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Financial performance in 2015

Direct return

The Fund’s income return (ROE) came in at 4.4%, which was 0.1%-point lower than in 2014, mainly due to the investment properties under construction.

The direct property return of 5.0% was lower than the 5.3% booked in 2014, and lower than the IPD Property Index of 5.8%.

Indirect return

Property values showed an upward trend in 2015 compared to 2014. The indirect return (ROE) for 2015 was 0.1%.

The Fund’s indirect property return came in at 0.3%, higher than the (2.6)% in 2014, outperforming the 2015 IPD Property Index of (1.9)%.

Total return

The total Fund return was 4.5%, higher than the 1.8% reported in 2014.

The Fund’s total property return came in at 5.3%, which was higher than the IPD Property Index of 3.8%.

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 for 2018 (three-year horizon) increased to 98% of the 2015 gross rental income (year-end 2014: 81%). In addition, the like-for-like rent decreased to (3.9)% (2014: (2.5)%). This is mainly caused by the redevelopment of Westerhaven (Groningen).

The average financial occupancy rate remained stable at 94.2% in 2015 compared to 94.4% in 2014.

Rent in arrears was higher at 3.2% of the gross rental income in 2015, compared to 2.2% in 2014.


The Fund did not acquire any new assets in 2015, but did invest some € 63.9 million in acquisitions of 2014 and redevelopments.


The Fund sold a single retail unit on Arnhemseweg (part of Achterdoelen) in Ede for a total of € 0.5 million.


Treasury management

The Fund had € 14.1 million in freely available cash and € 13.5 million in a 30-day deposit as at 31 December 2015.

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. The Fund has no currency exposure.

Dividend and dividend policy

The Board of Directors of Bouwinvest proposes to pay a dividend of € 108.84 per share for 2015 (2014: € 115.68), 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, 74.8% 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 of Shareholders 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 proposed to pay out 100% of its 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 Retail Fund. On 17 February 2014, Bouwinvest was among the first Dutch institutions to obtain the AIFMD licence. Under this 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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