Total portfolio of € 747 million (18 assets, 264,370 m²) at year-end 2018

Dear stakeholders,

The Dutch economy continued to perform strongly in 2018, although momentum did weaken in the second half of the year. Private consumption was the primary driver of this economic performance, while the growth of exports flattened.

The Office Fund has a clearly defined growth and optimisation strategy with a focus on the optimisation of its portfolio through targeted acquisitions and continuous enhancement of core standing assets.

 * per 1/1/2019 new funding is acquired for € 223 million

The Fund realised a total return of 11.5% (plan: 6.3%; 2017: 13.1%), consisting of a 2.3% income return (plan: 2.3%; 2017: 2.9%) and a 9.2% capital growth (plan: 4.0%; 2017: 10.2%).

Occupier activity in the office market remained strong in 2018, as economic growth and the positive outlook has made companies more inclined to relocate and/or invest in their office accommodation.

We believe Responsible Investment is about all employees and affiliated organisations taking the initiative to help improve the environment and society.

At Bouwinvest, we believe that you cannot ensure long-term successful investments without taking the needs of society into account, as the two are inextricably linked.

Our sustainable real estate strategy is built on two pillars: certified sustainable assets and the reduction of environmental impact.