Rising to the Annual Report 01 future 201 7… · 02 OVG Real Estate B.V. Gustav Mahlerlaan 2970...

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Rising to the future Annual Report 2017

Rising to the future

Annual Report201 7

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OVG Real Estate B.V.Gustav Mahlerlaan 2970 ––– 1081 LA AmsterdamP.O. Box 87354 ––– 1080 JJ Amsterdam ––– The Netherlands+31 88 170 [email protected]

Rising to the future

Annual Report201 7

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5.0 –– Financial statements 2017page 30

5.1 Consolidated balance sheet (after appropriation of result)

5.2 Consolidated income statement5.3 Consolidated cash

flow Sstatement5.4 Notes to the consolidated

financial statements5.5 Notes to the consolidated

balance sheet5.6 Notes to the consolidated

income statement5.7 Company balance sheet

(after appropriation of result)5.8 Company income statement5.9 Notes to the company

balance sheet

6.0 –– Other informationpage 59

6.1 Statutory rules concerning Appropriation of result

6.2 Independent auditor’s report

–– Colophonpage 64

Management's board report

1.0 –– Rising to the futurepage 4

2.0 –– World explorations in changepage 6

3.0 –– Key statisticspage 24

4.0 –– Management boardpage 26

4.1 Management board4.2 Advisory board

Contents ––

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1.0 –– Rising to the Future

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“We live in a fast-changing age of innovation and transformation, all driven by the technological changes of the 4th Industrial Revolution—yet the ones who can make change happen, the real estate industry, are largely caught in the past.”Coen van Oostrom, Founder and CEO of OVG Real Estate ---

Being caught in the past is something that OVG Real Estate can never be accused of. Driven by Founder and CEO Coen van Oostrom, we have continued to rock the industry status quo this year, achieving what we set out to: creating better buildings that are good for the health of people and the environment. Buildings that save and give back energy becoming cost efficient to operate and run. All this alongside our beautiful architecture and intuitive design.

This year was a little more introspective than previous years: rising to the challenge future projects bring while embracing exciting changes to come. In our business and our buildings, this has meant pushing boundaries, exploring new ways of working, and changing internal processes for the better alongside all our other work.

In 2016 we explored new possibilities—the technology that allows us to develop superior buildings with the aim of actively contributing to the health of people and of the world. In 2018 we named it: EDGE Technologies, inspired by the iconic and world-renowned The Edge. Then we developed and set the product blueprint which is now being built into our future projects.

CREATING BETTER BUILDINGS THAT ARE GOOD FOR THE HEALTH OF PEOPLE AND THE ENVIRONMENT.

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Coen van Oostrom on stage at Vizions Conference – Founder and CEO of OVG Real Estate & EDGE Technologies

2.0 –– World explorations in change

BUILDINGS NEED TO CHANGE AS FAST AS CITIES

This year it has become even more apparent that cities are changing, and there is no doubt in our mind that buildings need to change at the same pace. There is a disconnect between what is popular politically, and the reality of space versus the increasing population, all made more extreme with rising business presence in cities. Cities are reinventing themselves, in part through who they can attract—and buildings like ours provide a different way of doing things that in the future we know will become normal. Businesses are already demanding more from their buildings than ever before. This view was cemented in some of the talks, trips and conferences we attended in 2017.

Sustainability on the public agendaDuring the year, we heard many people talk about the importance of sustainability, including the Indian PM Narendra Modi. He has been watching climate change happening in India. He has seen the effects first-hand of extreme temperature and weather changes around the world, a result of global warming. It confirmed our belief that the world can no longer afford to ignore sustainability issues, that they are steadily rising in both public and policymaker’s political agendas; something confirmed by the early 2018 World Economic Forum.

Vizions ConferenceAt the forward-thinking Vizions Conference in Berlin, Europe’s top tech hubs were in attendance. Hosted by Zalando, it was interesting to hear from companies with the most successful platform models to date about how there is no doubt platforms will be part of the 21st century infrastructure. Meanwhile, Zalando, EBAY and Booking.com are all examples of companies leading their chosen cities into the new and flexible work era. Through our work with OVG Real Estate and EDGE Technologies, we are excited to be standing there alongside them.

San Francisco research tripWe travelled to San Francisco this year to research American building quality. While Silicon Valley remains impressive because of its big company investment, i.e. from Google and Apple, a wider tour quickly revealed that most of the business district technology and buildings were of a lower quality, and with less forward thinking processes around sustainability in place than in Europe. Our contacts informed us this is because of the higher initial building cost. We have already proven that cost can be seen as a long-term investment with returns coming back on energy-saving technologies, amongst other things, through our iconic The Edge. There will definitely be future opportunities in the U.S. for our products and thinking around wellbeing, sustainability, design and smart technology.

