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Report of the Board of Directors

The Fund’s strategy

The Residential Fund has a well-defined growth strategy, as we believe the residential sector continues to offer good long-term investment opportunities, especially for investors with a liability hedge strategy. The Fund's target is to increase its net asset value (NAV) to € 6.1 billion in 2020. In addition to positive revaluations, the Fund will achieve this growth through targeted acquisitions of high-quality assets.

Capitalising on a number of significant trends and developments that affect the residential real estate market, the Fund’s acquisition strategy will focus on:

  • The Fund’s core regions with a specific focus on the Randstad, Brabantstad and Mid East conurbations, and a preference for urban areas.

  • The liberalised rental sector, with a focus on the mid-rental segment (rents between € 711 and € 1,250).

  • Apartments for starters, one-person and two-person households and family homes.

  • ‘Lifecycle-proof’ homes or residential environments for elderly people.

  • Based on an increasing focus on sustainability, this strategy has now been defined at both Fund and asset levels.

Responsible investment strategy at Fund level:

  • Our ambition is to be in the leading group of sustainable real estate managers. We want to set the standard in our sector and create and sustain stakeholder value through effective integration of material ESG issues that lower risks and future-proof our real estate investments.

  • The Fund’s long-term ambition is to retain its four-star rating according to the Global Real Estate Sustainability benchmark (GRESB).

Responsible investment strategy at asset level:

  • Focus on assets with an above-average sustainability performance (environmental impact, stakeholder value and community engagement).

Diversification guidelines and investment restrictions

The Fund applies a defined set of 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. In the Fund Plan 2018-2020, the Fund expanded its diversification guidelines slightly.

Diversification guidelines

Current portfolio


≥ 80% of investments invested in core regions

93.4% in core regions


Investment restrictions


< 5% invested in single investment property

There is no single investment property exceeding 5% of the total portfolio of € 4.6 billion


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

Investments in non-core properties are 0.8%


< 10% pre-finance acquisitions

Investments under construction stand at 11.2%

Not compliant

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

There were no investments in 2017 that have a material adverse effect on the Fund's diversification guidelines


As a result of the substantial value growth of investments under construction, the percentage of pre-finance acquisitions ended slightly above the restriction percentage. This will change in the course of 2018 and the Fund will be compliant.

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