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EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
At 1 January | 3,759,649 | 3,955,751 | ||
Investments in completed investment property | 5,613 | 80 | ||
Prepayments for assets under construction | (131) | 361 | ||
Transferred from assets under construction | 254,966 | 93,453 | ||
Investments in capitalised subsequent expenditure in investment property | 4,667 | 7,900 | ||
Divestments of investment property | (212,040) | (25,512) | ||
Transferred to/from assets held for sale | 4,276 | (4,140) | ||
Right of use asset (IFRS 16) adjustments | 4,807 | 7,441 | ||
Fair value adjustments | 310,234 | (275,685) | ||
372,393 | (196,101) | |||
At end of period | 4,132,042 | 3,759,650 |
The ARC Fund’s investment properties are appraised by independent professionally qualified appraisal experts, who provide an IFRS Level 3 valuation. There has been no change to the valuation technique during the year and there were no transfers between levels 2 and 3 during the year.
A mortgage on part of the ARC Fund’s property portfolio serves as security for the loan. The total value of the residential portfolio mortgaged as at 31 December 2024 is EUR 1,487,069 thousand (2023: EUR 1,524,878 thousand) (also see note 16).
The investment portfolio is divided over below mentioned rental priced segments:
EUR x 1,000 | 31-12-2024 | 31-12-2023 |
Low-priced | 85,590 | 128,956 |
Mid-priced | 1,290,402 | 1,215,119 |
Free market low | 1,797,683 | 1,709,137 |
Free market high | 958,367 | 706,438 |
4,132,042 | 3,759,650 |
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
At 1 january | 540,434 | 439,480 | ||
Prepayments for assets under construction | 162,736 | 190,033 | ||
Transferred to investment property | (254,959) | (93,453) | ||
Right of use asset (IFRS 16) adjustments | 60 | (1,414) | ||
Fair value adjustments | (16,267) | 5,788 | ||
(108,431) | 100,954 | |||
At end of period | 432,003 | 540,434 |
Prepayments were made in accordance with the completion of investment property under construction. All risks regarding the development of new properties remain with the developer, as the ARC Fund cannot take on development risks.
The legal ownership of the land on which the property is constructed was transferred to the ARC Fund together with the first payment.
EUR X 1,000 | 31-12-2024 | 31-12-2023 |
Accounts receivable | 2,306 | 1,566 |
Prepayments on borrowing costs | 7,899 | 4,196 |
Amvest REIM BV | 401 | - |
VAT | - | - |
Other receivables and prepayments | 1,794 | 2,660 |
Trade and other receivables | 12,400 | 8,422 |
Borrowing costs for the debt securities amounted to EUR 7,899 thousand as at 31 December 2024 (2023: EUR 4,196 thousand). The capitalised expenses are amortised during the term of the loan facility.
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
At 1 January | 1,906 | 1,662 | ||
Amounts written off | - | - | ||
Increase/(decrease) in allowance | 894 | 244 | ||
894 | 244 | |||
At end of period | 2,800 | 1,906 |
All accounts receivable are non-interest bearing and are typically due within 30 days. As at 31 December 2024, receivables with a nominal value of EUR 2,800 thousand (2023: EUR 1,906 thousand) were impaired due to tenant defaults and were fully provided for. In 2024, no receivables were directly written off (2023: EUR -).
The ARC Fund holds EUR 7,116 thousand (2023: EUR 7,876 thousand) as collateral in the form of tenants’ deposits (also see note 18).
EUR X 1,000 | 31-12-2024 | 31-12-2023 |
ABN AMRO Bank NV | 11,776 | 12,857 |
ING Bank NV | 93,996 | 3,414 |
Cash and cash equivalents | 105,772 | 16,271 |
All balances are available on demand.
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
At 1 January | 11,844 | 15,961 | ||
Divestments of assets held for sale | (7,568) | (8,258) | ||
Transferred to investment property | (4,276) | - | ||
Transferred from investment property | - | 4,140 | ||
(11,844) | (4,118) | |||
At end of period | - | 11,844 |
As at 31 December 2024, there were no assets held for sale.
