Outlook

The AL&C Fund remains optimistic about the future. Interest rates are expected to keep falling, the need for suitable housing for the elderly is growing and investment activity in healthcare is slowly rising.

We are excited about the opportunity to invest in new buildings and continue to build on what we have started. When we delivered Soesterberg, we saw the tangible results and impact of our Seasons concept. It became clear that this is exactly what people are looking for, and that is the best confirmation we could receive. We believe that what we are doing is working. Therefore, we are focused on maintaining our current course rather than diversifying too much. We plan to stick to our strategy while making adjustments based on the insights we have gained from our initial experiences.

Additionally, we have carried out an internal restructuring of our management team with the goal of modernising our organisation to strengthen asset management and, as a result, improve the quality of our assets. We look forward to the outcomes of this restructuring, which we believe will position us for greater success and continued growth in the coming years.

Amsterdam, the Netherlands, 16 April 2025

Niclas von der Thüsen, Director Finance and Risk

Susan van de Koppel-Nagelmaeker, Portfolio Manager