Portfolio - composition
At the end of 2023, the ARC Fund standing portfolio consisted of 11,155 homes with a book value of EUR 3.8 billion. The average book value per home decreased by 6.2%.
Portfolio - operation
The portfolio gross rental income in 2023 was EUR 164.2 million, compared to EUR 153.5 million in 2022. This growth is driven by the annual rental increase, rental turnover, and portfolio dynamics.
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.
Financial performance in 2023
In 2023, the portfolio value (including assets under construction) decreased by EUR 100 million (-/-7.1%; 2022: -/-2.0%) due to four quarters of negative revaluations. Investor interest remained low amidst rising interest rates.
Fund performance
The total fund return for 2023, expressed as a percentage of the NAV based on the INREV Guidelines as of 1 January 2023, was -/- 5.1% (2022: 1.1%).
Like-for-Like
We conduct a performance analysis based on like-for-like (LfL) figures to compare the performance of the ARC fund year over year.
MSCI Netherlands Residential Annual Property Index
The MSCI property index measures the returns on real estate properties and property portfolios.
Structure and governance
Amvest Residential Core Fund is structured as a (semi) open fiscally transparent fund for joint account (FGR) with a broad institutional investor base.
Amvest organisation corporate risk strategy
The strategy of the Amvest organisation focuses on two key activities:
ARC Fund risk strategy
The Amvest risk management framework is designed to facilitate strong governance and risk management within the ARC Fund.