31-12-2024 | 31-12-2023 | |||
EUR X 1,000 | No. Of particip. Interest | Nominal value | No. Of particip. Interest | Nominal value |
Capital | ||||
AEGON Levensverzekering N.V. | 24,812 | 25 | 24,812 | 25 |
PGGM Private Real Estate Fund | 17,333 | 17 | 18,259 | 18 |
Investor "A" | 456 | - | 456 | - |
Investor "C" | 1,376 | 1 | 1,376 | 1 |
Investor "D" | 2,111 | 2 | 2,605 | 3 |
Investor "E" | 1,010 | 1 | 1,010 | 1 |
Investor "F" | 871 | 1 | 871 | 1 |
Investor "G" | 3,036 | 3 | 3,036 | 3 |
Investor "H" | 4,482 | 4 | 4,482 | 4 |
Investor "I" | 1,581 | 2 | 1,581 | 2 |
Investor "J" | - | - | 1,527 | 2 |
Investor "K" | 677 | 1 | 677 | 1 |
Investor "L" | 7,707 | 8 | 8,633 | 9 |
Investor "M" | 616 | 1 | 616 | 1 |
Investor "N" | 410 | - | 410 | - |
Investor "O" | 1,832 | 2 | 1,832 | 2 |
Investor "Q" | 3,504 | 4 | 3,504 | 4 |
Investor "R" | 1,664 | 2 | 1,664 | 2 |
Investor "T" | 689 | 1 | 689 | 1 |
Investor "U" | 7,062 | 7 | 7,062 | 7 |
Investor "V" | 1,768 | 2 | 1,768 | 2 |
Investor "W" | 1,768 | 2 | 1,768 | 2 |
Investor "X" | 817 | 1 | - | - |
Investor "Y" | 739 | 1 | - | - |
86,321 | 86 | 88,638 | 89 |
The ARC Fund’s capital is divided into participating units with a nominal value of EUR 1 per participating unit. Each FGR unit is entitled to distributions from the Fund. All Investors in the ARC Fund participate in the ARC Fund’s capital in the following manner:
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
At 1 January | 1,408,998 | 1,416,857 | ||
Subscription Investor G | - | 40,038 | ||
Subscription Investor H | - | 69,932 | ||
Subscription Investor J | 1,108 | 1,403 | ||
Subscription Investor T | - | 10,455 | ||
Redemptions | (90,802) | (38,937) | ||
Dividend paid to investors | (94,000) | (90,750) | ||
(183,694) | (7,859) | |||
At end of period | 1,225,304 | 1,408,998 |
For 2024, a total amount of EUR 94,000 thousand (2023: EUR 90,750 thousand ) of the share premium reserve was distributed to the Investors, being the final dividend distribution for 2024. Dividend per unit was EUR 1,089 in 2024 (2023: EUR 1,024).
Capital Management
The ARC Fund plans to secure new equity and debt funding in 2025, subject to market conditions, to fulfil outstanding redemption requests as well as fund and grow its pipeline in the coming years. We take a balanced approach to liquidity management and use proceeds from block sales to both fulfil the requests of our investors and to fund our pipeline. Realisation of the ARC Fund’s assets, for instance in connection with redemption requests, on termination or otherwise could be a process of uncertain duration. Currently, a total of EUR 45M of redemption requests has been fulfilled in 2025.
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
At 1 January | 1,041,920 | 1,302,885 | ||
Result of the year | 324,959 | (253,746) | ||
Realised from property sales | (67,283) | (7,219) | ||
257,676 | (260,965) | |||
At end of period | 1,299,596 | 1,041,920 |
The revaluation reserve, EUR 1,299,596 thousand is restricted from distribution due to cumulative net positive unrealised changes in the fair value of investment property (including assets held for sale) (2023: EUR 1,041,920 thousand).
For 2024, a total amount of EUR 67,283 thousand (2023: EUR 7,219 thousand ) of the revaluation reserve was realised from property sales.
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
At 1 January | 864,812 | 782,997 | ||
Result of the year | 63,099 | 74,596 | ||
Realised from property sales | 67,283 | 7,219 | ||
130,382 | 81,815 | |||
At end of period | 995,194 | 864,812 |
The ARC Fund obtains debt funding through various sources:
1. Bank facilities
2. Private placement
3. Bonds, issued by the ARC Fund. under the EMTN programme.
This note provides information about the contractual terms of the ARC Fund’s interest bearing loan, which is measured at amortised cost. For more information about the ARC Fund’s exposure to interest rate, foreign currency and liquidity risks, see the previously mentioned accounting principles and information about the financial statements.
