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 development, while the growth of exports flattened.

The Residential Fund has a well-defined strategy based on the three pillars of quality, sustainability and affordability.

As a result of our active focus on the acquisition of new properties, we were able to make 12 excellent high-quality acquisitions in 2018. Investments totalled around €480 million in 2018, which was €280 million above plan.

The Fund realised a total return of 18.1% in 2018 (plan: 9.2%; 2017: 15.6%) consisting of 2.6% income return (plan: 2.5%; 2017: 2.8%) and 15.6% in capital growth (plan: 6.7%; 2017: 12.8%).

The forecast growth in the number of households will remain a major long-term factor in the increasing demand for homes.

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 we 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.

Bouwinvest endeavours to optimise long-term alliances with our stakeholders. We have put methods and means in place to understand, meet and respond to our stakeholders needs and to take to heart the issues that our stakeholders find important.