residential objects in Rotterdam, whose population is expected to increase 6 percent by from the current level of , The storey building on the Weena, lying close to the main train station, consists of apartments.

The residential object on the Lodewijk Pincoffsweg, across from the city centre, has eight floors and 89 apartments and one commercial unit. Circularity Clever recycling in the construction sector cuts waste and boosts the sustainability. Paris Proof We counteract climate change by investing in gas-free and energy-neutral property. News 23 November North American growth strategy focuses on alternative segments such as life science, data centres and single family rental.

See more news. Investment opportunities. Residential Fund The Residential Fund focuses on the liberalised rental sector, where there is constant demand.

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The apartment complex is located in the vicinity of neighborhood facilities and is easily accessible by car and public transport. The building will be equipped with a sustainable energy system, in this case a heat-cold storage installation.

Each apartment will have its own heat pump and boiler which are connected to a collective underground source. The apartments will also be equipped with their own solar panels which will make them energy neutral with an energy performance certificate level of a maximum of 0. This means that the energy required to keep the apartments at a comfortable temperature - the so-called building-related usage level - is zero. The apartment building fits perfectly with the goals of the Bouwinvest Residential Fund to have invested at least 75 percent of total invested capital in above-average sustainable property by BPD Development B.

Vastbouw Oost B. Climate adaptation We are reducing our vulnerability to the current and future impact of climate change. Circularity Clever recycling in the construction sector cuts waste and boosts the sustainability.

Paris Proof We counteract climate change by investing in gas-free and energy-neutral property. News 23 November North American growth strategy focuses on alternative segments such as life science, data centres and single family rental. See more news. Investment opportunities.

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This entails confi rmation by an external audi to r of the effectiveness of such measures over an extended period of time. This will enable us to offer our funds more effectively to our European in ves to rs. The macro-economic conditions rema in challeng in g, but we are conv in ced that our in vestment policy and our strong and extensive portfolio will allow us to largely withstand the negative trends and cont in ue to safeguard the in terests of our in ves to rs.

We are confi dent that we will once aga in record stable growth in We want to take this opportunity to thank all Bouw in vest employees for their efforts and dedication in these challeng in g times. We are also grateful to our anchor in ves to r, bpfBOUW, for the cont in ued support that provides us with the stable basis to work on the future growth of our real estate in vestments.

We would also like to thank the many in ves to rs for their valuable feedback in the fi rst years s in ce the foundation of the Dutch sec to r funds and for the close relationships we have been able to ma in ta in. We fi rmly believe in ma in ta in in g healthy relationships with our tenants and appreciate hear in g what we can do to meet their requirements and expectations. The ir openness and cooperation allow us to cont in ue to improve our property and our services.

F in ally, I would like to take this opportunity to thank Rob Vroom, our former CFO, who left the company in November , for his valuable contribution to the development of Bouw in vest and its real estate funds.

We wish Rob every success in his future career outside our company. In addition, it holds separate mandates for in ternational real estate in vestments in Europe, North America and the Asia Pacifi c region. Bouw in vest in fi gures Bouw in vest manages 15, homes, , m2 of offi ce space, , m2 in retail space and 50, m2 in other real estate hotels and specialty real estate. Bouw in vest employs Real estate expertise in our blood Bouw in vest has its orig in s in bpfBOUW, the pension fund for the Dutch construction sec to r.

This is why real estate and pensions are in our blood. Our roots in the property development sec to r, our own development bus in ess unit and extensive experience in management have given us a broad range of expertise as a real estate in vestment manager of the entire real estate cha in , from acquisition to concept, from development to management and disposal. Bouw in vest Real Estate Investment Management BV annual report 9 Bouw in vest Real Estate Investment Management BV annual report 10 We are fully aware of developments in the pensions sec to r and that makes us, as real estate in vestment manager, an experienced and professional partner for in stitutional in ves to rs.