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Cumulative completed real estate in gross floor area 2018 showing the expected sqm to be completed

Sustainability project ratings 2017 registered for assessment

BREEAM Good: 1 Greencalc+ C: 2 Energylabel A: 4

BREEAM Very Good Bespoke: 1BREEAM Very Good: 3

Greencalc+ B: 3

BREEAM Excellent: 7 Greencalc+ A: 1 DGNB Gold: 2 LEED Platinum: 1

BREEAM Outstanding: 3 DNGB Platinum: 3

Investment per sustainability level

BREEAM Good: 0.99% Greencalc+ C: 1.16%

Energylabel A:6.19%

BREEAM Very Good Bespoke: 1.58%BREEAM Very Good: 3.93%

DGNB Silver: 1.61%Greencalc+ B: 1.16%

BREEAM Excellent: 21.91% Greencalc+ A: 12.79% DGNB Gold: 16.45% LEED Platinum: 2.61%

BREEAM Outstanding: 12.54% DGNB Platinum: 13.05%

EDGE Technologies – The new company founded by OVG Real Estate

2017 in retrospect

2017 has been the year for the construction of many buildings planned in 2016. By March and April 2017 work on the business plan for EDGE Technologies was complete, while by the end of the year we had cemented thinking, produced our product blueprint and started implementation in buildings where the full technology offering was possible.

We have explored more partnerships with companies and people who share our views this year, like world-renowned architects Winny Maas

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Cumulative signed rental agreements in gross floor area 2018 showing the expected sqm to be signed

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and Bjarke Ingles, and real estate companies in newly explored cities. For example, we partnered with Normandy Real Estate Partners in New Jersey, and Mapiq and Nuuka as technical innovation partners.

Our projects are now classified in two different ways:

EDGE Technologies projects These are projects where the technology fulfils all the criteria laid out in our product blueprint. We will continue to look at buildings and building projects through these lenses:

1. Sustainability—cost-efficient energy saving practises / circular materials (incl. a material passport documenting where materials came from).

2. Healthy buildings concerned with wellbeing—built so people leave healthier than they arrive in terms of air quality, layout and design.

3. Design that gives efficient, fun ways of working—from entering the building, to wayfinding and even building operations. All with a user-centred approach.

Technology will be the driver for all these areas (smart / intelligent buildings, connected into smart cities, utilising big data).

Platinum projectsThese are our ongoing projects already in the planning stage, or being delivered in the next few years. They may have part of the EDGE Technologies platform within them.

EDGE Olympic –Impression of the new interior

Eindhoven Phase II –

As a follow up of Phase I, Rabobank’s HQ, phase II will arise in 2021

The NetherlandsValley, an OVG Real Estate platinum project, is one of our mixed-use building projects. Partnerships with award-winning MVRVD Architect Winny Maas, and landscape architect Piet Oudolf continues to put this building into a new class innovation-wise. Construction started in Amsterdam Zuidas during 2017, and the project has been sold to investor RJB group.

The Boutique Office is now known as EDGE Olympic and is the first EDGE Technologies project. The technology infrastructure will be ground-breaking, based on the EDGE Technologies product blueprint.

Eindhoven Phase II has been leased to the Central Government Real Estate Agency (RVB), following on from the 17th May finalisation and delivery of Phase I, Rabobank’s regional HQ, delivered before the planned date. The next stage of redevelopment has now started as a platinum project with the demolition of the old building and beginning of construction.

ING’s smart office in Amsterdam Zuid-Oost started construction in partnership with G&S Vastgoed as a platinum project. After ING relocates from Amsterdamse Poort to the new head office, we will transform the offices at Amsterdamse Poort primarily into multifunctional residences. More than 500 apartments will be created, in addition to social and other facilities.

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For Basisweg 10, located at Amsterdam Sloterdijk, there is now a long-term lease agreement in place for 25,500 sqm. of the office building with grid management company Alliander. We are working on exciting plans for redevelopment together with Architekten Cie.

Spark has been delivered with every detail of build expertly handled. It is a redevelopment of old-into-new building that was based on our experiences with The Edge. We continued to build on the smart building concept together with our technology partners, applying the latest version.

MM25 in Rotterdam, has now been leased out to main tenant: Coca Cola and Croonwolter&dros. It is a redevelopment project, and is equipped with a robust, high-tech infrastructure that allows for a direct link between various forms of smart hardware and software.

Triodos, the new sustainable headquarters for Triodos Bank, will be built in the Reehorst Estate in Zeist, an area of 26 hectares and part of the National Ecological Structure. Our building permit was granted and groundworks commenced. This network is made up of existing and planned natural green areas. The network is designed to link green areas more effectively with each other.

GermanyEDGE Grand Central is an EDGE Technologies project and construction started mid-way through the year. It will be a ca. 22,000 m2 prime office building with 107 parking places. Meanwhile, a lease agreement with Oracle was signed for a signifiant part of the building.

