The Fund acquired the shares (100%) of the following subsidiaries:

For 2017, before appropriation of profit

The Retail Fund has no employees.

Reference is made to Note 22 of the consolidated financial statements.

Appropriation of profit is provided for in Article 20 of the Articles of Association. This specific article is quoted below.

In order to give investors information on the transition from the Net Asset Value (NAV) according to IFRS to the adjusted NAV based on INREV valuation principles, the Fund reports the adjustments according to the INREV valuation principles.

All amounts in € thousands, unless otherwise stated

Investors’ capital can take various forms aside from equity – examples include shareholder loans and hybrid capital instruments such as convertible bonds. Some vehicles are structured via a combination of equity participations and shareholder loans.

Under certain circumstances dividends are recorded as a liability but have not yet been legally distributed. For the determination of INREV NAV, these accrued dividends should be reversed to the NAV.

After initial recognition, investment property is valued at fair value under the fair value option of IAS 40. Therefore no adjustment had to be made as per 31 December 2017.