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
At 1 January | 940,000 | 885,000 | ||
Loans taken | 425,000 | 155,000 | ||
Repayments | (305,000) | (100,000) | ||
120,000 | 55,000 | |||
Reclass to current | (125,000) | - | ||
At end of period | 935,000 | 940,000 |
The key elements of the EUR 500 million facility are mentioned below.
Principal amount | Initial amount: EUR 500 million bullet |
Term | 17 January 2026 |
Lenders | Deutsche Hypothekenbank (Security Agent, Valuation Agent)/ING Diba/ING N.V./ABN AMRO (EUR 300m/EUR 100m/ EUR 50m/EUR 50m) |
Interest period | 3 months |
Interest | EUR 290m: 1.218%-1.318% (depending on LTMV ratio); |
EUR 60m: 1.596%-1.696% (depending on LTMV ratio); | |
EUR 150m: 1.733%-1.833% (depending on LTMV ratio); | |
Repayment | In full, upon repayment date (17 January 2026); penalty |
LTV ratio | Maximised at 40% |
LTMV ratio | Maximised at 50% |
Ratio of net rental income to gross interest | At least 1.8 |
For an amount of EUR 300 million of the above mentioned EUR 500 million a loan agreement was signed with Deutsche Hypotheken Bank AG and ING Bank N.V. from January 2026 to January 2029. Resultingly, EUR 200 million of this facility matures in January 2026 and EUR 300 million of this facility matures in January 2029. The details of the EUR 300 million facility are mentioned below.
Principal amount | Initial amount: EUR 300 million bullet |
Start date | 17 January 2026 |
Term | 17 January 2029 |
Lenders | Deutsche Hypothekenbank (Security Agent, Valuation Agent)/ING Bank N.V (EUR 150m/EUR 150m) |
Interest period | 3 months |
Interest | EUR 300m: 3.55%-3.65% (depending on LTMV ratio); |
Repayment | In full, upon repayment date (17 January 2029) |
LTV ratio | Maximised at 40% |
LTMV ratio | Maximised at 50% |
Ratio of net rental income to gross interest | At least 1.8 |
The key elements of the EUR 450 million facility are mentioned below.
Principal amount | Initial amount: EUR 450 million revolving |
Term | 3 July 2027 |
Lenders | ING BANK N.V. (Facility Agent)/ABN AMRO BANK N.V./BNP Paribas S.A./SMBC Bank EU A.G. (EUR 112.5m/EUR 112.5m/EUR 112.5m/EUR 112.5m) |
Interest period | 3 months |
Interest | 3-month Euribor + 80 basis points (depending on net LTV and utilisation amount) |
Repayment | Each quarter, except when a new utilisation request is executed and ultimately upon repayment date ( 3 July 2027, extension options in place) |
LTV ratio | Maximised at 40% |
LTMV ratio | Maximised at 50% |
Ratio of net rental income to gross interest | At least 2.5 |
The key elements of the EUR 125 million facility are mentioned below.
Principal amount | Initial amount: EUR 125 million |
Term | Bullet: 3 December 2025 |
Lenders | Bullet: Coöperatieve Rabobank U.A. (Security Agent, Facility Agent)/ING Bank N.V./ Postbank – a branch of Deutsche Bank AG (EUR 50m/ EUR 37.5m/ EUR 37.5m) |
Interest period | 3 months |
Interest | Bullet EUR 75m: 1.200%-1.500% (depending on LTMV ratio) |
Bullet EUR 50m: 5-year IRS (if >0%) + 120-150 base points (depending on LTMV ratio) | |
revolving 3-month Euribor | |
Repayment | In full, upon repayment date (3 December 2025) |
LTV ratio | Maximised at 40% |
LTMV ratio | Maximised at 50% |
Ratio of net rental income to gross interest | At least 1.8 |
The key elements of the EUR 135 million U.S. Private Placement are mentioned below.
