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Directors’ report

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Corporate governance

Legal structure

Bouwinvest Real Estate Investors B.V. (Bouwinvest) is a wholly owned subsidiary of Stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid (bpfBOUW, the pension fund for the Dutch construction industry. Bouwinvest is a statutory two-tier board company, subject to the provisions of the mitigated two-tier regime. Bouwinvest manages the following funds:

  • Bouwinvest Dutch Institutional Residential Fund N.V.

  • Bouwinvest Dutch Institutional Retail Fund N.V.

  • Bouwinvest Dutch Institutional Office Fund N.V.

  • Bouwinvest Dutch Institutional Hotel Fund N.V.

  • Bouwinvest Dutch Institutional Healthcare Fund N.V.

Bouwinvest legal structure

Bouwinvest has separate mandates from bpfBOUW for the management of international real estate investments in Europe, North America and the Asia-Pacific region. The company holds 100% of the shares in two subsidiaries: Bouwinvest Asia Pacific PTY LTD (Australia) and Bouwinvest North America LLC (USA).

Bouwinvest also holds limited interests in the following open funds that it manages:

  • Bouwinvest Dutch Institutional Residential Fund N.V. (0.16%)

  • Bouwinvest Dutch Institutional Office Fund N.V. (0.22%)

  • Bouwinvest Dutch Institutional Retail Fund N.V. (0.22%)

Because Bouwinvest exerts significant influence on these funds, these interests are classified as associated companies in the financial statements, despite the fact that the interests are less than 20%. 

Threefold scope

Bouwinvest operates on the basis of a threefold scope.