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Report of Executive Board of Directors

Diversification guidelines and investment restrictions

The Fund applies a defined set of diversification guidelines and investment restrictions in the execution of its strategy. The Fund will adhere to the following investment restrictions to focus on its core activity and to limit risks.

Diversification guidelines

Current portfolio

Conclusion

≥ 80% of investments invested in core regions

99.2% in core regions

Compliant

Investment restrictions

  

< 5% invested in single investment property

There is no single investment property exceeding 5% of the total portfolio of € 6.5 billion

Compliant

< 10% invested in non-core (non-residential) properties

Investments in non-core properties are 0.9%

Compliant

< 10% pre-finance acquisitions

Investments under construction stand at 5.5%

Compliant

No investments that will have a material adverse effect on the Fund’s diversification guidelines

There were no investments in 2019 that have a material adverse effect on the Fund's diversification guidelines

Compliant

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