Performance
Real estate
Recovery in the real estate market continues
The condition of the Dutch housing market improved in 2015. The number of transactions
in the Netherlands, France and Germany increased, with home prices rising in many areas in
the Netherlands and Germany.The market conditions developed favourably for area developer
BPD and the results improved.The number of home transactions at BPD increased by 19% to 8,386.
The reduction of non-strategic activities at Bouwfonds Investment Management (Bouwfonds
IM) resulted in a slight decline of assets under management by EUR 0.1 billion to EUR 6.3 billion.
The improvement of the economic situation also had an impact on the loan impairment charges at real
estate financer FGEH Bank. Loan impairment charges in the real estate segment fell by EUR 566 million
to EUR 90 million. This amounts to 56 basis points of the average loan portfolio. The long-term average
is 89 basis points. The decrease of the loan impairment charges was decisive for the recovery of the
result.The net profit ofthe real estate segment rose by EUR444 million to EUR 181 million.The loan
portfolio came out at EUR 15.3 billion. Rabobank is undergoing strategic change, whereby the present
knowledge and expertise within the group is increasingly being bundled. Within this 'One Rabobank
strategy' it is fitting to link the proven and valued real estate knowledge, expertise and networks of
FGEH Bank to those of Rabobank in one strong real estate organisation. Therefore, FGH Bank is to be
integrated into Rabobank. The FGEH Bank shares were legally transferred to Rabobank on 31 March 2015
and FGEH Bank is no longer part ofthe Rabo Real Estate Group.
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Strategy
Within the real estate segment, the results of Rabo Real Estate
Group and FGH Bank are recognised together.
Rabo Real Estate Group operates with its BPD and Bouwfonds
Investment Management brands. BPD develops integral
residential areas, small-scale multifunctional projects and
public facilities and wants to contribute to the realisation of
living environments - meaning environments that are not just
for living in but are also living themselves. It has a staggered
project portfolio in the Netherlands, France and Germany.
In these countries, BPD strives for a managed growth in
economically strong regions via a local presence. Hereby, it
strives for a market return on invested capital within a fitting
risk profile.
Bouwfonds IM manages real estate funds and focuses
specifically on investment products in the sectors of real estate,
infrastructure and natural resources. Within these categories,
Bouwfonds IM focuses specifically on five sectors: commercial
real estate, housing, parking garages, communication
infrastructure and agriculture farming.
Public Fund Management Netherlands and SVn became
independent as of 1 June 2015. From that date, they were no
longer part ofthe Rabo Real Estate Group.
46 Rabobank Annual Report 2015