Contingent rights and liabilities
Bouwinvest has management agreements with the funds for an indefinite period with a two-year notice period, as well as a mandate with bpfBOUW regarding the International and Heritage portfolios for an indefinite period with a five year notice period. The management fee is calculated on the basis of net asset value, amounting to approximately € 33 million for the year 2017.
Rental and lease agreement-related contracts entered into:
Second to fifth year
More than five years
The management fee which Bouwinvest charges to the Residential, Office and Retail Fund are exempt from Dutch VAT. This is confirmed in 2016 by the Dutch Revenue in a ruling on an objection filed by Bouwinvest. This objection relates to the second and third quarter of 2013 but has also impact on the fourth quarter of 2013 and beyond.