Principal amount | Initial amount: EUR 135 million bullet |
Term | 8 November 2030 |
Lenders | Metropolitan Life Insurance Company/ New York Life Insurance Company/ The Manufacturers Life Insurance Company (EUR 50m/ EUR 50m/ EUR 35m) |
Interest period | 6 months |
Interest | EUR 100m: 5.19% |
EUR 35m: 5.09% | |
Repayment | In full, upon repayment date (8 November 2030); |
LTV | <40% |
Secured financing | <30% |
Unencumbered assets to unsecured debt | >150% |
The key elements of the EUR 300 million Green Bond are mentioned below.
Principal amount | Initial amount: EUR 300 million Green Bond |
Term | March 2030 |
Lenders | Large group of high quality institutional investors |
Interest period | 6 months |
Interest | 3.875% Fixed |
Repayment | In full, upon repayment date March 2030 |
There is no difference between basic and diluted IFRS NAV.
The information below is provided for explanatory purposes with regard to the ARC Funds long-term funding.
EUR X 1,000 | Principal 31-12-2024 | Re-payments < 1 year | Re-payments > 1 year | End date | Interest Maturity | Effective interest Rate | Fixed/Floating | Fair value |
2024 | ||||||||
Counterparty | ||||||||
Syndicated bullet loan 500M | 500,000 | - | 500,000 | 17 January 2026 (200 mio) & 17 January 2029 (300 mio) | Quarter | 1.42% | Fixed | 487,023 |
Syndicated bullet loan 125M | 125,000 | 125,000 | - | 3 December 2025 | Quarter | 1.30% | Fixed 75,000 | 73,124 |
USPP | 135,000 | - | 135,000 | 8 November 2030 | Quarter | 5.16% | Fixed | 142,251 |
Green Bond | 300,000 | - | 300,000 | 25 March 2030 | Quarter | 3.88% | Fixed | 299,661 |
Syndicated revolving credit facility | - | - | - | 3 July 2027 | Quarter | 4.40% | Floating | 0 |
Total loans As at 31 December 2024 | 1,060,000 | 125,000 | 935,000 | 1,052,059 | ||||
EUR X 1,000 | Principal 31-12-2023 | Re-payments < 1 year | Re-payments > 1 year | End date | Interest Maturity | Effective interest Rate | Fixed/Floating | Fair value |
2023 | ||||||||
Counterparty | ||||||||
Syndicated bullet loan 500M | 500,000 | - | 500,000 | 17 January 2026 | Quarter | 1.42% | Fixed | 476,909 |
Syndicated bullet loan 125M | 125,000 | - | 125,000 | 3 December 2025 | Quarter | 1.30% | Fixed 75,000 | 71,171 |
USPP | 135,000 | - | 135,000 | 8 November 2030 | Quarter | 5.16% | Fixed | 142,771 |
Syndicated revolving credit facility | 180,000 | - | 180,000 | 3 July 2027 | Quarter | 4.40% | Floating | 180,000 |
Total loans As at 31 December 2023 | 940,000 | 940,000 | 920,851 |
A mortgage on part of the ARC Fund’s property portfolio serves as security for the loan. The total value of the residential portfolio mortgaged as at 31 December 2024 was EUR 1,487,069 thousand (2023: EUR 1,524,878 thousand). As at 31 December 2024 the LTV ratio was 23.2% (2023: 21.8%), the LTMV ratios were 46.2% (2023: 43.1%) and 30.9% (2023: 34.2%).
EUR X 1,000 | 31-12-2024 | 31-12-2023 |
Investment property mortgaged in relation to syndicated loan | 1,487,069 | 1,524,878 |
Investment property* not mortgaged in relation to syndicated loan | 2,644,973 | 2,246,616 |
4,132,042 | 3,771,494 |
The EUR 500 million loan facility agreement contains the following covenants:
EUR X 1,000 | Convenants | 31-12-2024 |
The loan-to-value ratio (including MtM value derivates) | < 40% | 23.2% |
The loan-to-value mortgaged properties ratio | < 50% | 46.9% |
ICR ratio | >= 1.8 | 3.9 |
The EUR 125 million loan facility agreement contains the following covenants:
EUR X 1,000 | Convenants | 31-12-2024 |
The loan-to-value ratio (including MtM value derivates) | < 40% | 23.2% |
The loan-to-value mortgaged properties ratio | < 50% | 30.9% |
ICR ratio | >= 1.8 | 3.9 |
The EUR 450 million loan facility agreement contains the following covenants:
EUR X 1,000 | Convenants | 31-12-2024 |
The loan-to-value ratio (including MtM value derivates) | < 40% | 23.2% |
ICR ratio | >=1.8 | 3.9 |
The EUR 135 million bonds agreement contains the following covenants:
EUR X 1,000 | Convenants | 31-12-2024 |
The loan-to-value ratio (including MtM value derivates) | < 40% | 20.9% |
ICR ratio | >= 1.8 | 4.0 |
Secured net leverage ratio | <= 30% | 11.3% |
Unencumbered assets ratio | >= 150% | 938.4% |
As at 31 December 2024, there are no breaches of any of these covenants.