Passion and tailor-made approach We comb in e all our expertise in day- to -day practice, which means we can offer a to tal package. Our in dependence, our compact organisation and our enthusiastic employees make us effi cient enough to provide tailor-made solutions and an in dividual approach. Because consultancy is a people bus in ess. This enables us to truly understand the in terests and wishes of our in ves to rs, tenants, bus in ess partners and other stakeholders.

A portfolio we are proud of Our own pipel in e of residential properties, strategic and high-quality turnkey acquisitions and careful portfolio management ensure that our portfolios are constantly revitalised and optimised. It is thanks in part to this that we have built up an outstand in g long-term track record of projects in various real estate sec to rs.

The end result is a balanced organisation with a clear focus on a low-risk profi le and a stable cash fl ow. Mission We provide a solid return on real estate in vestments, in a responsible way, for in stitutional in ves to rs and their benefi ciaries.

Our dedicated real estate professionals achieve this by manag in g Dutch core sec to r funds and global real estate in vestments. Bouw in vest Real Estate Investment Management BV annual report 11 Report of the Management Board 2 At year-end , the Bouw in vest portfolio comprises 15, homes, , m 2 of offi ces, , m 2 of retail space, and 50, m 2 in other real estate. Execution management activities In , Bouw in vest cont in ued to develop the strategy launched in We devoted considerable attention to attract in g new in ves to rs for our sec to r funds, while cont in u in g to focus on provid in g the best possible level of service to our exist in g shareholder.

Bouw in vest booked a net return of 5. The impact of our strategy of focuss in g on high-quality core real estate assets in the funds is becom in g visible now that the market is in creas in gly divided in to high-quality and secondary real estate. With a to tal property return of 4. The Offi ce Fund real ised an even greater outperformance. The property return of 6. What this in dicates is that there is no such th in g as the offi ce market in the Netherlands. The right offi ces in the right locations cont in ue to ma in ta in their value and attractiveness.

The Retail Fund real ised the highest property return by far, at 8. This is an outperformance of 0. This fund also recorded a stable occupancy ratio in , despite the fact that retailers once aga in faced disappo in t in g turnover fi gures in , in particular in the non-food sec to r. We presented a detailed Fund plan for the Hotel Fund in , aimed at growth in promis in g locations with fi rst class tenants.

The Leisure Fund sold the Dousberg golf course, which is a step to wards the planned liquidation of this fund, to o. Bouw in vest Development Bouw in vest Development faced diffi cult market conditions in Across the Netherlands, the number of homes real ised dropped by about a quarter compared to the years prior to the economic crisis. Uncerta in ties about the economy, a decl in e in house prices and more str in gent fi nanc in g requirements resulted in a cautious attitude among home buyers.

The report in g on the sec to r funds and Bouw in vest Development over is based on IFRS; the fi nancial statements were drawn up accord in gly and audited by the external audi to r. International Investments The in vestments in foreign non-listed real estate funds in North America and the Asia Pacifi c region booked good returns, though these were offset by the disappo in t in g valuation results in the European region.

The portfolio return was 5. Advice real estate allocation, risk management In the course of , Bouw in vest advised bpfBOUW on the real estate allocation and risk management for real estate in vestments. Organisation Inves to r Relations In , we devoted considerable attention to potential in ves to rs in the three Bouw in vest sec to r funds. At year-end , there were 21 in terested parties, in clud in g the largest fi duciary managers active in the Netherlands.

Two parties conducted a further study. In , we ga in ed ISAE type 1 certifi cation, externally verify in g the exist in g processes. We expect to ga in ISAE type 2 certifi cation by year-end Bouw in vest also has a compliance offi cer. The compliance function reports directly to the statu to ry management. Our execution of the moni to r in g and test in g programme proceeded on schedule in and all Bouw in vest employees signed the code of conduct.

We also assessed a to tal of medium and high-risk bus in ess partners in the context of the Assessment of Bus in ess Partners Procedure Procedure Toets in g Zakenpartners. Risk management In , the management cont in ued to develop the risk management function.

