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Retail Fund

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Key information in 2016

All amounts in € thousands unless otherwise stated

Highlights 2016

  • Total Fund return 8.4%, almost doubled compared to last year

  • Outperformance for the sixth consecutive year, total property return 9.3% versus 3.8% IPD Property Index

  • Continued high average financial occupancy rate of 94.7%

  • In 2016 three investors entered the Fund and were fully invested at year-end 2016

  • As per 1 January 2017, two investors increased their commitment and one new investor will enter the Fund

  • The Fund sold one asset, completed two redevelopments and added six new assets to its portfolio

  • New and extended lease contracts totaling 72,977 m²; rental value € 16.6 million per year

  • GRESB Green Star status for third successive year

Portfolio at a glance

Performance per share

Performance per share

2016

2015

Dividends (in €)

114.76

108.84

Net earnings (in €)

215.61

116.48

Net asset value IFRS (in €, at year-end)

2,640.21

2,537.12

Net asset value INREV (in €, at year-end)

2,650.14

2,547.83

Statement of financial position

Statement of financial position

2016

2015

Total assets

832,920

747,515

Total shareholders’ equity

824,201

738,335

Total debt from credit institutions

-

-

Result

Result

2016

2015

Net result

64,250

32,150

Total Expense Ratio (TER)

0.52%

0.53%

Real Estate Expense Ratio (REER)

0.82%

0.91%

Fund return

PERCENTAGE

Total fund return 2016: 8.4%

Total fund return 2015: 4.5%

Portfolio figures

Portfolio figures

2016

2015

Investment property

765,613

526,093

Investment property under construction

12,711

193,051

Gross initial yield

5.8%

6.8%

Total number of properties

47

42

Average monthly rent per square metre (in €)

233

225

Financial occupancy rate (average)

94.7%

94.2%

Sustainability (A, B or C label)

85.2%

88.0%