Apart from the mortgage, no receivables pertaining to the property portfolio as well as all bank accounts are pledged.
The primary objective of Amvest REIM B.V. is to ensure that the Fund remains within its banking covenants and maintains a strong credit rating. Amvest REIM monitors capital primarily using a loan-to-value (LTV) ratio, which is calculated as the amount of outstanding debt divided by the valuation of the investment property portfolio.
EUR X 1,000 | 31-12-2024 | 31-12-2023 |
Long term lease payables (IFRS 16) | 30,217 | 20,292 |
Other long term payables* | 30,217 | 20,292 |
As of 1 January 2019 IFRS 16 is implemented in the balance sheet and P&L. In order to implement IFRS 16 a number of key options and practical expedients allowed under IFRS 16 were adopted of which the following are the most significant:
A modified retrospective approach was applied and therefore prior periods were not restated.
Not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12
months or less and leases of low-value assets. The lease payments associated with these leases are recognised as an expense on a straight–line basis over the lease term.
To apply the ‘grandfather’ option, which means that all conclusions previously reached under IAS 17 (and IFRIC 4 Determining Whether an Arrangement Contains a Lease) are deemed compliant with IFRS 16.
To use hindsight in determining the lease term.
The lease liabilities can be specified as follows:
EUR x 1,000 | 31-12-2024 | 31-12-2023 | |||
< 1 year | 12,665 | 17,724 | |||
> 1 year < 5 years | 1,394 | 1,394 | |||
> 5 years < 10 years | 1,165 | 1,165 | |||
> 10 years | 27,657 | 17,733 | |||
Total | 42,882 | 38,016 | |||
31-12-2024 | 31-12-2023 | ||||
Current | 12,665 | 17,724 | |||
Non-current | 30,217 | 20,292 |
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
AEGON Levensverzekering N.V. | 6,036 | 5,319 | ||
PGGM Core Fund Participations B.V. | 4,217 | 3,914 | ||
Investor "A" | 111 | 98 | ||
Investor "C" | 335 | 295 | ||
Investor "D" | 514 | 558 | ||
Investor "E" | 246 | 216 | ||
Investor "F" | 212 | 187 | ||
Investor "G" | 739 | 651 | ||
Investor "H" | 1,090 | 961 | ||
Investor "I" | 385 | 339 | ||
Investor "J" | - | 327 | ||
Investor "K" | 165 | 145 | ||
Investor "L" | 1,875 | 1,851 | ||
Investor "M" | 150 | 132 | ||
Investor "N" | 100 | 88 | ||
Investor "O" | 446 | 393 | ||
Investor "Q" | 852 | 751 | ||
Investor "R" | 405 | 357 | ||
Investor "T" | 168 | 148 | ||
Investor "U" | 1,718 | 1,514 | ||
Investor "V" | 430 | 379 | ||
Investor "W" | 430 | 379 | ||
Investor "X" | 199 | - | ||
Investor "Y" | 180 | - | ||
21,000 | 19,000 |
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
Tenants deposits | 7,116 | 7,876 | ||
Accounts payable | 1,744 | 375 | ||
Amvest REIM | - | 410 | ||
Lease payables (IFRS 16) | 12,665 | 17,724 | ||
Short term loan | 125,000 | - | ||
Other Payables and prepayments | 29,296 | 15,125 | ||
196,821 | 60,510 |
The amount of EUR 21,000 thousand consists of the distributions (dividend for the fourth quarter of 2024) to the Investors (2023: EUR 19,000 thousand). The ARC Fund’s management fee has been prepaid to the Fund Manager Amvest REIM B.V. During the year, final settlement resulted in a final payment of EUR 388 thousand.