Bouwinvest, which manages the real estate investments of Dutch pension fund BPF Bouw, delivered returns of 12.8% 2015, significantly higher than the 8.8% posted in the previous year.

CEO Dick van Hal said the double-digit return delivered by Bouwinvest’s “low-risk, income-focused core portfolio” was “more akin to value-add real estate strategies”.

He attributed the performance to “strong real estate markets at home and globally”, favourable currency movements and high quality residential holdings in the Netherlands and “astute investment selection” in global markets.

The €2.6bn international portfolio produced a return of 19.2% – or 12.7% when adjusted for currency gains. Bouwinvest said both non-listed and listed investments in the residential and logistics sectors “made a particularly strong contribution”.

Bouwinvest’s listed portfolio returned 20.2% in 2015.

Bouwinvest’s assets under management rose from €6.7bn to €7.5bn over the 12-month period. The investment manager, which became independent of BPF Bouw several years ago, has been attracting third-party capital for a series of domestic real estate funds, while BPF Bouw recently made close to €1bn of new capital available for real estate investments.

Bouwinvest made €780m of new investments in 2015, of which €520 million were in the Netherlands, €124 million in the rest of Europe, €70 million in the US and €66m in Asia-Pacific.

The residential market absorbed the biggest share of investments in the Netherlands, overwhelmingly in the liberalised rental sector. Bouwinvest said its Dutch Residential Fund was the largest investor in residential development in Amsterdam.

Look out for the January/February edition of IPE Real Estate for an interview with Stephen Tross, international director of international investments at Bouwinvest

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