The Fund’s investment strategy focuses on high street assets in the best retail locations (Experience) and on neighbourhood shopping centres and solitary supermarkets (Convenience). In addition to this, the Mixed retail segment gives the Fund the opportunity to invest to a limited extent (<10% of the portfolio) in market opportunities outside these segments.

Investments and divestments

Acquisitions

The Fund invested a total of € 34 million in 2023, which was € 15 million lower than the original plan of € 49 million. The main reason for this was that less funding was raised than planned, which limited the acquisition options. The Fund completed the acquisition of De Groote Wielen shopping centre in Rosmalen-Noord. The shopping centre has a total area of 8,000 m² and consists of three parts with 200 parking spaces. Approximately 70% of the total rent is accounted for by daily goods, with supermarkets Albert Heijn and Plus. Blok A and C were delivered in 2023, while blok B will be delivered in 2024. In addition, the Kerschoten shopping centre in Apeldoorn was also completed and delivered in 2023. This shopping centre includes six retail units, divided over three separate building blocks, with two supermarkets (Plus and Deka).

Divestments

In 2023, the Fund completed the sale of the Muntstraat 19 asset in Maastricht for € 1.0 million.

Portfolio at year-end

At year-end 2023, the Fund’s portfolio consisted of a total of 61 assets. Of these, 30 assets are classified as Experience, 28 assets are classified as Convenience and 2 assets are classified as Mixed retail. The category ‘Other’ consists of one retail asset that does not fully meet the Fund's strategic requirements and which the Fund aims to sell. In line with this plan, the Fund realised a 0.2 basis point reduction in the share of Other, taking this category to 2.8% of the portfolio, from 3.0% in 2022. The share of Experience fell by 2.0 basis points to 50.0%, while the share of Convenience increased by 2.2 basis points to 42.7%. The Mixed retail segment remained at 4.5% at year-end 2023. The changes in allocation were mainly the result of new acquisition and was was fully in line with the strategy to keep the percentage of both Experience and Convenience assets between 40% and 60%.

Allocation of investment property by strategy as a percentage of book value