€ 469 million in Dutch office properties (14 assets, 194,717 m²) at year-end 2017

Dear stakeholders,

D.J.

In the course of 2017 the Dutch economy has gained additional positive momentum. GDP growth was largely driven by strong export figures, private investments and increased household spending.

The Office Fund’s strategy is to optimise its portfolio through targeted acquisitions and continuous enhancement of core assets.

Portfolio composition at year-end 2017:

The Fund realised a total fund return of 13.1% (2016: 5.5%), consisting of a 2.9% income return (2016: 3.6%) and a 10.2% capital growth (2016: 1.9%). The total return in Euros grew to € 71.7 million in 2017, from € 30.5 million in 2016.

Occupier activity in the office market increased for the third  consecutive year in 2017, as the economy is growing, the forecasts are positive, new (re)developments are brought to the market and companies are increasingly aiming to move to

Bouwinvest aims to provide a solid return on real estate investments for institutional investors and their beneficiaries and to do this in a responsible manner.