Focus on real assets

Transcription

1 Focus on real assets

2 Bouwfonds Investment Management (Bouwfonds IM) is the real asset investment management company of Rabo Real Estate Group. We offer distinctive investment products in the asset categories real estate, infrastructure and natural resources to deliver sustainable returns for our investors. Within these asset categories we focus on five sectors: commercial and residential real estate, parking, communication infrastructure, and agriculture. Our total portfolio, managed by our dedicated fund- and asset-management teams, is worth 5.7 billion. Bouwfonds Investment Management Bouwfonds IM was founded in 2001 and is part of Rabo Real Estate Group, one of Europe s leading real estate companies. Rabo Real Estate Group is part of Rabobank group, a cooperative bank and one of the 30 largest financial institutions worldwide. Rabobank has an AA- credit rating from Standard & Poor s and employs nearly 60,000 staff across 47 countries worldwide. We invest for institutional and private clients, mainly in our core countries the Netherlands, Germany and France, but our innovative pan-european investment propositions have resulted in presence in other European and US markets as well. As our activities require local management, Bouwfonds IM has local offices in the Netherlands, Germany, France, Poland and Romania, and employs over 150 FTE. From these offices we work with specialised business teams, dedicated to create value to all our assets. In other countries we work in partnership with local specialists. Bouwfonds IM s investment philosophy is based on four key drivers: DEDICATED TEAMS RESPONSIBLE INVESTING OUR APPROACH We seek to deliver sustainable value to society by investing our clients capital in real assets through our investment funds and by actively managing these assets. Delivering sustainable value means we invest in quality rather than quantity, aiming at sustainable results rather than shortterm profit, and operate transparently and to society s benefit in both good and bad times. We want to be the respected investor and manager of institutional and private capital, and we are keenly aware that our clients trust in us depends on our professional conduct and decision-making. STANDARDISED PROCESSES INTEGRATED RISK MANAGEMENT

3 We see a strong demand for our distinctive investment funds and strategies amongst our clients, and we expect to further expand our activities in all our five key sectors. J.C. (Jaap) Gillis MBA FRICS CEO Bouwfonds Investment Management Bouwfonds IM is a signatory to the United Nations Principles for Responsible Investing (UNPRI). Being a responsible investor means we are committed to incorporating key principles of Corporate Social Responsibility (CSR) into our organisation: Responsible investing We seek industry leadership in protecting the environment and natural resources, try wherever we can to reduce the environmental impact from the assets we manage, and emphasise sustainability in our communication with investors. ASSETS UNDER MANAGEMENT [as of 30 June 2013] SECTOR Commercial (54%) Residential (26%) CIF* (10%) Parking (7%) Agriculture (3%) Ethical business conduct We pursue CSR-driven decision-making, seek transparency throughout all our business operations, and have made ethical business standards explicit in internal policy documents and procedures. Sustainable Operations We try to embody the change that we wish to see in the world by creating the best possible working environment and conditions for our employees, and seek to reduce the environmental impact from our business operations as much as possible. GEOGRAPHY Netherlands (70%) Germany (14%) USA (8%) France (2%) Rest of Europe (6%) Commitment to society We strive to contribute to society by donating to and sponsoring social causes as a company, and encouraging our staff to do likewise. CLIENTS BY TYPE Pension funds (68%) Banks (13%) Family offices (5%) Private (8%) Other (6%) * Communication infrastructure

4 OUR INVESTMENT EXPERTISE Commercial Real Estate Residential Real Estate Parking Communication Infrastructure Agriculture Commercial Real Estate Bouwfonds IM focuses on five key sectors. Our roots lie in commercial and residential real estate investment management, with currently around 80% of our portfolio invested in these real estate sectors. Over recent years, Bouwfonds IM has established a successful track record in launching distinctive new institutional funds investing in car parks, communication infrastructure and agriculture to service our clients with attractive investment opportunities. In the coming years we expect to grow further and to expand our activities in all five sectors. D ynamic inner-city business and retail areas are places where people want to shop, eat, work and live. These places will always attract people and will generate greater economic activity. Bouwfonds Commercial Real Estate invests in office and retail properties situated at these prime locations. To adapt our portfolio accurately to trends such as online retailing and new, more flexible ways of working, our research team constantly follows and monitors developments to enable us to react whenever necessary. Through active management, e.g. refurbishment or modernisation, we maintain and improve the overall quality of the assets we manage. We invest for the long-term and offer investors an appropriate risk/return profile and solid inflation hedge through annual indexation of the rental income. Within the retail sector we focus on single units, department stores and shopping centres, located on high streets or in key catchment areas of cities. Within the office sector we invest in sustainable and highquality office buildings located at the best inner-city business district

