Portfolio - dynamics

In 2023, the ARC Fund standing portfolio increased to 11,155 homes with a value of EUR 3.8 billion, compared to 11,010 homes with a value of EUR 4.0 billion in 2022. In 2023, we invested EUR 190 million in the pipeline. 3 properties for a total of 264 homes were delivered, 44 individual homes were sold and a block sale consisting of 75 homes was realised, resulting in a net addition of 145 homes.

The map shows the new properties added to the investment portfolio.

Figure 22: Properties added to the investment portfolio

Investment pipeline

At year-end 2023, the ARC Fund's committed pipeline included 2,269 homes for an estimated investment volume of EUR 834 million (2022: EUR 909 million). In 2023, the Houtsma project in Amsterdam was approved and added to the pipeline. We acquired the Houtsma project through our RoFR agreement with ADF.

Divestments

In order to revitalise the portfolio, the ARC Fund regularly divests in properties that no longer meet investment requirements. Divestments take the form of part sales (sales of individual homes to private individuals) or block sales (the sale of entire properties to professional investors). We sold 44 individual homes with a net gain of 23% compared to book value, and we executed one block sale in Velp for a total of 75 homes with a net gain of 4% compared to book value. The total net result on sales is part of the operational result.

Figure 23: Pipeline properties