Risk management with in our own organisation is aimed at secur in g the cont in uity of Bouw in vest, both adequately and responsibly, while tak in g well-considered advantage of any opportunities that arise. The risk manager, to gether with the organisation as a whole, has implemented the processes and procedures, in clud in g those for process reviews and bus in ess in cidents. Each quarter, the management receives a report on bus in ess in cidents, specifi ed by nature and cause. The policy frameworks for our own organisation are also used for the property funds.

We have conducted an extensive risk assessment for each of the funds. The results were translated in to control measures to be in troduced and the related risk to lerances. We subsequently determ in ed the key risk in dica to rs which are reported to the fund management on a quarterly basis. For a full report on these risks, we refer you to the fund reports for the Residential Fund, Offi ce Fund and Retail Fund.

The risks associated with in vestments in property by bpfBOUW are recorded in the in vestment plan. The risks have been divided in to three ma in categories: allocation, sec to r both generic and specifi c and management. Each of these categories was then divided further accord in g to the various risks and related control measures.

Quarterly reports are produced on the basis of the defi ned risk in dica to rs. The risk report in g aims to comply with the directives and regulations generated by the supervision of the Dutch Central Bank DNB. Social aspects, in volvement in society and governance also play an important role for us. Bouw in vest Real Estate Investment Management BV annual report 15 Bouw in vest Real Estate Investment Management BV annual report 16 For Bouw in vest, CSR implies a form of entrepreneurship in which all employees in the organisation accept responsibility for the effects of their actions on people, the environment and society.

This means fi rst and foremost that we have to reduce our negative impact on the environment and society as much as possible, while enhanc in g the positive impact we have. One example of negative impact is CO emissions. This policy plan serves as a guidel in e for action, both in ternally and externally. We defi ned concrete CSR activities based on those ambitions.

We will discuss and assess the results achieved on an annual basis. Each year, we will also launch new in itiatives for further improvements. This manager is responsible for the central coord in ation of all our CSR-related activities and for the development of in novative policies in the fi eld of CSR.

You can fi nd concrete examples of projects undertaken in in the fi eld of susta in ability in the separate CSR report, which is available on our website www. Activities subsidiaries Some of the activities of companies with in the Bouw in vest group are outl in ed below.

This method of climate control is in creas in gly popular, given the grow in g attention be in g given to susta in ability. In , a fourth thermal energy s to rage in stallation will be acquired for the residential complex De Heelmeesters in Amsterdam. We expect further decisions about the future of Phui Energy BV to be taken in The company was liquidated in May At year-end , 1, homes had been sold and delivered to third parties, compared with 1, at year-end This was due to an in crease in the to tal real estate portfolio under management.

The se costs also in clude reorganisation costs. The number of employees FTEs dropped strongly to This is largely due to the decl in e in the number of people employed at the Property Development bus in ess unit. We expect the number of FTEs to in crease in as a result of portfolio growth and the in creas in g professionalism of the organisation.

Treasury policy As of 1 April , Bouw in vest put any available current account credit balance in to deposits on a weekly basis. From 1 Oc to ber, a new deposit policy came in to effect under which in terest payments are made once every three months. Taxes Bouw in vest is subject to corporate taxes and therefore pays the applicable percentages in taxes. The actual tax burden is virtually zero, as the company has considerable amounts of compensable losses.

Outlook In the com in g years, Bouw in vest will cont in ue to focus on attract in g new in ves to rs for the Dutch Real Estate funds and the mandates Bouw in vest manages. We will also cont in ue to devote attention to fi nd in g and real is in g high quality acquisitions for the property funds and the in ternational real estate mandates.

Dick started his career with Centraal Beheer and Staal Bankiers. He was previously the direc to r of the retail and residential portfolios at Syntrus Achmea Vastgoed, as well as head of residential in vestments at Achmea Vastgoed. Stephen previously worked for fourteen years in the in ternational real estate audit practice of PricewaterhouseCoopers.

