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Performance on strategy

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Performance on quality

Investments and divestments


Acquisitions totalled around € 162 million in 2022, below the Fund’s original target of € 225 million. The Fund acquired a total of 310 apartments and 50 houses, with 288 (80%) of these homes in the affordable segment. All of the properties the Fund acquired have an energy index of 0.2 or lower and all have a minimum GPR score of above 7.5. The Fund financed the acquisitions from existing commitments.

On the investment side, the Fund realised € 272 million instead of the planned € 423 million. This was a result of delays to some new acquisitions and delays in the municipality of Amsterdam's proposals for the Fund's buy-off of its land leases in Amsterdam.

Properties added to the portfolio in 2022

In 2022, the Fund added a total of 1,219 apartments and 90 houses to its portfolio. 

Open Veste, Purmerend

  • Segment: Apartments

  • Number of residential units: 115 apartments

  • Rental bandwidth: € 885 - € 1535

  • Delivery date: February 2022 

Licht & Lucht, Zeist

  • Segment: Apartments

  • Number of residential units: 48 apartments

  • Rental bandwidth: € 910 - € 1475

  • Delivery date: May 2022

Het Dok, Amsterdam

  • Segment: Apartments

  • Number of residential units: 449 apartments

  • Rental bandwidth: € 700 - € 2100

  • Delivery date: June 2022

Sluishuis, Amsterdam

  • Segment: Apartments

  • Number of residential units: 369 apartments

  • Rental bandwidth: € 910 - € 2200

  • Delivery date: August 2022

De Lodewijk, Eindhoven

  • Segment: Apartments

  • Number of residential units: 52 apartments

  • Rental bandwidth: € 930 - € 1650

  • Delivery date: September 2022 

De Willem, Eindhoven

  • Segment: Apartments

  • Number of residential units: 87 apartments

  • Rental bandwidth: € 995 - € 1705

  • Delivery date: September 2022

Next, Eindhoven

  • Segment: Apartments

  • Number of residential units: 99 apartments

  • Rental bandwidth: € 1030 - € 1580

  • Delivery date: December 2022

Tudorpark fase III, Hoofddorp

  • Segment: Family homes

  • Number of residential units: 30 family homes

  • Rental bandwidth: € 1000 - € 1460

  • Delivery date: December 2022

Reijssendaal fase I, Rotterdam

  • Segment: Family homes

  • Number of residential units: 60 family homes

  • Rental bandwidth: € 1350 - € 1600

  • Delivery date: December 2022

Properties added to the secured pipeline in 2022

Mark, Amsterdam

  • Segment: Apartments

  • Number of residential units: 72 apartments

  • Expected rental bandwidth: € 1099 - € 1528

  • Expected delivery date: January 2024

Koer, Rotterdam

  • Segment: Apartments

  • Number of residential units: 89 apartments

  • Expected rental bandwidth: € 980 - € 1442

  • Expected delivery date: November 2024

Loevesteinlaan Tower 2, The Hague

  • Segment: Apartments

  • Number of residential units: 149 apartments

  • Expected rental bandwidth: € 861 - € 1199

  • Expected delivery date: December 2026

Bosakker, Veldhoven

  • Segment: Family homes

  • Number of residential units: 50 family homes

  • Expected rental bandwidth: € 1099 - € 1528

  • Expected delivery date: December 2023

Divestments 2022

In the 2022-2024 Fund Plan, the Fund included a three-year disposal estimate of € 525 million. The decision to sell residential complexes is largely driven by the returns they are expected to generate over the next ten years. Factors in any decision to sell include the location, the product/market combination, the potential to increase the rents and the local rental market.

To continue to optimise the portfolio and in an attempt to meet the redemption requests received in Q2, the Fund put two sub-portfolios and 10 individual assets up for sale. The sub-portfolio (the so-called ‘Noma portfolio’) containing 622 single-family homes in Apeldoorn, Ede, Maastricht, Nieuwegein and Velserbroek was sold for € 180 million and delivered in Q4. This transaction resulted in a loss of € 3.4 million. The Fund did not receive any acceptable final bids for the other sub-portfolio put up for sale.



No. of residential units

Kraatsweg I






Batau Noord I



Batau Noord II



De Maten I










Core regions

The Fund has a clear core region strategy, with a specific focus on the Holland Metropole region - the urban and suburban regions of Amsterdam, The Hague, Rotterdam, Utrecht and Eindhoven – and to a somewhat lesser extent the cities of Zwolle, Arnhem and Nijmegen. The Fund invests in Dutch rental properties located in areas with the strongest social, demographic, economic and real estate market outlook. These strong local housing markets, determined by The Bouwinvest Research & Strategic Advisory department, offer the best medium to long-term investment foundation for residential real estate.

The plan is to have at least 80% of the total value of the portfolio concentrated in residential real estate in these core regions. Due to revaluations, together with the acquisitions the Fund made in 2022, 99.6% of the portfolio value was located in these core regions, while 93.2% of the portfolio was located in the Holland Metropole region.

As the entire investment pipeline is located in the Fund’s core regions, this percentage will increase slightly in the near future. In addition, the Fund has a guideline that a maximum of 90% can be invested in the Randstad urban conurbation. This now stands at 86.1%.

Allocation of investment property by core region based on market value and Holland Metropole region

Property type

To meet its own diversification guidelines, the Fund strives for a healthy balance of houses and apartments. In 2022, the Fund bought both houses and apartments. In addition, the Fund sold a number of houses.

Portfolio composition by type of property based on market value


Due to the addition of new properties to the portfolio and divestments in 2022, the weighted average age of the portfolio was slightly lower than at year-end 2021 (17.3 years in 2022 versus 18.2 years in 2021).

Allocation of investment property by age as a percentage of market value

Financial occupancy

A key element of Bouwinvest’s active asset management is its aim to achieve an optimal fit with tenants’ needs by engaging with (potential) tenants and adapting both new and existing homes to the evolving housing desires identified by Bouwinvest’s marketing and asset management teams.

The Fund devotes a great deal of time and energy to online lead generation. On the basis of the customer journeys Bouwinvest mapped out for the Fund’s target groups, the rental process for all new-build projects and for almost the total standing portfolio is now fully digitalised and the customer journey has been further simplified and is now fully transparent, both for Bouwinvest and for its (potential) tenants. The Fund is convinced that this approach, combined with high-quality housing products in the best locations, is the main reason that the Fund ended the year with a very satisfying overall financial occupancy rate of 98.4%.

Financial occupancy rate