The Bouwinvest Real Estate Investment Management (‘Bouwinvest’) Supervisor Board has the following four members: C.J. Beuving (Chairman), J.H.W.R. van der Vlist, R.Th. Wijmenga and C.G. Gehrels.

The Board of Directors prepared the Bouwinvest financial statements and discussed these with the Supervisory Board. Deloitte Accountants B.V. have audited the financial statements and provided them with an unqualified independent auditors’ report.

D.J.

Bouwinvest is one of the largest Dutch investment managers specialised in real estate with total assets under management of € 7.5 billion.

Bouwinvest is an investment manager specialised in real estate for institutional investors, with assets under management of € 7.5 billion, managed by 140 professionals (131.1 FTE), all of whom are based in Amsterdam.

Global real estate markets flourished in 2015, with worldwide investment volumes reaching or even exceeding pre-crisis levels.

Bouwinvest invests globally in residential, retail, office, logistic, hotels and some other real estate sectors, such as self-storage and parking.

Fee income came in at € 30.5 million in 2015, 9.3% higher than in 2014. Combined with the overall management costs of € 25.4 million (2014: € 24.6 million), we recorded a higher than expected margin of € 5.1 million in 2015, up 55% compared to 2014.

Due to the desire for greater diversification in the overall real estate allocation to International Investments, the target allocation will increase in the years ahead.

Bouwinvest believes it has a responsibility to make sure its investments meet sustainability criteria and that we operate in a responsible and ethical manner.