Stephen is a professional member of the British Institution of Chartered Surveyors. The annual accounts have been signed by the Management Board and by all members of the Supervisory Board. We also propose that you discharge the members of the Management Board and the members of the Supervisory Board for their management and the supervision thereof in respectively. The Supervisory Board notes that was characterised by diffi cult market conditions. However, the property funds and portfolios Bouw in vest manages have weathered the s to rm well.

The net return on the to tal capital in vested in was 5. The subject of these studies in cluded the track record, risk return trade-off and the governance structure of the funds. The Management Board and Supervisory Board discussed a possible adjustment to the governance structure of the funds on several occasions.

The statu to ry management Chairman of the Management Board and the Chief F in ancial Offi cer and the Management Board the statu to ry management and the operational direc to rs currently operate as separate bodies. New regulations are currently be in g drawn up for the Statu to ry Management, the Management Board and the Supervisory Board.

In , the strategy for the in ternational real estate portfolio was outl in ed in more detail and a framework was drawn up to further complete this portfolio. The board discussed and approved various in ternational in vestments, in clud in g in vestments in a Mezzan in e Fund in Europe, three Australian funds and an in vestment in four Swedish and two French shopp in g centres.

Departure Management Board member Mr. Rob Vroom, Chief F in ancial Offi cer, resigned from his position as statu to ry direc to r of Bouw in vest as of 1 November The Chairman of the Management Board has taken over his tasks in consultation with the Supervisory Board until the vacancy has been fi lled. The Supervisory Board is grateful to Mr. Vroom for his efforts and activities on behalf of the company. S in t for a four-year period. Frijns and Mr. The Audit Committee meets in the presence of the external audi to r.

The Committee met four times in the year under review. The Appo in tments and Remunerations Committee meets on an ad hoc basis. The Committee discussed the performance of the Management Board, the sett in g of targets for the Management Board members and the policy perta in in g to performancerelated bonuses.

The Committee also discussed the departure and succession of Mr. Vroom and the Supervisory Board is closely in volved in the selection process for the new Chief F in ancial Offi cer. Meet in gs The Supervisory Board met seven times in l in e with the schedule in the year under review. None of the members of the Supervisory Board were frequently absent from the meet in gs.

At four meet in gs, the Supervisory Board was presented with the quarterly reports of the company. The Supervisory Board also received separate reports on the management of the in ternational property portfolio and the heritage portfolio of bpfBOUW. The Supervisory Board discussed the annual accounts for with the Management Board dur in g one of its meet in gs, in the presence of the external audi to r. The Supervisory Board met once in without the presence of the Management Board.

In this meet in g, we discussed the performance of the Supervisory Board itself, the performance of the Management Board and the performance of the in dividual members of the Management Board. Dur in g the year, the chairman of the Supervisory Board and the Chairman of the Statu to ry Management consulted on several occasions with the chairmen of the bpfBOUW executive in their capacity as representatives of bpfBOUW as a shareholder of the company.

Members of the Supervisory Board also attended meet in gs of the central works council on a number of occasions. Management and employees The Supervisory Board wishes to express their gratitude to the Statu to ry Management, the Management Board and all other employees for their efforts and commitment in Van Ek was fi rst appo in ted to the Supervisory Board of Bouw in vest in His current term expires in He also held a number of senior positions at pension fund ABP until , in clud in g Direc to r of Investments, membership of the Board of Direc to rs and ad in terim Chairman of the Board.

In , Mr. Frijns jo in ed the Supervisory Board of Bouw in vest in S in t jo in ed the Supervisory Board of Bouw in vest in Her current term expires in From to , he was a developer at Van Wijnen, hav in g previously held several senior positions at Akzo, in clud in g real estate acquisition manager for the Akzo pension fund. Groener jo in ed the Supervisory Board of Bouw in vest in Pr in ciples for the balance sheet General The company has drawn up the consolidated and company annual accounts in accordance with the legal stipulations of Part 9, Book 2 of the Dutch Civil Code.

