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English summary

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Amvest is a leading fund manager and developer of homes and residential areas in the Netherlands. This combination of activities across the entire value chain ensures higher quality and therefore a higher return from property assets in its funds, as well as specialised knowledge of the Dutch housing market in every area of the organisation.

About Amvest

Amvest was created in 1997 from the merger of the Dutch property units of the pension fund Zorg & Welzijn (PfZW) and Aegon, the insurer. The company manages three funds: the Amvest Residential Core Fund, the Amvest Residential Dynamic Fund and the Amvest Living & Care Fund. Amvest is also fund manager for several separate accounts including three portfolios of Aegon. At the end of 2016, the funds and separate accounts had approximately 20,000 homes under management. The total value of the assets under management was  EUR 3.9 billion.

Amvest is engaged in the development of residential properties and residential areas in strong economic areas in the Netherlands. These areas show the strongest economic growth, highest quality of life, and greatest population density in the country, which together produce a solid housing market.

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The organisation

Amvest is a compact organisation with decisive management. We have the experience and vision that enable us to manage highly complex processes. Our specialists are well versed in all important aspects of the Dutch housing market. Our attention is first focussed on tenants and purchasers. Their wishes and needs are becoming more increasingly individualized. Amvest has responded creatively to change. This is thanks to the knowledge of our specialists, our strong financial basis, the ability of our compact organisation to act decisively and to innovate, as well as our commitment for the long-term. Our strategy, which includes both development and the implementation of portfolio management, follows from a unique core value.

Amvest’s management team: Wienke Bodewes (CEO), Tak Lam (CFO), Wim Wensing (Director Investment Management), Heleen Aarts (Director Area Development), and Léon Heddes (Director Property Development).

Area and Property Development

Amvest’s interest is with urban development. We want to create attractive, sustainable residential areas. These areas must have high quality combinations of living, working, and recreation. These are places where it is good to live now and in the future.

Our efforts are aimed particularly at the development of complete house-building programmes that offer attractive, lively and sustainable living environments. These provide residents with a good mix of living, working and recreation. Residents reflect a varied socio-economic make-up and enjoy a well thought-out spatial layout. We remain involved in the areas we develop for the long run. This is one more way that we are able to monitor an area’s longer horizon for economic, ecological, structural, and social sustainability.

Amvest develops homes both to be sold and to be let. Municipal areas benefit from programmes that are mixed in terms of function and type of ownership. The homes we develop are based on the wishes and needs of their residents. This is one reason why we have been able to develop areas and homes in which people feel at home and want to live. We offer engaging design, attractive floor plans and good outside spaces. And then we go even further by the use of technologies that improve comfort while reducing energy consumption and environmental burden.

Investment Management

Amvest Investment Management operates as a fund manager for three residential investment funds: the Amvest Residential Core Fund, the Amvest Residential Dynamic Fund and the AEGON portfolios. These funds have been joined by a healthcare fund, the Amvest Living & Care Fund. Amvest is also the fund manager for a number of smaller residential investment funds. Amvest also allows third parties to take advantage of its knowledge and years of experience when it comes to managing residential portfolios. We get together with the client to look for tailored solutions for the management of funds, portfolios and assets.

Amvest Residential Core Fund

The Amvest Residential Core Fund (ARC Fund) is our flagship fund. The fund is open to new investors and is characterised by a growth strategy. AEGON and PGGM are the launching investors. The ARC Fund has a high-quality, high-value core residential portfolio. These include both single family residences and apartments. The focus is on sustainable residential properties in the mid-priced rental sector, in the economically strong regions of the Netherlands. At the latest Global Real Estate Sustainability Benchmark (GRESB)  the fund achieved the status ‘Green Star’. The properties are on average about 9 years old. The fund combines low risk with stable returns. The ARC Fund has the right of first refusal to all of the residential properties developed for rental by Amvest. At the end of 2016, the ARC Fund includes approximately 6,750 residential properties. The total value of the assets under management are EUR 1.8 billion.

 

Amvest Residential Dynamic Fund

The Amvest Residential Dynamic Fund (ARD Fund)  is a closed-end residential investment fund. The portfolio includes at the end 2016 2,300 homes, distributed throughout the Netherlands. The total value of the assest under management are EUR 450 million. The investment objective is to attain the maximum total return during the term. Maximum sales returns are achieved by selling off the properties individually and collectively.

 

Amvest Living & Care Fund

The Amvest Living & Care Fund (AL&C Fund) was set up at the end of 2013 as a property investment fund for assisted living in the Netherlands. The AL&C Fund focuses on living and homes for the elderly who have a (reasonably serious) care requirement, which means that they are no longer able to live independently. The portfolio comprises real estate for a variety of care concepts. For this, Amvest looks for long-term collaboration with established healthcare partners who are in the market with a small-scale formula using a well-defined concept. Features of these formulas are a limited number of residents at each complex, personal attention and high-value care and services. We achieve maximum attention for the residents, combined with a high degree of efficiency, by using small, specialist care teams. The current care concepts benefitting from investment by the AL&C Fund are Zorggroep De Laren, Dagelijks Leven, Het Gastenhuis and Futura. The fund achieves a sustainable and social return on its investments.

There are 28 care complexes up and running and 8 complexes under construction at the end of 2016. The investment volume amounts EUR 130 million. The next few years the property portfolio will increase to EUR 300 million.

Aegon portfolios

At the end of 2016, Amvest is managing three portfolios of in total 8,800 rented homes owned exclusively by Aegon. The total value of the assest under management of the Aegon portfolios is EUR 1.4 billion. It comprises residential properties throughout the Netherlands in the low- and mid-priced rental sector.

 

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Corporate integrity

Amvest enforces internal codes of conduct for management and staff set out in the Amvest business code. The Amvest business code singles out core values such as integrity, respect and teamwork. The Amvest organisation also maintains an effective internal complaints procedure.

Amvest is member of the Association of Institutional Real Estate Investors in the Netherlands (IVBN) and the Netherlands Association of Real Estate Developers (NEPROM). In addition to its own Amvest business code, it complies with the codes of conduct that apply to members of these associations.

Sustainability

Amvest believes that the property sector can contribute to making the constructed environment more sustainable. Investment in sustainable areas and houses leads to a higher return.

Amvest has a sustainability strategy for both project and area development and the management of our houses.

Amvest aims for sustainability in the broadest sense for the development of areas and projects. This implies creating attractive, lively and thus sustainable areas. Areas that are correct  in a socio-economic sense  are well-constructed in a physical-spatial sense and can be properly financially exploited. It goes without say that  sustainable and environmentally friendly materials are used.  The reduction of CO2 emissions, energy consumption, water consumption and the environment play an important role in the development and management of our houses. We draw up a plan of action to further improve the sustainability of our existing housing stock on an annual basis.

Amvest sees sustainability as a joint interest with a specific responsibility for all parties in the real estate chain.  For this reason we expect a pro-active contribution from our contracting parties to realise our objectives. In turn, we inform our customers (buyers and tenants) on how they can use their sustainable homes as efficiently as possible.

Amvest is a member of the Dutch Green Building Council, the Sustainability Committee of the NEPROM (Association of Dutch Property Developers) and the Sustainability Taskforce of the IVBN (Dutch Association of Institutional Property Investors). Furthermore, Amvest participates in sustainability platforms and the GRESB benchmark.