Contingent rights
Bouwinvest has management agreements with the funds for an indefinite period with a two-year notice period, as well as a mandate with bpfBOUW regarding the International and Heritage portfolios for an indefinite period with a five year notice period. The management fee is calculated on the basis of net asset value, amounting to approximately € 33 million for the year 2017.
Contingent liabilities
Rental and lease agreement-related contracts entered into:
| | 2016 | 2015 |
First year | 1,641 | 1,728 |
Second to fifth year | 4,208 | 5,412 |
More than five years | - | - |
Total | 5,849 | 7,140 |
The management fee which Bouwinvest charges to the Residential, Office and Retail Fund are exempt from Dutch VAT. This is confirmed in 2016 by the Dutch Revenue in a ruling on an objection filed by Bouwinvest. This objection relates to the second and third quarter of 2013 but has also impact on the fourth quarter of 2013 and beyond.