€ 958 million in Dutch retail properties (63 assets, 258,530 m2 NLA) 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 Fund’s aim is to achieve a stable portfolio that can profit from the changing retail market, mainly due to its well-distributed portfolio of high-quality assets that is sufficiently resilient and future-proof to withstand the future risks in the

In 2018, the Fund made two acquisitions, sold two assets and added one new asset to the portfolio. Furthermore, the Fund invested in two redevelopments and in the optimisation of the quality of its assets.

The Fund realised a total return of 5.6% in 2018 (plan: 7.7%; 2017: 7.8%) consisting of 3.6% income return (plan: 4.4%; 2017: 4.5%) and 2.0% in capital growth (plan: 3.2%; 2017: 3.3%).

The overall growth in retail spending has resulted in a further improvement of market conditions in the retail sector. Competitive chains are once again expanding, while we are also seeing new entrants to the market.

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.