In January 2016, The Fund issued 24,995 shares at par value, satisfied by conversion of a part of the current share premium.

To the shareholder of Bouwinvest Dutch Institutional Hotel Fund N.V.

La Guardiaweg 4 1043 DG, Amsterdam The Netherlands

Strong result for the international portfolio of 12.7% (19.2% incl.

Bouwinvest’s International Investments portfolio is a result of its client’s investment beliefs combined with a number of preconditions defined by the client for its strategic real estate portfolio. The investment beliefs and preconditions of bpfBOUW, the pension fund for the Dutch construction workers, include a long-term investment horizon, ESG criteria, including investment in transparent real estate markets and low leverage.

A good way, amongst others, to achieve predictable and solid returns is optimal diversification, “You can diversify investments in terms of regions, sectors and risks, and listed real estate is a way to diversify in terms of investment strategies”,

Bouwinvest and Reggeborgh have been working together for 10 years via a joint venture that invests predominantly in the German residential market. Last year, the two closed the biggest residential deal in Berlin, thanks to good teamwork and excellent timing. They decided 10 years ago that they wanted a sustainable partnership with long-term vision, based on their complementary strengths. “We both have roots in the construction industry, and we both invest in real estate for the long-term. Plus Reggeborgh actually invests half the equity,” says Stephen Tross, managing director International Investments at Bouwinvest.

Reggeborgh’s Mark Bouwens says the partnership with Bouwinvest has given Reggeborgh a sharper focus. “Ten years ago we had around € 500 million invested in offices, retail and residential.

All amounts in € thousands unless otherwise stated

GRESB 'Green Star' classification for second successive year