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Financial statements

13 Management fee

Bouwinvest received a management fee of € 34.3 million in 2017 (2016: € 30.7 million), € 33.3 million
(2016: € 29.2 million) of which was based on the assets under management. The fee related to project development was € 1.0 million in 2017 (2016: € 0.9 million), based on invoiced instalments.

Bouwinvest is an investment manager specialised in real estate for institutional investors. The company also manages a separate mandate for international investments and project development activities.

Bouwinvest delivers real estate services to the following funds and entities (group companies as defined in article 2:24b of the Dutch Civil Code). The company’s total assets under management at year-end is stated below.

 

2017

2016

Bouwinvest Dutch Institutional Residential Fund N.V.

4,751,642

3,995,034

Bouwinvest Dutch Institutional Retail Fund N.V.

888,894

824,201

Bouwinvest Dutch Institutional Office Fund N.V.

631,446

525,988

Bouwinvest Dutch Institutional Hotel Fund N.V.

221,610

189,232

Bouwinvest Dutch Institutional Healthcare Fund N.V.

112,001

53,733

Bouwinvest Development B.V.

65,020

108,285

bpfBOUW (mandates International Investments & Heritage)

2,753,397

2,760,396

Total

9,424,010

8,456,869

The management fee was € 33.4 million in 2017 (2016: € 30.7 million). For the funds, this fee is calculated as 0.5% of the net asset value; for bpfBOUW’s international investments, the fee is calculated as 0.3% of the net asset value.

The management fee for the project development activities amounted to € 1.0 million in 2017 (2016: € 0.9 million).

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