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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). In addition to this, the Mixed retail segment gives the Fund the opportunity to invest to a limited extent (<10% of the portfolio) in market opportunities outside these segments.

Investments and divestments


The Fund invested a total of € 26 million in 2022, which was € 53 million lower than the original plan of € 80 million. The Fund completed the acquisition of three high street assets in the centre of Eindhoven. The units (1,750 m² in total) are located at Demer 17a, Demer 21 and Marktstraat 2-4 and leased to retailers Pieces, Bakker Bart and Cotton Club (a The Sting concept) respectively. The planned expansion of the Schuytgraaf shopping centre in Arnhem was also completed in 2022. This expansion brings the shopping centre fully in line with the Fund’s Convenience strategy. It comprises 8,516 m² and 24 units, all offering daily shopping with a wide range of formats, including Albert Heijn and Lidl supermarkts.

The Fund also concluded a purchase agreement for a Convenience investment. This was for a substantial part of the existing Kerschoten shopping centre in Apeldoorn, which will be partly redeveloped and expanded. The shopping centre will be delivered after completion of the redevelopment and includes six retail units, divided over three separate building blocks, with two supermarkets (Plus and Deka). The total area of the shopping centre is 4,200 m². Delivery of the asset is expected in Q3 2023.


In 2022, the Fund had budgeted € 40 million for the divestment of Other assets and sold for the same amount. These assets did not meet the Fund’s strategic requirements due to their location, size or economic outlook. The Fund completed the sale of the Promesse shopping centre in Lelystad, the Parade shopping centre in Bergen op Zoom and the Eiland in Zwolle. All assets were classified as Other.

Portfolio at year-end

At year-end 2022, the Fund’s portfolio consisted of a total of 60 assets. Of these, 31 assets are classified as Experience, 26 assets are classified as Convenience and two assets are classified as Mixed retail. The category ‘Other’ consists of one retail asset that does not fully meet the Fund's strategic requirements and which the Fund aims to sell. In line with this plan, the Fund realised a 4.1 basis point reduction in the share of Other, taking this category to 3.0% of the portfolio, from 7.1% in 2021. The share of Experience increased by 1.2 basis points to 52.0%, while the share of Convenience increased by 2.8 basis points to 40.5%. The Mixed retail segment stood at 4.5% at year-end 2022 (4.4% at year-end 2021). The changes in allocation were mainly the result of new acquisitions and divestments.

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