Contents Foreword Management report Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
The increase in transactions, combined with a shortage in the
supply of houses for sale and the relatively low volumes of new
houses built is causing growing shortages in some regions of
the market. These developments pushed up residential prices
with approximately 5% in the Dutch market.
Increase in number of transactions by BPD
The positive developments in the Dutch housing market
resulted in a strong increase in BPD's sales of new residential
units. In the Netherlands, BPD's number of residential units
transactions rose by 21.7% to 5,363 (4,407). The housing market
in Germany remains strong with the number of transactions
rising to 1,546 (1,126). In France, the number of transactions
also rose to 2,978 (2,791), as a result of market improvements.
Including some transactions (less than 1%) in other countries,
the total number of transactions made by BPD in 2016
increased to 9,905 (8,386).
Decrease in assets under management
Bouwfonds IM made several real estate acquisitions on behalf
of the various funds in 2016. The Bouwfonds European Real
Estate Parking Fund invested a total amount of EUR 92 million in
three car parks in the UK and Ireland and raised the full amount
of equity of EUR 177 million for its third institutional car park
fund. Also, Bouwfonds IM completed the sale of the largest
group of shares in the Bouwfonds Germany Residential Fund I
to V and made significant progress in the reduction of the non-
strategic activities. Total assets under management decreased
to EUR 5.9 (6.3) billion. The decrease was the result of further
reduction of non-strategic activities.
Real estate results
Sale of 'De Rotterdam'
In June 2016, Rabo Real Estate Group successfully sold the 'De
Rotterdam' building in Rotterdam to a consortium of French and
Korean investors. The sale is the largest single asset transaction
of recent times in the Netherlands. 'De Rotterdam' was one of
the remaining projects of MAB Development, which Rabo Real
Estate Group has been phasing out since 2013. 'De Rotterdam'
was sold with a significant book profit and consequently this
transaction made a positive contribution to the results of the
real estate segment.
Loan portfolio
Rabo Real Estate Finance focuses on the financing of commercial
real estate. The loan portfolio of the real estate segment,
provided almost entirely by FGH Bank, further declined to
EUR 11.3 (15.3) billion. In July 2016, FGH Bank sold a portion of
a portfolio of real estate loans. In September, FGH Bank entered
into an agreement to sell the real estate financing activities of
RNHB with a loan portfolio of approximately EUR 1.7 billion.
This transaction was completed in December.
Residential property transactions
by country
at year-end 2016
Loan portfolio segment real estate
in billions of euros
31-12
31-12
2014
2013
31-12
2015
31-12
2016
Assets under management
Bouwfonds IM
in billions of euros
7
31-12
31-12
2014
31-12
2015
31-12
2016
The Netherlands
France
Germany
54%
30%
48 Rabobank Annual Report 2016