EDGE Grand Central – The second project by EDGE Technologies is scheduled to be delivered by 2020

Basisweg – New design for the redevelopment of Basisweg

There has also been a lot of preparation for the Eastside Tower in Berlin, together with BIG architects we continue to work on the design. This 80.000 sqm. and 140 m highrise will be the example of what we see as future proof buildings.

The Pier will be our first project in Hamburg. It was announced in March 2017 and will be an EDGE Technologies project. The Pier will be a smart and energy efficient multi-tenant office building of approximately 25,000 sqm..

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The market place at the Unilever Nothern American HQ – The redeveloped Unilever Northern American HQ is the smartest office building in the Tristate area

Südkreuz is still being finalised, and this building is a particularly interesting structure. Inside there will be wooden circular constructions that are much more sustainable to use than concrete, as well as making it a pleasant environment for people to work in. The building has been sold to investor Duxton.

Impression of EDGE Sudkreuz – EDGE Sudkreuz has a hybrid construction made of recyclable wood

U.S.A.Unilever Northern American HQ in New Jersey, Englewood Cliffs, is a platinum project and the first to be built on the EDGE Technologies platform. We were able to sign what is called a Green Lease with the main tenant, Unilever, who will use it as their Northern American HQ. It is currently in build and will open for business February 2018. There are additional building opportunities being explored in both Boston and Washington.

Outlook 2018There is still a scarcity of excellent, forward thinking buildings with sustainability and people’s health at their core, so while competition in real estate is always fierce OVG Real Estate remains a leader in the field. Sale prices of our developments, and sales in general, are up which is good for the business.

Our current markets continue to grow and develop, and we are always looking to expand in Europe or globally when the right opportunities arise.

For 2018 we have changed the way we approach projects. Focussing on what the industry should be like, we have made our processes as efficient and innovative as possible–redefining how teams work together. The talented, cross-functional teams of people that we put together now start a project at the same time and really benefit from a collaborative approach, rather than the traditional engineer-led approach. It allows for buildings to be built holistically, and fulfils our aims to change real estate. This is something we will continue to focus on and refine in EDGE Technology projects for 2018.

We are excited to play a big part in these industry changes, and in rising to the challenges in all our partnerships—whether financial partners or otherwise. One thing is for sure: we will continue to be at the forefront of real estate changing the world.

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Green leasesUnilever Nothern American HQ is an interesting recent case of green leasing, and we expect more of these to be negotiated in the next year. The lease makes use of saved energy costs and gives an extra incentive for developers to get the right and efficient technology installed, aiming to recoup any extra costs over the duration of the lease. This makes for a very competitive lease, with tenants getting a discount based on reduced energy use or even through giving energy back to the grid.

Innovations in 2017We are always looking for the right partnerships, particularly with those companies who share our innovation values.

Thyssenkrupp multi rope-free elevatorsWe continue to explore the right building projects to install this multi-way lift. The lifts are able to move in different directions, not only vertically, and will therefore revolutionise tall building construction.

Our own technology product EDGE TechnologiesWe are one of the first real estate companies to develop and launch a product that integrates real estate and smart technology together in a product so outstanding we think it will one day become the standard for sustainable, user-centred design aimed at people’s wellbeing.

More flexible leasesAs well as our usual leases, we continue to explore the new wave of business in this 4th industrial revolution, negotiating more flexible tenancies and new forms of lease agreements with companies large and small.

Rope-free elevators – Revolutionizing tall building construction

Impression of the new Unilever Nothern American HQ – The green lease structure gives an incentive to enhance sustainability

MapiqWith Mapiq we have taken a big step in further optimizing the application for the Unilever Nothern American HQ. Together we implemented collecting building data on a large scale to achieve higher energy and usage efficiency.

NuukaThe partnership with Nuuka is geared towards optimizing the usability of our data and the key to making our building more efficient and sustainable.

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Risk and risk management

Over the years it has become very clear that the main risks for international developments like those OVG is conducting are to be found in macroeconomic and geopolitical events.

Macroeconomics dictates the market perception in which OVG operates: the way OVG is able to contract its builders, its buyers, its tenants and its financiers is highly dependable on where in the economic cycle a country is at the moment the contract needs to be closed. Mitigation on these economic cycles are taken by ensuring short term positions, meaning a minimum timeframe between acquiring the project, securing the contractor and selling the project to an end-investor. Recently we have seen a strong increase in price from our contractors. Keeping timelines efficient helps to secure and mitigate these potential threats on project profitability. By securing the exit of the project at an early stage of the development, the financing of a project becomes a minor issue. With the new long-term lease that ties EDGE Technologies to these properties for at least 10 years the de-risking of a project has become a long-term issue. By creating future-proof buildings in attractive areas, we strongly believe this product remains interesting for tenants also during a downturn.

