Contents Foreword Management report Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
Bouwfonds IM
Bouwfonds IM is the real asset investment management
division of Rabo Real Estate Group. Bouwfonds IM delivers
sustainable value by investing capital raised from its clients in
real assets through investment funds and by actively managing
these assets. Bouwfonds IM focuses specifically on investment
products in five sectors: commercial real estate, residential real
estate, parking garages, communication infrastructure and
agriculture farming.
Rabo Real Estate Finance and FGH Bank
In 2015, it was announced that FGH Bank would be integrated
into Rabobank, consolidation all knowledge, expertise and
network in the field of commercial real estate financing within
both FGH Bank and Rabobank. In view of this, In November
2016, Rabo Real Estate Finance was launched. Rabobank's
mission is to sustainably support (local) communities and to
play a meaningful role in society. The financing of commercial
real estate supports this mission. Therefore, knowledge of real
estate and of the real estate market is crucial, as is knowledge
of and experience with financing real estate. The ambition of
Rabo Real Estate Finance is to remain a key player in the real
estate financing market, even though we are in the process
of managing down our overall exposure to this industry to
some extent.
Rabo Real Estate Finance serves as a partner and facilitates real
estate clients in conducting business in future-proof real estate
and realising healthy returns. Through Rabo Real Estate Finance,
we provide real estate clients the most suitable financing
solutions for development, construction, conversion, ex-rental
sales and real estate investments. FGH clients that fit within our
real estate strategy will gradually be transferred from FGH Bank
to Rabobank to ensure a smooth transition. The commitments
made to clients who do not fit within this strategy will be
honoured by FGH Bank.
Sustainability
The strategic pillars for Rabobank's 2020 goals for sustainable
development are supporting residential and business
customers in sustainability, stimulating sustainable agriculture
and food security, and strengthening local communities.
For Rabo Real Estate Group corporate social responsibility
means that real estate should benefit society at large.
The Corporate Social Responsibility (CSR) policy explains
how we wish to engage with our stakeholders and society in
a broad sense. We aspire to occupy a top position in the field
of sustainability within the real estate industry. The main topics
that concern our group translate to four pillars: sustainable real
estate, ethical business practices, responsible operations and
social engagement.
Rabobank is committed to future-proof real estate in a market
that, despite recent positive economic news, is still marked by
structural overcapacity and vacancy. We can advise and structure
customised financial constructions that make redevelopment
or transformation possible. This brings the vacancy rate down,
and in many cases, helps to avoid (unnecessary) newbuild.
This approach encourages buildings to be given not just
a second or third life, but it also helps us limit the use of scarce
open space, raw materials and supplies. Partly in response to the
signed Memorandum on Tackling Vacant Offices (Convenant
Aanpak Leegstand Kantoren), we have changed our focus from
construction to transformation. In recent years we have been
involved in financing more than 160 transformations, which has
taken a total of approximately 1.5 million square meters off the
market and repurposed it. These are not just known landmarks
in the Randstad conglomeration, but also include many other
projects beyond it. In addition to promoting specific projects,
we also encourage the development of knowledge about
renovation and quality of life. In this regard, we are closely
involved in the National Renovation Platform (NRP) and our New
Winkelstraat project represents an investment in stimulating
local initiatives to tackle shop vacancy.
Our sustainability programme, SST, specifically presents carbon
emissions reduction as an important aspect of addressing
climate change. As real estate offers great potential for reducing
emissions, BPD initiated and participated in several projects
in 2016. For example, in Wageningen, the Netherlands, the
district New Kortenoord is developing residential properties
that combine the popular 1930s style of residential architecture
with energy efficient heating systems powered by geothermal
energy. The properties consume no gas, as they only run on
electricity. Besides a communal energy supply, many homes
generate their own green electricity using solar panels.
Residential real estate developments
In 2016, the Dutch economy was on a favourable upward curve.
Due to rising consumer confidence, domestic expenditure grew.
The economic recovery was also reflected in the labour market;
unemployment fell fast in 2016. These developments, together
with low mortgage rates, contributed to strong growth in
residential units sold. In 2016, the Dutch residential market was
characterised by a relatively sharp increase in transactions.
47 Our output and impact: improving performance
