Investment objectives, restrictions and guidelines
Target | 2023 | |
Investment objectives | ||
5-year average Fund return | 6.0-7.5% | 3.7% |
Total fund return | -3.1% | -8.3% |
NAV invested capital (in € million) | 1,314 | 1,140 |
Targeted investments (in € million) | 130 | 65 |
Targeted divestments (in € million) | 0 | 0 |
Investment restrictions | ||
Invested in single investment property | < 15% | WTC The Hague (15.6%)* |
Invested in non-core (non-office) property | < 10% | 5.4% |
No investment will have a material adverse effect on the Fund's diversification guidelines | 0 | 0 |
Total (re)development activities shall not exceed 5% of the total value of the portfolio | < 5% | 0% |
Diversification guidelines | ||
Invested in the Fund's core regions | > 80% | 100% |
Invested in low and medium risk investments | > 90% | 100% |
Invested in multi-tenant assets | > 50% | 68.7% |
Total income of single tenant may not exceed 15% of total potential rental income | < 15% | 13.2% |
Total income of five largest tenants may provide a maximum of 50% of the total potential rental income | < 50% | 39.0% |
*The value of this asset is >15% of the Fund. Deviation from the restrictions for this asset was approved by the shareholders. In addition, positive revaluations cannot prevent the value of a single asset rising to a level of >15% of the Fund's total portfolio. |