In terms of geopolitical events, the effects on our market and performance can be significant. We have seen that BREXIT has not yet led to a standstill in the financial world and markets in general seem only a little impacted by these major changes. Nevertheless, the ongoing insecurity of geopolitical events, Russian, U.S. or Korean, could have a major impact on OVG and its investment strategy. By securing the exits and funding for our projects at an early stage we are protecting ourselves from the impact these geopolitical events could have.

Besides the aforementioned elements of risk, it is apparent that the technological developments, like “big data” and “the Internet of Things” have a direct impact on the way new developments by OVG are viewed and valued. OVG knows these technological innovations need to be adopted and incorporated in the products we deliver. Through adding personnel with this knowledge, we ensure our future products will fulfil the expectations of a new generation.

The overall appetite to take risk is considered limited, working on a limited availability of cash combined with volatile market situations, which demands OVG to mitigate risk to a large extent. By connecting ourselves to strong financial partners, we support our growth ambition without increasing our risk or changing our risk appetite. Naturally OVG is always led by solid risk analysis. OVG has the best advisors in the market who undertake an extensive spatial planning analysis before every binding lease agreement or land purchase in order to limit spatial planning risks. OVG strategically works together with strong financial contractors in order to limit

construction risks with regard to schedule, price and supply reliability. By working together with these parties, OVG reduces the risk of main contractor bankruptcies and the consequent risks involved. Knowledge exchange and innovative contracting with these preferred suppliers also enables OVG to increase the supply reliability and innovation of its buildings for clients.

The new developments must be carefully thought through since they are measured against a combination of OVG’s own risk/reward analysis and the strict requirements put on projects by financial parties. Overall the financial model for OVG’s developments depend on extensive external financing, which ensures a large degree of external control. It is our pleasure to see that over the years the trust from our bankers has increased along with the numbers of banks that support our projects.

Interest risks on loans with variable interest rates are no longer mitigated by the use of interest swap instruments, as the expectation is that the interest rates will not increase significantly in the near future. This will be a point discussed at large: looking at future projects that will commence after 2020. The expected increase in interest rates is something that will impact both our cost of funding as well as the yield investors will be prepared to pay.

The company trades only with creditworthy parties and has implemented procedures to check the creditworthiness and moral behaviour of parties. The company applies strict credit control and reminder procedures. Due to these measures the credit risk for the company is considered minimal.

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Major developments in 2017

As expected, the revenue for 2017 (€ 211.085 million) remained at a high level compared with 2016 (€ 218.453 million). The main reason for this high level was because we were able to fill the pipeline for the years to come, which showed its first effects in 2016 and continued into 2017. As predicted the income from our investment management activities show an increase which is expected to further increase in 2018 when we finalise our activities for the OVG Redevelopment Venture and so we are expecting a healthy return on this investment.

The shareholder’s equity shows an increase of 8% which is the result of net proceeds combined with a dividend payment in 2017. During 2017, staff numbers increased from 72 FTE in January 2017 to 84 FTE as of December 31, 2017. The increase was mainly driven by the growth of the German team as well as new talents supporting both the international and innovation teams. The average number of FTE in 2017 was 75 (2016: 62). We expect the team to grow close to 100 during 2018 as the US team will further develop. Besides the international expansion we foresee an increase in staff for our product and operational teams as this will further strengthen our proposition as well as facilitate the operation of the first Edge building that will open in 2018.

All figures stated in this report are in thousands of €’s unless stated otherwise. The main risks and uncertainties for the year 2017 were managing the project risks and further de-risking the portfolio. The cash balance remained stable during 2017 although investments are expected for 2018 when new projects will be acquired.

The company is focussed on selecting the best opportunities in the acquisition of

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profitable projects or standing assets. Besides the focus on cash, OVG has been able to source approximately 92.000 sqm of new projects supporting the extensive pipeline of the company. In general, OVG is expecting further growth of the company in staff as well as in turnover and net earnings. Although the focus regarding acquisition of new projects entail a direct increase of our risk, specifically regarding letting as these new projects are to be created on a speculative basis, our aim is to keep our risk level comparable to our current position. The way to achieve this aim is not only to sell the project at an early stage, but also to attract tenants for these new projects during construction.

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Sep5th OVG sells Valley to RJB Group

7th HENN winns architectural competition for The Pier

21st Central Government Real Estate Agency (RVB) signes a long-term lease agreement with OVG Real Estate for Eindhoven Phase II

Oct30th OVG becomes member of Madaster

Nov6th OVG Real estate builds a landmark in modular wood- hybrid Südkreuz

30th Coca-Cola signs long-term lease agreement for 4,500 sqm. at MM25

May12th NAIOP NJ office deal of the year award for Unilever development

19th Delivery of Rabobank Eindhoven

Jun22nd OVG announces cooperation with ThyssenKrupp for the world's first cable-less elevator.

