The Retail Fund’s subsidiaries and members of the Supervisory Board and the Management Board of Bouwinvest and the other entities under management by Bouwinvest, qualify as related parties of the Retail Fund. The Fund paid Bouwinvest a € 4.8 million fee in 2023 (2022: € 4.9 million).

Bouwinvest Development B.V. and bpfBOUW and the subsidiaries and investments held by bpfBOUW are also deemed related parties.

Members of the Supervisory Board and the Management Board of Bouwinvest do not have any material interest in the Fund’s voting shares and do not have options on shares. The Fund has not granted any loans to the members of the Bouwinvest Supervisory Board and the Management Board.

The members of the Supervisory Board and the Management Board of Bouwinvest held no personal interest in the Fund’s investments in 2023.

Bouwinvest Development B.V. and Bouwinvest Retail Development B.V. (re)develop part of the investment property for the Fund. In 2023 no fee (2022: € 0) was paid to Bouwinvest Development B.V. and Bouwinvest Retail Development B.V. with regard to projects.