Diversification guidelines | Current portfolio | Conclusion |
≥ 80% of investments invested in the core regions | 100.0% in core regions | Compliant |
≥ 90% of investments invested in low or medium risk categories | 100.0% in low and medium risk | Compliant |
≥ 70% of investments invested in multi-tenant assets | 66.3% multi tenant | Compliant |
The total rental income of one tenant may not exceed 15% of the total potential rental income | There are no tenants exceeding 15% of the total potential rental income | Compliant |
The total rental income of the five largest tenants may provide a maximum of 50% of the total potential rental income of the Fund | 38.3% on investment property | Compliant |
Investment restrictions | | |
< 15% invested in single investment property | There is one investment property exceeding 15% | Non compliant * |
< 10% invested in non-core office properties | 4.3% concerns non-core office properties (2 public parking assets) | Compliant |
No investments that will have a material adverse effect on the Fund’s Diversification Guidelines. | There have been no investments in 2019 that have a material adverse effect on the Fund's diversification guidelines | Compliant |
Restrictions on (re)development activities < 5% of the Fund's total investment portfolio value | | |
a. only Assets from the Fund's porfolio qualify for (re)development | In 2019 all (re)development activities were executed only for assets of the Fund's portfolio | Compliant |
b. the activities are exclusively targeted at optimising the quality of the portfolio | All activities were targeted at optimising the quality of the Fund portfolio | Compliant |
c. not allowed if it has a negative impact on the Fund’s Diversification Guidelines | There was no negative impact on the Fund's diversification guidelines | Compliant |
d. signed commitments relating to at least 60% of the rental income of the Asset is required
| Commitment > 60% | Compliant |
e. (re)development is undertaken by and for the risk and account of Bouwinvest Office Development, a wholly owned subsidiary of the Fund | All (re)development activities are undertaken by and for the risk and account of Bouwinvest Office Development | Compliant |
f. all financial risks in connection with the work to be conducted as part of the (re)development will be contractually excluded by Bouwinvest Office Development and transferred to external developers or contractors. Examples of such risks are: design and building risks and cost and planning risks | All financial risks in connection with the work to be conducted as part of the (re)development are contractually excluded by Bouwinvest Office Development and transferred to external developers or contractors | Compliant |
g. zoning risks remain with the Fund, however starting the building activities in relation to a (re)development is conditional upon obtaining the relevant zoning permits | The building activities in relation to a (re)development were conditional upon obtaining the relevant zoning permits | Compliant |