20 Contingent liabilities and assets

As at 31 December 2016, the Fund’s total future commitments amounted to € 30 million (2015: € 24 million).

These commitments are made up as follows:

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. The notice period is two years.

The Retail Fund contracted Bouwinvest Development B.V. to redevelop the projects Damrak and Nieuwendijk in Amsterdam, whereas Bouwinvest Development B.V. outsourced the redevelopment activities to third parties. The Dutch tax authorities have raised questions about the objectivity of the compensation Bouwinvest Development B.V. calculates on its redevelopment activities. This subject is currently discussed with the Dutch tax autorities by Bouwinvest Development B.V. and the Retail Fund, the result is not clear yet.