Risk management and compliance are independent functions within Bouwinvest. Their role is to identify, assess, advise on, monitor and report on financial, operational and compliance risks faced by the Fund.

Since 2014, Bouwinvest has an AFM licence as required by the AIFMD. This licence allows Bouwinvest's real estate funds to manage funds that are open for institutional investors other than bpfBOUW.

Monitoring the risks is embedded in the daily activities of the responsible line manager and is an integral part of the planning and control cycle.

Bouwinvest aims for the highest level of transparency in its communications on the financial situation, strategy, plans and other information relevant to its existing and potential investors and other stakeholders.

Portfolio size increased to € 46.

D.J.

Despite the initial fears triggered by the Brexit vote, the Dutch economy continued its steady recovery in 2016 and economic growth with al level above 2% actually outpaced earlier projections.

Dutch healthcare is usually considered to exist in two markets. The first is the ‘cure’ market, aimed at curing people in the short term. Financing comes from every person of 18 years and older in the Netherlands, through their healthcare insurance.

In 2016, the size of the property portfolio increased to € 46.9 million from € 24.1 million. In the table below an overview is given of the acquisitions in 2016.

The total Fund return came in at 4.9% in 2016, 2.8%-point lower than 2015 (7.7%). Main driver for the decrease of the fund return is twofold: disposition in 2015 of a non-health investment with a high return.