Jul13th Start construction ING head office

14th Start construction Grand Central Berlin

Jan11th OVG and Normandy sell Unilever’s Northern American HQ property to Mesirow Financial 12th Long-term lease agreement with Alliander for 25,500 sqm. in the office building at Basisweg 10 in Amsterdam Sloterdijk.

Feb16th OVG and G&S sell ING head office to LCN Capital Partners

Mar15th OVG announces new project The Pier in Hamburg's HafenCity

2017 In Brief –– Calendar

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With the level or revenue and earnings before tax being close to the levels of 2016, OVG is pleased to present its 2017 annual results. The significant drop of the balance sheet total is mainly caused by the 2017 completion of two projects (M_Eins and Rabobank). Investments were already started in 2015 and they partly materialised during 2016. Because of delay in construction the current portfolio did not progress as much as expected during 2017, with eleven projects ongoing the portfolio was considered to be at a high level although for 2018 we expect a further growth in number of projects. The net earnings are negatively impacted by an additional tax loss from unforeseen tax risk. Without this event net earnings would have been in line with 2016.

The focus of the company is to de-risk these projects by selling to third parties at an early stage ensuring OVG achieves positive year-ends for the coming years. The equity position of the company remains strong with a solvency level above 35% supported by the strong decrease of the balance sheet total. OVG foresees a similar growth of equity for 2018 combined with further improvement of our ratios although an increased balance sheet could have a negative impact on the solvency.

Staffing has increased as the company needs to strengthen the team for its international expansion in line with the strategy and its focus. As new business opportunities are foreseen, the number of staff is likely to increase further although this highly depends on international acquisition success. For 2018, the company remains interested to find alternative financing to increase its financial position and to support growth in investment and developments. The company remains focused on setting up partnerships to improve the innovative elements that are to be incorporated in future projects across the globe. The main focus for growth in 2018 is to be realised in Western European capitals and on the North East coast of the United States.

To further support OVG’s smart strategy in the innovative field of healthy, sustainable workplaces and high-tech offices, it grew during 2017 and will keep on doing so in 2018. OVG will increase its investments supporting the search for innovative solutions to be implemented in technologically advanced buildings. We see these technological solutions as the anchor of future developments. The achievements of this team will have a great impact on all OVG’s concepts and thereby support our growth ambitions. It also underlines OVG’s value of company excellence as we strive to do better each time and keep on introducing new features in our working environment to improve efficiency, productivity as well as creating a healthier workplace.

Consolidated Income Statement (x1,000 euros) 2017 2016 2015 2014 2013 2012

Revenue 211.085 218.453 101.659 191.709 146.252 134.784 Operating result 26.419 27.027 10.315 28.921 (1.399) 5.831 Financial expenses 834 1.861 2.359 5.139 4.215 1.208 Earnings before tax 27.079 26.340 17.265 13.401 (12.654) 2.685 Net earnings 13.105 18.820 13.770 11.929 (8.259) 1.650

Consolidated Balance Sheet (x1,000 euros) 31-12-17 31-12-16 31-12-15 31-12-14 31-12-13 31-12-12

Total fixed assets 17.921 18.464 26.784 57.821 78.133 83.479 Work in progress 177.559 263.649 109.464 138.358 178.551 138.747 Group equity 96.351 89.976 71.010 53.788 50.493 58.752 Long term liabilities 114.555 65.482 43.909 49.623 48.622 42.989 Balance sheet total 260.557 328.958 188.518 255.816 292.904 243.533

Ratios 31-12-17 31-12-16 31-12-15 31-12-14 31-12-13 31-12-12

Average # staff 75 62 46 39 41 44 Operating result / revenues 12.5% 12.4% 10.1% 15.1% -1.0% 4.3%Net earnings / revenues 6.2% 8.6% 13.5% 6.2% -5.6% 1.2%

Revenues / average # staff 2.814 3.523 2.210 4.916 3.567 3.063 Solvency* 37.0% 27.4% 37.7% 21.0% 17.2% 24.1%Working capital** 196.194 148.033 96.185 57.852 30.572 25.705 Net earnings / average group equity 14.1% 23.4% 22.1% 22.9% -15.3% 3.0%

* Represents group equity devided by total assets** Represents current assets minus current liabilities

3.0 –– Key Statistics

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4.1 Management BoardThe Management Board is responsible for OVG policy. Under the chairmanship of Chief Executive Officer Coen van Oostrom, the Board comprised three Board Members (Coen van Oostrom, Alex Kompier and Eva Hukshorn) in 2017 each with joint responsibility for running the company, implementing its strategy and achieving its objectives and results. In addition to their joint responsibility each board member has different core tasks.

