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Report of the Board of Directors

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Market developments and trends

Despite the initial fears triggered by the Brexit vote, the Dutch economy continued its steady recovery in 2016 and economic growth with a level above 2% actually outpaced earlier projections.

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The Fund’s quality & growth strategy

The Residential Fund has a well-defined growth strategy, as we believe the residential sector continues to offer good long-term investment opportunities, especially for investors with a liability hedge strategy.

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The recovery seen in the residential real estate market seen in the previous two years continued in 2016, as house prices rose throughout the year, especially in the Randstad, and edged above pre-crisis levels.

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