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Financial performance in 2015

Direct return

The Fund booked an income return (ROE) of 7.0% in 2015, 1.0%-point higher than in 2014. The increase is realised due to higher net rental income (€ 0.5 million) and also lower administrative expenses. The occupancy rate in the Hotel Fund stayed at the maximum level of 100%.

The direct property return came in at 7.6%, 0.2%-points higher than the direct return for 2014.

Indirect return

Values continued to shift upwards in 2015, leading to a 0.9%-point rise in the Fund’s capital growth (ROE) in 2015. The capital growth was 1.4% in 2015 and primarily a result of an improved hotel real estate investment market.

The Fund booked an indirect property return of 1.4% in 2015, which was higher than the 0.5% reported in 2014.

Total return

The Fund’s total return on equity (ROE) came in at 8.4% in 2015, 1.9%-points higher than the 6.5% reported in 2014. The Fund’s total property return for 2015 came in at 8.9%, which was 1.0% higher than the 2014 return of 7.9%. 

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 100% of the 2015 gross rental income (year-end 2014: 100%) until 2018 (three-year horizon). Rent in arrears came in at 0.0% of the gross rental income for 2015.


The Fund closed a transaction for the Amsteltower Hotel in Amsterdam (3 star segment, 186 rooms) which is to be completed in Q4 2017.


The Fund made no divestments in 2015.


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

Treasury management

The Fund had € 0.9 million cash freely available at year-end 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 limited at the Hotel Fund. The Fund has no currency exposure.


The Fund has a transparent governance structure, which ensures effective and efficient management, combined with proper checks and balances. On 9 December 2015 the general meeting of shareholders decided  to change the governance of the fund. In the new governance there will be no longer a supervisory board. The new governance structure became effective as per 4 January 2016.

Dividend and dividend policy

The Board of Directors of Bouwinvest proposes to pay a dividend of € 215,533 per share for 2015 (2014: € 201,200), 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, 75.4% 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, 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.

Dutch Management and Supervision Act

The Dutch Management and Supervision Act (Wet bestuur en toezicht) came into force on 1 January 2013. Bouwinvest has amended its articles of association and internal regulations in line with this legislation, insofar as applicable and necessary. The Management and Supervision Act includes a guideline for a balanced gender ratio within the Board of Directors and Supervisory Board. At least 30% of these positions should be filled by women and at least 30% by men. Bouwinvest’s Board of Directors and Supervisory Board do not yet have the above-mentioned gender balance. Based on the profiles of the members of the Board of Directors and of the Supervisory Board, in the event of future resignations Bouwinvest will carry out an evaluation to determine the desired profile any new members. This evaluation will take into account diversity criteria, including a balance of male and female.

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