As of December 2017, Eva Hukshorn decided to pursue her career outside OVG, Eva Hukshorn's responsibilities have been divided and taken over by Coen van Oostrom and Alex Kompier. OVG is very grateful to Eva Hukshorn for her efforts and contribution.

OVG NL Holding

EDGE Technologies USA

EDGE Technologies Deutschland

EDGE TechnologiesConcept

JOINOntwikkelingby OVG & Triodos

Management Board

Tech & Product Centre

Marketing

Finance, Tax & Accounting

HRM & Office

Organizational Structure –– 4.0 –– Management Board

The OVG board – From 2018 on the board comprises of two members: Coen van Oostrom and Alex Kompier

EDGE TechnologiesNederland

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Coen van Oostrom ––Chief Executive Officer – Chairman of the Executive Board – Chairman of OVG NL Holding – Chairman of EDGE Technologies Deutschland – Chairman of EDGE Technologies USA – Chairman of EDGE Technologies Concept – Chairman of EDGE Technologies Nederland – Managing Director of JOIN Ontwikkeling (OVG/Triodos joint venture) – Company Strategy – PR & Marketing

Alex Kompier –– Chief Financial OfficerResponsibilities and core tasks include: – Company Strategy – Finance, Tax and Accounting – Risk Management – Fund Management – Corporate Finance – HR & ICT

Coen van Oostrom is the only statutory director on the Management Board. With respect to the Management Board the new legislation regarding diversity will be taken into account when new Management Board members are appointed. As there is only one statutory director, diversity is not possible.

4.2 Advisory BoardIn 2017 the Advisory Board comprises two members: Mr. Joost H. van Heijningen Nanninga and Mr. Dick P.M. Verbeek.

Mr. Joost H. van Heijningen Nanninga ––Current posts: Senior Partner of Egon Zehnder International, Member of the Advisory Board, CVC Benelux, Member of the Supervisory Board of Breevast, ZBG Group, Member of INSEAD Dutch Council, Member of Advisory Board of Rotterdam School of Management.

Mr. Dick P.M. Verbeek ––Current posts: Member of the Supervisory Board of Aegon N.V., Member of the Advisory Board CVC Benelux, Member of the INSEAD Dutch Council, Board Member of the Stichting Administratiefonds Rotterdam..

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5.1 Consolidated balance sheet (after appropriation of result)*

Note 31 December 2017 31 December 2016

Tangible fixed assets 1 836 1.059 Financial fixed assets 2 17.085 17.405Total fixed assets 17.921 18.464

Work in progress 3 75.297 120.872Inventory 4 35.230 17.196Construction contracts 5 67.032 125.581Accounts receivables 6 1.141 1.649 Receivable from affiliated companies 7 507 266 Other receivables and prepayments 8 19.454 10.173Total receivables 21.102 12.088

Cash and cash equivalents 9 43.975 34.757 Total current assets 242.636 310.494Total assets 260.557 328.958

Note 31 December 2017 31 December 2016

Shareholders' equity 88.769 81.222Minority interest 7.582 8.754

Group equity 10 96.351 89.976

Provisions 11 3.209 11.039

Long term loans 12 114.555 65.482Long term liabilities 114.555 65.482

Short term loans 13 5.898 115.138Accounts payables 8.913 10.014 Payable to affiliated companies 14 - 6.896 Tax payables and social charges 15 16.014 1.236Accruals and other payables 16 15.617 29.177Current liabilities 46.442 162.461

Total equity & liabilities 260.557 328.958

* All amounts are in 1,000 euro’s

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OVG real estate

5.0 –– Financial Statements 2017

“We live in a fast-changing age of innovation and transformation, all driven by the technological changes of the 4th Industrial Revolution—yet the ones who can make change happen, the real estate industry, are largely caught in the past.”Coen van Oostrom, Founder and CEO of OVG Real Estate ---

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5.3 Consolidated cash flow statement*

FY 2017 FY 2016

Operating result 26.419 27.027Adjustments for:Depreciation tangible fixed assets 408 381(Increase)/decrease provisions (3.666) 2.988Revaluation investment property and ground positions

- (1.675)

Changes in working capital:(Increase)/decrease in work in progress and projects

86.090 (143.501)

Decrease in other current assets (excl. cash) (8.796) (8.959)(Increase)/decrease in current liabilities (excl. financing credit institutions) (17.270) 19.399

60.024 (133.061)

Cash flow from business activities 83.185 (104.340)

Interest (2.249) 261Taxation (12) (2)Cash flow from operating activities 80.924 (104.081)

Investments tangible fixed assets (186) (248)Disposals/(investments) in participations (incl. loans to participations, nett) 582 (1.372)Repayments loans - 500Investments/(disposals) in minority interest - -Cash flow from investment activities 396 (1.120)

Dividends paid (5.000) (5.006)

Dividends paid to minority interests (6.694) (46)Dividens received 317 139Additions/(repayment) long term liabilities (18.213) 13.253Movement projectfinancing (41.954) 85.816Cash flow from financing activities (71.544) 94.156

Increase / (decrease) cashflow 9.776 (11.045)

Opening cash 34.757 45.802 Movement cash 9.776 (11.045)Effect of movements in exhange rates (558) -Closing Cash 43.975 34.757

* All amounts are in 1,000 euro’s.

