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The Fund’s 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. The Fund's target is to increase its net asset value (NAV) to € 4.2 billion in 2018 from the current € 3.2 billion. In addition to the positive revaluations, the Fund will achieve this growth through targeted acquisitions of high quality assets.

Capitalising on a number of significant trends and developments that affect the residential real estate market, the Fund’s acquisition strategy will focus on:

  • The Fund’s core regions, with a specific focus on the Randstad conurbation and a preference for inner-city areas

  • The liberalised rental segment, as rent increases are not subject to government restrictions

  • Mid-rental segment (rents € 711 - € 1,250)

  • Starter homes for one-person and two-person households and family homes

  • ‘Lifecycle-proof’ homes or environments for elderly people

  • Homes with above-average energy-efficiency

Key market developments

Underlying aspects



Strong demand for Dutch investments

Economic outlook for the Netherlands has improved strongly

Investment and liquidity in residential real estate investment market is at its highest point since the onset of the 2008 crisis

Stable and attractive returns

Fundamentals for the Dutch residential market have recovered swiftly

The continuing interest has resulted in yield shifts, pushing up prices

Dutch markets still attractively priced compared to other key markets

Sub-prime markets will develop in line with top of the market in the near future, albeit to a lesser extent

Changing demographics

Quantitative gap - Urbanisation. Population growth and the increase in the number of households

The resultant gap between supply and demand will continue to put pressure on the market

Qualitative mismatch - Single-person households and elderly are changing the market

Starters will be looking for good quality rental property


Increasing demand for so-called lifecycle-proof housing developments

Government measures in favour of rental market

Housing associations are more focused on their core task

A more level playing field

Phased reduction of tax relief on mortgage interest

Demand for liberalised rental homes is expected to double in the next thirty years

Fewer people are willing or able to enter the owner-occupier market


    Strategic actions in 2015

    • Reached agreement on investments of € 466 million in new properties

    • 100% of acquisitions located in Bouwinvest's core regions

    • Acquired 1,712 apartments in liberalised mid-rental segment

    • Acquired 395 family homes in liberalised mid-rental segment

    • Sold assets valued at € 6.3 million

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