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Report of Executive Board of Directors

Diversification guidelines and investment restrictions

The Fund applies a defined set of diversification guidelines and investment restrictions in the execution of its strategy. The Fund will adhere to the following investment restrictions to focus on its core activity and to limit risks. The Fund expanded its diversification guidelines slightly in the Fund Plan 2019-2021.

Diversification guidelines

Current portfolio

Conclusion

≥ 80% of investments invested in the core regions

100.0% in core regions

Compliant

≥ 90% of investments invested in low or medium risk categories

100.0% in low and medium risk

Compliant

≥ 70% of investments invested in multi-tenant assets

66.3% multi tenant

Compliant

The total rental income of one tenant may not exceed 15% of the total potential rental income

There are no tenants exceeding 15% of the total potential rental income

Compliant

The total rental income of the five largest tenants may provide a maximum of 50% of the total potential rental income of the Fund

38.3% on investment property

Compliant

Investment restrictions

  

< 15% invested in single investment property

There is one investment property exceeding 15%

Non compliant *

< 10% invested in non-core office properties

4.3% concerns non-core office properties (2 public parking assets)

Compliant

No investments that will have a material adverse effect on the Fund’s Diversification Guidelines.

There have been no investments in 2019 that have a material adverse effect on the Fund's diversification guidelines

Compliant

Restrictions on (re)development activities < 5% of the Fund's total investment portfolio value

  

a. only Assets from the Fund's porfolio qualify for (re)development

In 2019 all (re)development activities were executed only for assets of the Fund's portfolio

Compliant

b. the activities are exclusively targeted at optimising the quality of the portfolio

All activities were targeted at optimising the quality of the Fund portfolio

Compliant

c. not allowed if it has a negative impact on the Fund’s Diversification Guidelines

There was no negative impact on the Fund's diversification guidelines

Compliant

d. signed commitments relating to at least 60% of the rental income of the Asset is required

Commitment > 60%

Compliant

e. (re)development is undertaken by and for the risk and account of Bouwinvest Office Development, a wholly owned subsidiary of the Fund

All (re)development activities are undertaken by and for the risk and account of Bouwinvest Office Development

Compliant

f. all financial risks in connection with the work to be conducted as part of the (re)development will be contractually excluded by Bouwinvest Office Development and transferred to external developers or contractors. Examples of such risks are: design and building risks and cost and planning risks

All financial risks in connection with the work to be conducted as part of the (re)development are contractually excluded by Bouwinvest Office Development and transferred to external developers or contractors

Compliant

g. zoning risks remain with the Fund, however starting the building activities in relation to a (re)development is conditional upon obtaining the relevant zoning permits

The building activities in relation to a (re)development were conditional upon obtaining the relevant zoning permits

Compliant

* The value (as if completed) of two other assets is >15% of the Fund. The shareholders decided to allow the acquisition of these buildings, so a deviation from this restriction is permitted. In addition, positive revaluations cannot prevent the value of a single asset rising to a level of >15% of the Fund's total portfolio.

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