5.2 Consolidated income statement*

Note FY 2017 FY 2016

Revenue from projects A 231.798 135.271Change in inventories of finished projects and in work in progress

A (27.541) 78.977

Other revenue B 6.828 4.205Total revenue 211.085 218.453

Direct project costs 161.412 170.562Cost of exploitation C 1.174 1.836Salaries & pensions D 12.054 10.831 Depreciation & amortisation 408 381 Impairment of current assets 450 1.500Other operating expenses E 9.168 6.316

Total operating expenses 184.666 191.426

Operating Result 26.419 27.027

Financial income 344 2.120Financial expenses (834) (1.861)Result from participations F 1.150 729 Result from revaluation G - (1.675)

660 (687) Earnings Before Tax 27.079 26.340

Company Tax H (9.017) (2.321)Result third party interest (4.734) (5.199)

Result on sale of shares (223) -Net Result 13.105 18.820

Other comprehensive income - - Total result of the legal entity 13.105 18.820

* All amounts are in 1,000 euro's

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Entities Established in % Shareholders Shareholder(s)

OVG Real Estate B.V. Rotterdam 91.0% C.P.G. van Oostrom Beheer B.V.9.0% Stichting ESA

OVG NL Holding B.V. Rotterdam 88.0% OVG Real Estate B.V.OVG Old Holdings B.V. Rotterdam 100% OVG Real Estate B.V.Edge Technologies Holding B.V. Rotterdam 100% OVG Real Estate B.V.Edge Technologies Nederland B.V. Rotterdam 100% Edge Technologies Holding B.V.Edge Technologies Concept B.V. Rotterdam 100% Edge Technologies Holding B.V.OVG Projectontwikkeling B.V. Rotterdam 100% OVG NL Holding B.V.OVG Landbank B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten VI B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten VII B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XI B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XII B.V. Rotterdam 100% OVG NL Holding B.V.Laan op Zuid B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XVIII B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XX B.V. Rotterdam 100% OVG NL Holding B.V.

OVG Projecten XXI B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXII B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXIII B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXV B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXVI B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXIX B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXXIV B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXXV B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXXVI B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXXVII B.V. Rotterdam 100% OVG NL Holding B.V.OVG Projecten XXXVIII B.V. Rotterdam 100% OVG NL Holding B.V.OVG Nederland B.V. Rotterdam 100% OVG NL Holding B.V.OVG Property Investments B.V. Rotterdam 100% OVG NL Holding B.V.OVG Investment Management B.V. Rotterdam 100% OVG NL Holding B.V.OVG IM Holding B.V. Rotterdam 100% OVG NL Holding B.V.

5.4 Notes to the consolidated financial statementsAll amounts are stated in thousands of Euros unless indicated otherwise.

ActivitiesOVG Real Estate B.V. having its legal seat at Marten Meesweg 8 in Rotterdam, is engaged in development of real estate, mainly in the commercial market. In this respect OVG Projectontwikkeling B.V. represents the service organization for the projects of OVG Real Estate B.V.

Group structureFinancial information relating to subsidiaries within the group is included in the consolidated financial statements. The consolidated financial statements have been prepared in accordance with the accounting principles regarding valuation and profit recognition of OVG Real Estate B.V.

Minority interests in equity and results of group companies are separately disclosed in the consolidated financial statements.

The results of subsidiaries acquired during the year are consolidated from the date of acquisition. At acquisition the assets, provisions and liabilities are valued at fair values. Goodwill paid is capitalized. The results of subsidiaries sold during the year are consolidated until the movement of leaving the group.

Consolidation principlesThe consolidated financial statements include the accounts of OVG Real Estate B.V. and all entities in which a direct controlling interest exists. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

Pursuant to Section 409 of Book 2 of the Dutch Civil Code, the financial data of Joint Ventures are consolidated proportionally in the consolidated financial statements. Since the interest concerns a joint venture with a company not forming part of the group, and over which joint control is exercised under a collaboration arrangement concluded with the other partner, management believe such presentation means that the statutory required true and fair view is met.

