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Performance on strategy

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Performance on quality

The Fund’s investment strategy focuses on high street assets in the best retail locations (Experience) and on neighbourhood shopping centres and solitary supermarkets (Convenience). These segments have proven the most resilient in the face of the challenges of a changing retail market in recent years. In addition to this, the Mixed retail segment gives the Fund the opportunity to invest to a limited extent (<20% of the portfolio) in market opportunities outside these segments. This investment strategy has resulted in a strongly diversified core portfolio.

Investments and divestments


The Fund invested a total of € 49 million in 2021, which was € 12 million lower than the original plan of € 61 million. The investment related to the acquisition of the ‘Lijnbaan project’ in Rotterdam, consisting of Experience and Convenience assets. The Experience part of the proposition is located in one of the busiest retail locations in the Netherlands, making it a perfect addition to the current Experience share of the Fund. The units are located at the busiest point of the Lijnbaan in Rotterdam, at the intersection with the Koopgoot. The Convenience share of the portfolio is an Albert Heijn supermarket of more than 3,200 m², located in a core shopping area of one of the best shopping cities in the Netherlands. This is the first inner-city supermarket in Fund’s portfolio.

The investment in Rotterdam ensures a better geographical spread of the Experience share in the portfolio. Experience retail in Rotterdam increased to 19.2% from 11.5%, while Experience retail in Amsterdam declined to 63.0% from 68.7%.

The Fund also concluded a purchase agreement for Experience assets in the centre of Eindhoven (€ 15.2 million). Transfer is scheduled for January 2022. This investment involved three shops, two of which are located on Demer, with the third on Marktstraat. Demer 17A is leased to Pieces (Beststeller form), Demer 21 is leased to Bakker Bart (Bart's Retail) and retailer Cotton Club (The Sting formula) leases the retail unit at Marktstraat 2-4.


In 2021, the Fund had budgeted € 40 million for the divestment of Other assets and sold € 33 million in total. These assets did not fit the Fund’s strategic requirements due to their location, size or economic outlook. The Fund completed the sale of the Muntpassage shopping centre in Weert and sold the single retail unit Spuistraat 70 in The Hague. Both assets were classified as Other. In addition, the Fund also sold a single retail unit (Dorpstraat 73) in the Centrumplan shopping centre in Rosmalen. This retail unit was located outside the primary shopping area and had been vacant since the opening of the shopping centre.

Portfolio at year-end

At year-end 2021, the Fund’s portfolio consisted of a total of 59 assets. Of these, 28 assets are classified as Experience, 25 assets are classified as Convenience and two assets are classified as Mixed retail. The category ‘Other’ consisted of four retail assets that do not fully meet the Fund's strategic requirements. The Fund aims to sell these assets. In line with this plan, the Fund realised a 4.1% reduction in the share of Other, taking this category to 7.1% of the portfolio, from 11.2% in 2020. The share of Experience increased by 1.0% to 50.8%, while the share of Convenience increased by 3.2% to 37.7%. The Mixed retail segment stood at 4.4% at year-end 2021 (-0.1%). The changes in allocation were mainly the result of new acquisitions, sales and devaluations in the Experience segment, together with positive valuations of the Convenience segment.

Allocation of investment property by strategy as a percentage of book value