Performance on quality
The Office Fund has a clear focus on the four largest cities in the Netherlands: Amsterdam, Rotterdam, Utrecht and The Hague (G4). At least 80% of the Fund’s NAV will be invested in these defined core regions.
Performance on diversification
The Covid-19 pandemic has accelerated a number of existing trends, which are likely to increase demand for sustainable and easily accessible office buildings that are well suited to act as a social hub for users.
Performance on sustainability
The Fund promotes ecological and social characteristics and is therefore classified as an Article 8 product according to the SFDR. In 2023, the Fund introduced its ESG Framework, which explicitly defines all ESG-related elements for the Fund.
Financial performance
The Fund realised a total return of -8.3% in 2023, consisting of 3.7% income return and -11.7% in capital growth. Net rental income, administrative and finance expenses are the main drivers for the income return.
Introduction
This section covers the financial management policies, activities and performance of the Fund over 2023, followed by the Fund's overall governance and structure. This section concludes with more details about the fund manager.
Financial management
In 2023, the full-year result declined to -€ 106.8 million, from -€ 41.3 million in 2022 (-159%).
Fund governance
Bouwinvest Dutch Institutional Office Fund (the Fund) was established in 2010. The Fund has a governance structure that ensures effective and efficient management, combined with proper checks and balances.
Structure of the Fund
Up until 1 January 2023, the Fund was structured as an investment company with variable capital, as defined in article 2:76a of the Dutch Civil Code, with its corporate seat in Amsterdam, the Netherlands.
Manager of the Fund
Bouwinvest is the fund manager of the Fund and as such is responsible for portfolio management and risk management.