The year of social impact

The pressure of the aging population, high construction costs and the shortage of healthcare workers continued to put pressure on the healthcare real estate sector. Additionally, housing shortages make it increasingly difficult to develop and invest in affordable homes. Given that affordability is a strategic focus of the AL&C Fund, maintaining accessibility to a broad target group remains a key challenge.

Despite these trends, the Dutch economy continued to see favourable developments in 2025, including stabilising interest rates and an improved investment climate. These positive conditions supported our commitment to providing care and nursing homes for a diverse target group while fostering the growth of sustainable real estate. The AL&C Fund investment property saw eight consecutive quarters of positive revaluation and the re-emergence of yield compression. We are encouraged by these developments and remain optimistic about the Fund’s long-term outlook.

Fund performance

Demand for healthcare real estate remained strong, despite declining rents and yields. At the same time, a shortage of suitable properties for assisted living persists. To address this, the AL&C Fund focusses on long-term cooperation with trusted builders, care providers and developers to strengthen relationships and reduce competition.

In 2025, we opened the Fund and welcomed three new investors, raising €250 million in additional equity available for investment. Continued economic growth further improved operational results and financial performance. As a result, the Living and Care Fund achieved a total fund return of 12.2%, a dividend yield of 4.2% and maintained an occupancy rate of 98.2%.

Additionally, we received the MSCI European Property Investment Award 2024 for best-performing Specialist Fund. We are proud of this achievement, which reflects the success of our strategic approach, and we will continue to build on this momentum.

Delivered and ongoing projects

During the year, we delivered a total of 12 properties, bringing our standing portfolio to 121 properties. Grid congestion continues to affect the sector. One property experienced delays due to this issue. We remain aware of this challenge and are working proactively to manage it. Our delivered projects included two Seasons properties: The Trappenberg (Huizen) and The Sphinx (Amsterdam). The Trappenberg, the largest project in our portfolio with 270 units, offers a quiet living environment surrounded by nature. The first phase of the project was delivered in November 2025, and the second phase will be completed in the first quarter of 2026. The Sphinx, located in Amsterdam Noord, consists of a combination of nursing homes, Seasons apartments and childcare facilities. During The Sphinx project, we found that it is more challenging to attract elderly residents to newly developed urban areas. Nonetheless, within the first several months, the property was fully rented out. Both The Trappenberg and The Sphinx were positively received by tenants and families. Other projects delivered this year include four Het Gastenhuis and three Dagelijks Leven properties. 

Our committed pipeline consists of 13 projects, seven of which we expect to deliver in 2026. We are currently pursuing new project opportunities throughout the Netherlands, with a focus on maintaining a balance between assisted living facilities and nursing homes. We have also been promoting our Seasons concept to development companies and municipalities across the country. As these entities are increasingly focused on addressing the dual challenges of an ageing population and a shortage of senior housing, our concept has been well received. This positive response reinforces our confidence in the meaningful social impact we can achieve by expanding access to high-quality senior housing. To further assess and strengthen our impact, we will begin formally measuring tenant satisfaction in 2026, following a full year of operation at our first Seasons property.

Sustainable impact

Sustainability is a core element of AL&C’s strategy, as reflected by our Amvest Impact Framework. This set of sustainability standards, combined with our financial return requirements, guides our future investment decisions. Additionally, we remain committed to achieving a Paris-proof portfolio through continued reductions in our carbon emissions and energy intensity.

In 2025, we began implementing sustainability improvements for Zorggroep de Laren (Rhoon), work that is still ongoing. Together with care providers and building companies, we also developed two proposals for sustainability renovations at Het Gastenhuis (Dordrecht) and Dagelijks Leven (Renkum). Measuring our sustainability impact is equally important. In addition to tracking ecological metrics such as energy labels, we are working closely with stakeholders to determine the most effective way to assess our social impact and communicate this to investors.

Alongside these efforts, the Fund was once again named world sector leader in the GRESB benchmark for the sixth consecutive year, reflecting our continued commitment to sustainable investment.