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Financial performance in 2015

Direct return

The Fund booked an income return (ROE) of 4.2% in 2015, 1.5%-points lower than in 2014. This decrease was a result of both a lack of rental income for Citroën buildings (Amsterdam) due to preparations for the redevelopment and substantial operating expenses to support new lettings. 

The direct property return came in at 4.9%, 1.1%-points lower than the direct return IPD Property Index (all properties) of 6.0% for 2015.

Indirect return

The indirect fund return of (3.7)% was higher than the (5.6)% in 2014, but still negative. 

The Fund booked an indirect property return of (3.4)% in 2015, which was higher than the (5.3)% reported in 2014, and an underperformance of the 2015 indirect return IPD Property Index (all properties) of (1.8)%. The underperformance was mainly the result of a substantial decrease of value anticipating possible lease endings.

Total return

The Fund’s total return on equity (ROE) came in at 0.5% in 2015, 0.4%-point higher than the 0.1% reported in 2014.

The Fund’s total property return for 2015 came in at 1.4%, which was higher than the 2014 return of 1.3%, but underperformed the total property return IPD Property Index (all properties) of 4.0%.

Fund return versus property return

The fund return (INREV) and property return (IPD) are different performance indicators. The fund return is calculated according to the INREV Guidelines as a percentage of the net asset value (INREV NAV) and the property return is calculated according to the IPD methodology as a percentage of the value of the investment properties. INREV e.g. includes cash, the fee costs and administrative costs in the calculation of the income return (INREV). Furthermore the amortisation of acquisition is threated differently by INREV and IPD. 


Secured rent will be 52.4% of the 2015 gross rental income (year-end 2014: 77%) until 2018 (three-year horizon). In accordance with the market conditions, the like-for-like rent decreased (11.0)% (2014: 0.4%).

The average financial occupancy fell slightly, to 80.1% in 2015 from 89.9% in 2014. Rent in arrears came in at 1.2% of the gross rental income for 2015, which was fairly in line with 2014 (0.9%).


The Fund made no acquisitions in 2015.


The Fund divested Brabantse Poort in Nijmegen in Q1 and a portfolio of 14 non-core office buildings in Q4 2015. The total proceeds from divestments were € 70.5 million, which led to a profit on disposals of € 0.5 million. 


The Fund did not use any loan capital financing in 2015.

Treasury management

The Fund had € 9.8 million in freely available cash and € 77.0 million in a 30-day deposit as at 31 December 2015, mainly as a result of the divestment of 15 non-core assets.

Interest rate and currency exposure

As the Fund has no external loans and borrowings, it has no exposure to related interest rate risks. The interest rate risk related to bank balances is mitigated by bank deposits.

Dividend and dividend policy

The Board of Directors of Bouwinvest proposes to pay a dividend of € 88.22 per share for 2015 (2014: € 129.43 per share), which corresponds to a pay-out ratio of 100%. It is proposed that the dividend be paid in cash, within the constraints imposed by the company’s fiscal investment institution (FII) status. Of this total dividend, 81.8% was paid out in 2015, with the final quarterly instalment paid out in March 2016. The remainder of the distribution over 2015 will be paid out in a final instalment on 26 April 2016, following approval by the Annual General Meeting to be held on 18 April 2016.


The Fund is structured as a fiscal investment institution (FII) under Dutch law and is therefore not subject to corporate tax. Being an FII, the Fund is obliged by law to maintain a pay-out ratio of 100% of the Fund’s distributable profit; as stated above, the Fund proposes to pay out 100% of said distributable profit. The Fund met its obligations related to value added tax, transfer tax and other applicable taxes in their entirety in 2015.


Bouwinvest is the fund manager of the Office Fund. On 17 February 2014, Bouwinvest was among the first Dutch institutions to obtain the AIFMD licence. Under the licence, Intertrust Depositary Services B.V. acts as independent depositary of the Fund for the benefit of the investors and performs all depositary functions and duties pursuant to AIFMD regulations.

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