The Dutch economy continued to perform well in 2019, although momentum did weaken during the course of the year. Real GDP growth amounted to 1.7% in 2019, which makes the Netherlands one of the most flourishing economies in Western Europe.

The most significant policy issue during 2019 in the Netherlands was related to zoning plans, which have always been highly prescriptive and determine the extent to which each sector may or may not do business in a certain area.

Before 2050, all retail buildings will have to be made sustainable one way or another to convert them to low (or even net-zero) carbon emissions.

Major social trends include the growth of online shopping and the growing importance of experiences over goods.

Corporates are testing emerging technologies, such as drones, artificial intelligence, blockchain and the Internet of Things, to directly connect behaviour to technology.

The changing consumer behaviour and demographic shifts have forced retailers to rethink their store portfolio and location strategy. As a whole, the occupier market is tilting towards consolidation.

Given the low interest rate environment and the yield spread offered by real estate, investors’ capital inflow into real estate markets remained strong last year.

As online shopping will continue to grow, the physical retail market will have to shift towards a new balance in which fewer stores are needed.

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

The main focus of the Fund’s Experience portfolio is on individual high street shops or clusters of shops in prime shopping areas in major Dutch city centres.