12 Management fee

Bouwinvest received a management fee of in total € 27.9 million (2013: € 27.3 million), of which € 25.7 million (2013: € 24.3 million) is based on the assets under management and € 2.2 million (2013: 3.0 million) is based on other mandates and project development activities.

Bouwinvest is an investment manager specialised in real estate for institutional investors. The company also manages a separate mandate for international investments and project development activities.

Bouwinvest delivers real estate services to the following funds and entities (group companies as defined in article 2:24b of the Dutch Civil Code). The total assets under management of the company at year-end is stated below.

 20142013
Bouwinvest Dutch Institutional Residential Fund N.V.2,715,2832,599,612
Bouwinvest Dutch Institutional Office Fund N.V.565,113469,201
Bouwinvest Dutch Institutional Retail Fund N.V.670,322605,784
Bouwinvest Dutch Institutional Hotel Fund N.V.140,935154,992
Bouwinvest Dutch Institutional Healthcare Fund N.V.15,57211,755
Bouwinvest Development B.V.108,934128,840
bpfBOUW (mandates International Investments & Heritage)2,484,0472,090,098
Total6,700,2066,060,282
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The management fee in 2014 was € 25.7 million (2013: € 24.3 million). For the funds this fee is based on 0.5% of the ‘net asset value’; for the international investments of bpfBOUW it is based on 0.3% of the ‘net asset value’.

The management fee for other mandates and project development activities amounted to € 2.2 million (2013: € 3.0 million) and can be itemised as follows:

  • € 1.5 million (2013: € 1.7 million) development fee based on development turnover
  • € 0.6 million (2013: € 0.8 million) development fee based on invested capital
  • € 0.1 million (2013: € 0.5 million) heritage fee based on amount of invested capital
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