Investments and divestments

Acquisitions

As the Fund was dealing with redemption requests last year, the Fund did not sign any new acquisition agreements. As a result, the Fund did not meet its acquisition target of € 80 million for 2023. 

Properties added to the portfolio in 2023

In 2023, the Fund added a total of 929 apartments and 14 family homes to its portfolio. 

Bethelpark, Delft

• Segment: Apartments and family homes

• Number of residential units: 316

• Rental bandwidth: € 763 - € 1,560

• Delivery date: September 2023

Oostenburg (De Draaier & De Lasser), Amsterdam

• Segment: Apartments

• Number of residential units: 99

• Rental bandwidth: € 825 - € 2,218

• Delivery date: March 2023

Oostenburg (De Slijper & De Gieter), Amsterdam

• Segment: Apartments

• Number of residential units: 43

• Rental bandwidth: € 1,000 - € 1,838

• Delivery date: March 2023

Ebbinge 7, Groningen

• Segment: Apartments

• Number of residential units: 27

• Rental bandwidth: € 995 - € 1,275

• Delivery date: April 2023

Elements, Haarlem

• Segment: Apartments

• Number of residential units: 190

• Rental bandwidth: € 1,045 - € 2,050

• Delivery date: Augustus 2023

De Meester, Haarlem

• Segment: Apartments

• Number of residential units: 178

• Rental bandwidth: € 1,100- € 3,500

• Delivery date: June 2023

Diepeveen, Rotterdam

• Segment: Apartments

• Number of residential units: 90

• Rental bandwidth: € 965 - € 1,360

• Delivery date: November 2023

Divestments

In the 2023-2025 Fund Plan, the Fund included a three-year disposal estimate of € 606 million, with € 206 million of this in 2023. To continue to optimise the portfolio and in an attempt to meet the redemption requests received in 2022 and 2023, the Fund sold and delivered eight assets for an amount of € 169 million and reached an agreement for the sale of two assets (€ 44 million) which will be delivered in Q1 2024.  

Allocation

Core regions

The Fund has a clear core region strategy, with a specific focus on the Holland Metropole - the urban and suburban regions of Amsterdam, The Hague, Rotterdam, Utrecht and Eindhoven – and to a somewhat lesser extent the cities of Zwolle, Arnhem and Nijmegen.

The plan is to have at least 80% of the total value of the portfolio concentrated in residential real estate in these core regions; in 2023, 99.6% of the portfolio value was located in these core regions, while 93.7% of the portfolio was located in the Holland Metropole conglomeration. In addition, the Fund has a guideline that a maximum of 90% can be invested in the Randstad urban conurbation. This now stands at 87.3%. 

Allocation of investment property by core region based on market value and Holland Metropole conglomeration

Property type

To meet its own diversification guidelines, the Fund strives for a healthy balance of houses and apartments. In 2023, the Fund sold both apartments and houses. 

Portfolio composition by type of property based on market value

Age

Due to the addition of new properties to the portfolio and divestments in 2023, the weighted average age of the portfolio was slightly lower than at year-end 2022 (16.8 years in 2023 versus 17.3 years in 2022). This is based on the assumption that renovation of an asset does not constitute grounds for adjusting the age of the dwellings.

Allocation of investment property by age as a percentage of market value

Financial occupancy

The Fund ended the year with an overall financial occupancy rate of 98.8%.

Financial occupancy rate