Real estate
Rabo Real Estate Group faced worsened market conditions in 2008. Owner-occupied
houses became less affordable and consumer confidence in the housing market
decreased. This had a negative effect on the number of owner-occupied houses
sold. In 2008, Bouwfonds Property Development sold 8,746 owner-occupied houses,
compared with 13,173 in 2007. At FGH Bank, the loan portfolio increased by 22%
to EUR 16.5 billion and at Bouwfonds REIM, assets under management were up 35%,
at EUR 6.8 billion. In all, the generally deteriorated conditions resulted in a 65%
decrease in net profit for Rabo Real Estate Group, to EUR 86 million.
www.raborealestategroup.com
Growth in loan portfolio and assets under management;
fewer houses sold
Number of houses sold 34% lower, at 8,746
Loan portfolio up 22% to EUR 16.5 billion
Assets under management in real estate up 35% to EUR 6.8 billion
Net profit Rabo Real Estate Group down 65% to EUR 86 million
- Impairment losses: nil
Strategy of Rabobank Group Contribution to Group strategy
All-finance market leadership in the Netherlands
- To maintain and strengthen market leadership in owner-occupied houses
and commercial real estate
- To increase sales of Rabobank mortgages for new housing projects
- To maintain market leadership in real estate financing
- To increase knowledge of real estate
- To offer differentiated real estate related funds to Rabobank clients
Global food agri bank
- To set up and expand agri related funds, together with Rabobank International
Strategy
Rabo Real Estate Group aims to operate in each part of the real estate chain in the Netherlands, be it
developing, finance or investing. Its target is to maintain and strengthen its leading position in the
Dutch market for owner-occupied houses and commercial real estate. In addition, Rabo Real Estate
Group intends to maintain and, where possible, expand its solid position in the Dutch real estate finance
market. Within Rabobank Group, Rabo Real Estate Group is the centre of expertise on real estate
investments. Leveraging Rabobank's distribution power and growing its knowledge of real estate
49
Report of the Executive Board
Share in Rabobank Group's
net profit for 2008
in
Real estate 3%