5 Residential Real Estate R esidential real estate, including student housing, represents a sound investment category: housing provides for a basic human need and the long-term investment outlook is positive since demand (growth in number of households) exceeds future supply. Bouwfonds Residential Real Estate invests in pan-european residential portfolios to lower the risk profile, benefiting from low correlations of residential regional markets. Our dedicated pan-european team, with many years of experience and access to a strong and concentrated intelligence network across Europe, pursues researchdriven investment strategies applying the micro skills that are needed for success in the EU s highly fragmented and strongly regulated residential investment markets. We invest in regions with strong and varied concentrations of knowledgeintensive industries and aboveaverage economic performance. The portfolio we manage is welldiversified economically, and about 75 per cent of our assets are currently invested in strong and highly innovative geographic areas delivering attractive risk-adjusted returns. Our assets under management total 1.5 billion. The majority of our assets are invested in Germany (46%), followed by the US (32%), the Netherlands (12%), the Nordic regions (6%) and France (4%). We invest in regions with strong economic performance Dynamic inner-city business and retail areas are places where people want to shop, eat, work and live locations in metropolitan regions throughout Europe. Our dedicated team currently manages 3.1 billion of commercial real estate assets (70% in retail and 30% in office space), mainly located in the Benelux.

6 Communication Infrastructure Parking B ouwfonds CIF invests in European communication infrastructure which helps meet the growing demand for fixed and mobile broadband, now a basic necessity in society. We aim for stable long-term cash flows by consolidating existing assets and enhancing them through add-on investments in state-of-theart infrastructure. Our investments in communication infrastructure generate attractive returns comprising direct yields from indexed lease contracts with service providers and capital gains achieved by active management. C ar parks are vital to the attractiveness, quality and effectiveness of inner-city infrastructure. Investments in car parks offer an attractive risk-adjusted return as the vacancy risk is minimal and rental income is readily replaced by parking income if an operator defaults. We contract long-term and indexed leases yielding stable cash flows and income growth above inflation. We select best-in-class international or local operators with a good track record to manage the car parks in which we invest. Bouwfonds Parking invests in car parks located in densely populated and economically strong cities with strict and well-enforced parking policies, anchored to various vital economic activities such as work, retail, leisure and/or residential, or in car parks located at hospitals or at infrastructure hubs such as railway stations or airports. In 2005 Bouwfonds IM was the first investment manager to launch a fund exclusively dedicated to investing in car parks. Since 2005 our portfolio has grown to 400 million, mainly located in the Netherlands, Germany, France and the UK. We are a leading investment manager of car parks with a proven track record and a strong pan-european network. Investments in car parks offer an attractive risk adjusted return Nowadays fixed and mobile broadband are a basic necessity in society

7 Our unique approach consists of investments in infrastructure open to multiple service providers, without investing in these service providers themselves, thus offering greater choice to end users. We invest in: Existing fixed infrastructure, expanding its capacity (with fibre optics) and opening it up to achieve higher occupancy rates and decrease counterparty risks. Mobile communication and broadcasting towers from operators and lease these back to them, increasing utilisation rates through site sharing. Communication nodes (data centres), with an emphasis on the shared infrastructure needed to keep them operational. Assets under management total 600 million, all in the Netherlands, but we are looking to expand into other European countries in the near future. Agriculture R abo Farm invests in agriculture because experience shows that good returns can be made, at an acceptable risk, by investing in farms with a substantial crop yield improvement potential. We seek robust returns for our investors, applying the vast expertise and network of Rabobank group, which has its origins in agriculture and is one of the world s leading funders of the sector. To achieve our goals, we invest in farms, farmers and on-farm infrastructure, focussing on regions and farms where we can create real economic or agricultural value and do so sustainably. We act locally and always with a long-term investment horizon. We are active managers: apart from helping farmers grow their business, we also seek to engage and invest in local communities, with the aim of stimulating local economic and We act locally, always with a longterm investment horizon social development, e.g. by bringing neglected farmland back into production. Our dedicated team currently manages a portfolio of assets totalling 165 million, predominantly in Eastern Europe. We are looking to grow in other regions in and outside Europe in the coming years. We select the countries we invest in according to a wide range of considerations, such as: Agricultural basics (e.g. soil & climate) Local farming community structures (e.g. infrastructure, average farm size) The wider agricultural network (e.g. available research, access to partners) Opportunities for growing farming businesses (legal and tax regulatory) Expected liquidity (transactions, depth & exit possibilities) We do not invest speculatively in agricultural land and we are a signatory to the Principles of Responsible Investing in Farmland ( Farmland Principles ), to which we are firmly committed.

8 OFFICES BOUWFONDS INVESTMENT MANAGEMENT THE NETHERLANDS Head office De Beek MS Hoevelaken P.O. Box 15 NL-3870 DA Hoevelaken T F im@bouwfonds.nl OCTOBER 2013 Bouwfonds CIF World Trade Center Schiphol Tower H 5th Floor Schiphol Boulevard BJ Schiphol Rabo FARM World Trade Center Schiphol Tower H 5th Floor Schiphol Boulevard BJ Schiphol GERMANY Potsdamer Strasse 58 D Berlin T F im@bouwfonds.de FRANCE 6, Avenue Franklin D. Roosevelt F Paris T F om@bouwfonds.fr