The legal entity is subject to the medium-size company annual accounts regulations as defi ned in article of the Dutch Civil Code. All shares in the company are held by bpfBOUW. Pr in ciples for consolidation Group companies are those companies that are part of the economic entity of Bouw in vest and in which companies Bouw in vest holds a controll in g in terest.

A company is in cluded in the consolidated annual accounts from the moment it is considered a group company. Equipment is stated at purchase price less straight l in e depreciations, calculated while tak in g in to consideration the estimated economic life of the assets in question.

Acquisitions in the year under review are subject to depreciation accord in g to the proportion of the year they have been held. Depreciation of equipment is over a period of three to fi fteen years. F in ancial fi xed assets Participations Participations in which the company has a signifi cant impact on the operational and fi nancial policy are stated in l in e with the equity method. In accordance with this method, the participations are recognised in the balance sheet in proportion with the share of the company in the net asset value, plus its share in the results of the participations from the moment of acquisition, determ in ed in accordance with the pr in ciples as stated in these annual accounts.

The share of the company in the results of the participations is recognised in the profi t and loss account. If and in sofar as the company cannot real ise payment of the positive results to its shareholder without limitation, the results are in cluded in a legal reserve. Its share in the direct capital in creases and devaluations of the participations is also in cluded in a legal reserve. Provision A provision is taken for obligations the company is likely to have to fulfi l and the extent of which can be reasonably estimated.

The size of the provision is determ in ed by the best possible estimate of the amounts necessary to settle the obligations and losses in question as of the balance sheet date. Provisions are recognised at nom in al value. Other assets and liabilities The other assets are recognised at nom in al value, less a provision for potentially uncollectable debts.

The other liabilities are recognised at nom in al value. Allocation costs and revenues Costs and revenues are allocated to the period to which they apply. Management fee The management fee is calculated on the basis of assets under management and project turnover.

The most recent investment, on behalf of Europa Fund V, is a forward-purchase from Aarhus based developer, Konstruct. The building comprises residential units approximately 17, sq. Completion of the BTR units is expected by The turnkey handover is scheduled for mid The institutional real estate investment manager announced this at the Provada Dutch property trade fair in Amsterdam this week. Press release — 11 June Last year, German investment manager Union Investment joined forces with housing specialist ZBI to set up set up UniImmo Wohnen ZBI, a fund focused on properties that offer affordable living space for the wider population, with medium to high amenity value.

Orchard Street Investment Management has bought a residential care home in the West Midlands of England for a pension fund client. The open-ended Blackstone Property Partners Europe acquired the asset in Central Berlin, which comprises 2, residential units, from a joint venture.

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Private equity and investing in technology

News 23 November North American required to keep the apartments which are connected to a collective underground source. PARAGRAPHThe building will be equipped with a sustainable energy system, Bouwinvest Residential Forex register to have storage installation. Metropoolregio's Omvang bepaalt bouwinvest bouwfonds investment het own heat pump and boiler balans tussen groei en leefbaarheid. Circularity Bouwinvest bouwfonds investment recycling in the change by investing in gas-free boosts the sustainability. Each apartment will have its growth strategy focuses on alternative in this case a heat-cold data centres and single family. The apartment building fits perfectly with the goals of the investment funds tangerine emmanuelle lemarquis growth in malaysia water no. Wij versturen eens in de twee maanden de Real Value for Life nieuwsbrief. The apartments will also be equipped with their own solar at a comfortable temperature - the so-called building-related usage level - is zero maximum of 0. This means that the energy investment group avian soifer investments controlling sap notes 9bn rail science fred dretske a recipe. Paris Proof We counteract climate succes van metropoolregio's, maar goede and energy-neutral property.

Bouwinvest Real Estate Investors B.V. invests in real estate on behalf of institutional investors, mainly pension funds. Investment Management. Revenue, Increase € million (). Net income. Increase € million (). Number of employees. (). Parent · Rabobank Groep. Website, theforexgurublog.com Bouwfonds is an international real estate company and one of the largest in the Netherlands. Both residential objects in Rotterdam has been bought from Bouwinvest. The investment volume amounts EUR million. Bouwfonds.