17 Effect of subsidiaries having a negative equity (non-recourse)

The adjustment represents the positive impact on the NAV of the partial or full reversal of the negative equity of the specific subsidiary. If the vehicle has granted shareholder loans to the subsidiary, these should be taken into account.

18 Goodwill

Upon the acquisition of an entity that is determined to be a business combination, goodwill may arise as a result of a purchase price allocation exercise.

19 Non-controlling interest effects of INREV adjustments

This adjustment represents the impact on the NAV of the recognition of non-controlling interests on all of the above adjustments.

Real Value for Life

The Fund's contribution to Real Value for Life

Key performance over five years

Message from the CIO Dutch Investments

Last year was another difficult year for real estate markets and the Dutch economy, due to continued geo-political, social, economic and financial turbulence, plus increased environmental concerns.

Market 2023

On 7 July, the Dutch government collapsed due to a disagreement between coalition parties over asylum policies. New national elections were held on 22 November 2023 and the process of forming a new government is currently underway.

Portfolio characteristics

Performance on quality

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.