Bouwinvest received a management fee of € 34.3 million in 2017 (2016: € 30.7 million), € 33.3 million
(2016: € 29.2 million) of which was based on the assets under management. The fee related to project development was € 1.0 million in 2017 (2016: € 0.9 million), based on invoiced instalments.
Bouwinvest is an investment manager specialised in real estate for institutional investors. The company also manages a separate mandate for international investments and project development activities.
Bouwinvest delivers real estate services to the following funds and entities (group companies as defined in article 2:24b of the Dutch Civil Code). The company’s total assets under management at year-end is stated below.
| | 2017 | 2016 |
Bouwinvest Dutch Institutional Residential Fund N.V. | 4,751,642 | 3,995,034 |
Bouwinvest Dutch Institutional Retail Fund N.V. | 888,894 | 824,201 |
Bouwinvest Dutch Institutional Office Fund N.V. | 631,446 | 525,988 |
Bouwinvest Dutch Institutional Hotel Fund N.V. | 221,610 | 189,232 |
Bouwinvest Dutch Institutional Healthcare Fund N.V. | 112,001 | 53,733 |
Bouwinvest Development B.V. | 65,020 | 108,285 |
bpfBOUW (mandates International Investments & Heritage) | 2,753,397 | 2,760,396 |
Total | 9,424,010 | 8,456,869 |
The management fee was € 33.4 million in 2017 (2016: € 30.7 million). For the funds, this fee is calculated as 0.5% of the net asset value; for bpfBOUW’s international investments, the fee is calculated as 0.3% of the net asset value.
The management fee for the project development activities amounted to € 1.0 million in 2017 (2016: € 0.9 million).