Performance on quality

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).

Performance on future-driven

The Fund signed a new lease with retailer Nike for Lijnbaan 111 in Rotterdam, which came into effect on 1 January 2024. The retail unit is currently being made more sustainable and extensively modernised.

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 3.6% in 2023. The Fund's income return ended at 4.4%, which was 0.1 basis points higher than plan.

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 on the Fund manager.

Financial management

In 2023, the result for the year declined to € 36.0 million from € 104.1 million in 2022. This decline of € 68.1 million (65%) was primarily driven by lower valuations of the investment properties.

Fund governance

Bouwinvest Dutch Institutional Retail Fund N.V. 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

The Fund is 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.

Shareholders’ calendar

Market risk

Due to the sudden growth in inflation 2022 was marked by sharp policy rate increases by central banks. This led to valuation corrections in real estate from Q4 2022 onwards.