19 Contingent liabilities and assets

As at 31 December 2015, the Fund’s total future commitments amounted to € 20.1 million (2014: nil). The Fund closed a transaction for the Amsteltower Hotel in Amsterdam which is to be completed in Q4 2017.

The Fund has a contractual agreement with Bouwinvest for an indefinite period in which it has to pay a management fee, based on the net asset value (NAV). The notice period is two years.