Bouwinvest is the manager and the Statutory Director of the Fund. The management fee paid for the year 2017 amounted to € 21.4 million (2016: € 17.2 million).
In consideration of the management activities with respect to the Fund, Bouwinvest receives an annual management fee equal to 0.50% (exclusive of VAT) of the Fund’s net asset value in accordance with the valuation methods of the Fund. The management fee is payable quarterly in advance.
The remuneration of the members of the Supervisory Board is included in the management fee paid to Bouwinvest.
During the reporting period, the manager, Bouwinvest, is responsible for five funds of which the Residential Fund, Office Fund and Retail Fund are subject to the supervision of the Dutch Financial Markets Authority (AFM). Bouwinvest also has a separate mandate from bpfBOUW for the management of international real estate investments and manages Bouwinvest Development B.V. The remuneration cannot be explicitly allocated per fund and is therefore not available. The remuneration, in line with Article 107 of the AIFMD, is disclosed in the 2017 annual report of Bouwinvest Real Estate Investment Management B.V., which is filed and public.