Diversification guidelines | Current portfolio | Conclusion |
≥ 80% of investments invested in assets classified as Experience and Convenience | 81.3% in assets classified as Experience and Convenience | Compliant |
≥ 90% of investments invested in low or medium-risk categories | 95.3% in low and medium-risk | Compliant |
Investment restrictions | | |
< 15% invested in single investment property | There is one investment property exceeding 15% | Not compliant (*) |
< 10% invested in non-core properties (non-retail investment properties) | 0% related to non-core Retail properties | 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 |
(Re)development activities < 5% of the Fund's total investment portfolio value | There were no (re)development activities > 5% in 2019 | Compliant |
a. only Assets from the Fund's porfolio qualify for (re)development | In 2019, all (re)development activities were were related to 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 Retail Development, a wholly owned subsidiary of the Fund | All (re)development activities are undertaken by and for the risk and account of Bouwinvest Retail 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 Retail 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 Retail Development and transferred to external developers or contractors | Compliant |
g. zoning risks remain with the Fund. However, the start of building activities related to a (re)development is conditional upon obtaining the relevant zoning permit | The building activities related to a (re)development were conditional upon obtaining the relevant zoning permits | Compliant |