Off-balance sheet rights and liabilities
Investment management agreements
Bouwinvest has management agreements with the Dutch funds it manages. These agreements are open-ended and payment after termination is for two years. In addition, Bouwinvest has signed three investment management agreements with Stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid (the pension fund for the construction industry – bpfBOUW) for the management of its international real estate portfolio. These three investment management agreements are open-ended. These agreements can be terminated each year, with a period of notice of two years. The management fee is calculated on the basis of net asset value.
Rental and lease contracts
All amounts in € thousands | 2023 | 2022 |
First year | 5,360 | 4,535 |
Second to fifth year | 9,584 | 7,205 |
More than five years | 2,916 | 5,403 |
Total | 17,860 | 17,143 |
Fiscal unity for value added tax
Bouwinvest and bpfBOUW are a fiscal unity for the purposes of value added tax (VAT group), also including Bouwinvest Dutch Institutional Hotel Fund N.V. (and its subsidiaries), Bouwinvest Dutch Institutional Healthcare Fund N.V. (and its subsidiary) and Bouwinvest Development B.V.
The VAT group exists since 1 January 2016; the companies in this fiscal unity file their VAT returns independently.
Bouwinvest's right to deduct VAT, as part of this fiscal unity, amounted to approximately 25% in the year 2023.