Major social trends include the growth of online shopping and the growing importance of experiences over goods.

Corporates are testing emerging technologies, such as drones, artificial intelligence, blockchain and the Internet of Things, to directly connect behaviour to technology.

The changing consumer behaviour and demographic shifts have forced retailers to rethink their store portfolio and location strategy. As a whole, the occupier market is tilting towards consolidation.

Given the low interest rate environment and the yield spread offered by real estate, investors’ capital inflow into real estate markets remained strong last year.

As online shopping will continue to grow, the physical retail market will have to shift towards a new balance in which fewer stores are needed.

The Fund’s aim is to achieve a stable portfolio that can profit from the changing retail market, mainly due to its well-distributed portfolio of high-quality assets that is sufficiently resilient and future-proof to withstand the future risks in the

The main focus of the Fund’s Experience portfolio is on individual high street shops or clusters of shops in prime shopping areas in major Dutch city centres.

The main focus of the Fund’s Convenience portfolio is on district shopping centres and standalone supermarkets with healthy catchment areas, together with assets in a rapidly emerging new retail segment, stores in high-traffic locations.

The built environment consumes around 40% of the world’s energy and accounts for up to 30% of the world’s annual GHG emissions. Additionally, the building industry is a large user of raw materials.

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.