The Annual General Meeting of shareholders on 25 April 2015 adopted and approved the 2014 financial statements of the Retail Fund. A dividend of € 115.68 (in cash) per share has been paid.

The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 108.84 (in cash) per share be paid. Of the profit for 2015 amounting to € 32.2 million, € 32.2 million will be incorporated in the retained earnings.

As of January 2016, the Retail Fund has three new investors. The three new investors committed in total € 55 million.

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 also publishes the accounts according to the INREV valuation principles.

Before appropriation of result, all amounts in € thousands

All amounts in € thousands, unless otherwise stated

All amounts in € thousands

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.