1

Syntrus | Achmea

Kolommen dia (5 stuks)

11 mei 2016

Syntrus Achmea Real Estate & Finance: Dutch Residential

Jaap van der Bijl, MD Investor Relations

Piramides, Amsterdam Wijnhavenkwartier , the Hague

Wateringsesingel, The Hague Stadsbaken, Den Haag 900 Mahler, Amsterdam

Villa Mokum, Amsterdam

De Makroon, Amsterdam

100 Hoog, Rotterdam

2

Syntrus | Achmea

Kolommen dia (3 stuks)

Syntrus Achmea Real Estate & Finance

> € 16 billion AUM

Largest real estate investment manager in the Netherlands, on the market of institutional investors

Residential, Retail, Offices, Healthcare and international real estate

Residential Mortgages, CRE Debt

Staff 380 FTE

Integrated investor services

Real estate experts active in the entire value chain

Project development for client portfolios

Intricate (stakeholder) network on various (local) markets

> 60 clients

Institutional Investors only

Pension Funds

Insurance companies

Foundations / Sovereign funds

11 mei 2016

3

Syntrus | Achmea

Custom

Investment products in all sectors and regions

Residential Healthcare International investments

Retail Offices Mortgages / Real Estate Debt

Largest residential investor in NL

Development new built for client

portfolios

Front runner in healthcare real

estate

Need driven asset

Europe | North America | Asia

JV’s/Club deals, Multi Management

Focus on High Street and well

anchored (neighbourhood) shopping

centres

Focus on G4/G15

Focus on prime investment

properties on core locations with

sustainable returns

Focus on G4/G15 established CBD’s

Residential Mortgages

CRE Debt

11 mei 2016

4

Syntrus | Achmea

50% tekst / 50% grafiek

11 mei 2016

The Netherlands – Demographics

• Netherlands will grow from 7.6 towards 8.5 million

households (+12%)

• Household growth is concentrated in western part

(Randstad)

• Urbanization effect: 33% of growth is located in G4 cities,

75% in G25 cities

• 75% of growth consists of 65+ households

• In 2016 over 45% of the households in the main cities

consists of single households

5

Syntrus | Achmea

50% tekst / 50% grafiek

11 mei 2016

The Netherlands – 3 important social trends

Longevity

People are (still) getting older. Today about 17% of the population is

65+, in 2040 26%. This will influence the overall labor market and

challenge the solvency of the social welfare systems (pensions)

Single households

At the same time the proportion of single households is growing.

This development has a huge impact on the use of urban space

and consumer spending patterns.

Urban living

Also older people increasingly see

the advantages of city living. Being

part of a community and not being

isolated. In a city elderly people can

continue more or less their

independent life…

6

Syntrus | Achmea

50% tekst / 50% grafiek

11 mei 2016

The Netherlands – residential market

Netherlands:

• Mismatch between supply and demand (non regulated residential market)

• Demand peaks in cities (Randstad)

• Economic recovery and consumer confidence boost the demand

• Suitable market for diversification – yet relative small market

• Availability of investment opportunities is limited: also results in pressure on yields

Housing prices index 2010=100

NL residential breakdown Investment volume in € billion 2015 Returns UK – Germany – NL

7

Syntrus | Achmea

50% tekst / 50% grafiek

11 mei 2016

• Focus on the most urban part of the Netherlands:

• Prime markets: Randstad / G4 / G15 yield range 3.5% – 5.0%

• Gentrification, transformation and development

• And also ‘Forgotten cities’

• Focus on affordable rent levels

• In general the sweet spot is € 700 - € 1000 per month (base rent)

• Inner cities G4 rent levels up tot € 1500 per month

• Consider alternative strategies

• Social housing: (with rents up to € 700) can be an alternative,

depending on rent levy

• Residential health care: is suitable alternative

• Residential mortgages: quick exposure / fixed income / attractive spread

Investment focus Dutch residential real estate

Opportunity Heat Map NL

8

Syntrus | Achmea

Kolommen dia (6 stuks)

Overview trends

11 mei 2016

Demographics Urbanisation Migration

Technology E-commerce Sustainability