Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
FGH Bankfocuses on the funding of commercial real estate, and is engaged in the
offices, retail, commercial space markets and the real estate investment market.
FGH Bank mainly operates in the Netherlands. In addition to financing investments
in commercial real estate, FGH Bank also funds new housing, renovation and
transformation projects. In addition, FGH Bank plays a prominent role for the local
Rabobanks as central centre of expertise for real estate financing issues.
BPD
BPD is a market leader in the Netherlands. In France, the organisation operates under
the name BPD Marignan and in Germany as BPD Immobilienentwicklung.
Recovery in the Dutch housing market
In 2015, the initial improvement in the Dutch housing market continued.The number
of home purchases in the Netherlands grew significantly.This was the combined
result of lower home prices, low mortgage interest rates and recovered confidence in
the housing market. Higher economic growth and increased consumer purchasing
power also contributed to the increased number of housing transactions. The increase
in home sales and the fall in unsold housing stock resulted in a smaller sales market,
which boosted average home prices in 2015. Despite ongoing improvements, recovery
was somewhat slowed by stricter lending standards, as buyers were more limited in
the amount they could borrow. In addition, on 1 July 2015, the limit for the National
Mortgage Guarantee was further decreased from EUR 265,000 to EUR 245,000.
Nevertheless, the expectations for 2016 are that the housing market will continue to
grow and that more new homes will be sold.
More houses are sold
The positive developments in the Dutch housing market were visible in the increased
sales of new homes in 2015. In the Netherlands, BPD's number of houses sold rose by
11% to 4,407 (3,985). The number of houses sold also grew significantly in France, as
home buyers became less reluctant and the market for private investors increased.
These developments resulted in a rise in the number of transactions to 2,791 (1,939).
The housing market in Germany remained unaffected, with the number of transactions
rising to 1,173 (1,126). Apart from in the Netherlands, France and Germany, some other
countries saw slight increases in residential property transactions, bringing the total
number of transactions completed by BPD in 2015 to 8,386 (7,064).
BouwfondsIM
Assets managed fall by 2%
In 2015, Bouwfonds IM made several real estate acquisitions on behalf of the various
funds. The Bouwfonds European Residential Fund, the Individual Mandate and the
Student Housing Fund were expanded by the acquisition of the former Philips Lighting
headquarters in Eindhoven. This was the second time that the three funds invested
together in one location In addition, the Bouwfonds European Residential Fund was
expanded with the addition of home portfolios in Germany and Denmark.There was
a successful first placement for the second Bouwfonds Dutch Private Parking Fund.
Within these categories, Bouwfonds IM focuses on the commercial real estate, housing,
parking garages, communication infrastructure and agriculture farming sectors.
In 2015, the non-strategic activities were further reduced. As a result, the total assets
under management fell by EUR 0.1 billion to EUR 6.3 (6.4) billion.
Number of residential properties
transactions by country
at year-end 2015
The Netherlands
France
Germany
Assets under management
Bouwfonds IM
in EUR billions
53%
33%
14%
31-12 31-12 31-12
2013 2014 2015
47 Performance