The consolidated companies in the report are:

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OVG Projecten LXVII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXVIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXIX B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXVII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXVIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXIX B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXX B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXXI B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXXII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXXIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXXXIV B.V. Rotterdam 100% OVG Nederland B.V.Beherend Vennoot FMH B.V. Rotterdam 50% OVG Nederland B.V.Beherend Vennoot AMP BV Amsterdam 50% OVG Nederland B.V.Beherend Vennoot FMH 2 BV Rotterdam 100% OVG Nederland B.V.Stichting Bewaarder REF Kantoor Rotterdam 100% OVG Nederland B.V.REF Kantoor B.V. Rotterdam 100% OVG Nederland B.V.Edge Technologies Deutschland B.V. Rotterdam 100% Edge Technologies Holding B.V.OVG Real Estate GmbH Berlin 100% Edge Technologies Deutschland B.V.OVG Humboldthafen Verwaltungs GmbH Berlin 100% Edge Technologies Deutschland B.V.OVG Cloud GmbH Berlin 100% Edge Technologies Deutschland B.V.OVG Sky GmbH Berlin 100% Edge Technologies Deutschland B.V..OVG Sun GmbH Berlin 100% Edge Technologies Deutschland B.V.OVG Moon GmbH Berlin 100% Edge Technologies Deutschland B.V.OVG MK6 GmbH & Co. KG Berlin 50% OVG Real Estate GmbHOVG MK6 Komplementär GmbH Berlin 50% OVG Real Estate GmbHBAM-Huis Den Haag Beheer B.V. Rotterdam 70% OVG Projecten XXI B.V.BAM-Huis Den Haag C.V. Rotterdam 69.3% OVG Projecten XXI B.V.

1% BAM-Huis Den Haag Beheer B.V.Stichting OVG I Rotterdam 100% OVG Projecten XXXVIII B.V.Sirius C.V. Rotterdam 100% OVG Projecten XXXVIII B.V.OVG IM Beheer B.V. Rotterdam 100% OVG IM Holding B.V.IM NHS B.V. Rotterdam 100% OVG IM Holding B.V.Stichting Bewaarder NHS Rotterdam 100% OVG IM Holding B.V.NHS CV Rotterdam 100% OVG IM Holding B.V.


OVG Projecten XVII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XXVII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XXVIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Lansingerpoort B.V. Rotterdam 100% OVG Nederland B.V.

OVG Projecten XXXI B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XXXII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XXXIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XXXIX B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XL B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLI B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLIV B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLV B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLVI B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLVII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLVIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten XLIX B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten L B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LI B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LVI B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LVII B.V. Rotterdam 100% OVG Nederland B.V.

OVG Projecten LVIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LIX B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LX B.V. Rotterdam 100% OVG Nederland B.V.Stallingsgarage Beukenhorst Beheer B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXIII B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXIV B.V. Rotterdam 100% OVG Nederland B.V.Green Machine B.V. Rotterdam 100% OVG Nederland B.V.OVG Projecten LXVI B.V. Rotterdam 100% OVG Nederland B.V.

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GENERAL ACCOUNTING PRINCIPLES FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

The financial statements are prepared in accordance with generally accepted accounting principles in the Netherlands and Title 9, Book 2 of the Netherlands Civil Code.

Valuation of assets and liabilities and determination of the result takes place under the historical cost convention. Unless presented otherwise at the relevant principle for the specific balance sheet item, assets and liabilities are presented at face value.Income and expenses are accounted for on accrual basis. Profit is only included when realized on the balance sheet date. Losses originating before the end of the financial year are taken into account if they have become known before preparation of the financial statements.

The financial information relating to OVG Real Estate B.V. is included in the consolidated financial statements. Accordingly, in accordance with Article 402, Book 2 of the Netherlands Civil Code, a company profit and loss account has been presented in condensed form.

The management of the group makes various judgements and estimates when applying the accounting policies and rules for preparing the financial statements. Amongst others, significant judgements are made regarding the valuation of investment property, work in progress, construction contracts and provisions. These judgements and estimates are made from taking the present market conditions and market volatility into account.

Financial instrumentsThe information included in the notes for financial instruments is useful in estimating the extent of risks relating to both on-balance-sheet and off-balance-sheet financial instruments. The group applies hedge accounting based on individual documentation per individual hedge relationship.The company’s primary financial instruments, not being derivates serve to finance the company’s operating activities or directly arise from these activities. The company’s policy is not to trade in financial instruments. The effective part of financial instruments designated for cost price hedge accounting is valued at cost. Ineffectiveness is only recorded in the profit and loss account insofar as it concerns a(n) (accumulated) loss.The principal risks arising from the company’s financial instruments are interest rate risks and credit risks.

Companies mentioned below are not consolidated in the report, because OVG Real Estate B.V. does not hold, directly or indirectly, more than half of the voting capital and does not have a decisive influence on these companies.


Businesspark Gouda B.V. Rotterdam 50% OVG Property Investments B.V.Stadsherstel Historisch Rotterdam N.V. Rotterdam 1% OVG Real Estate B.V.Parrot B.V. Amsterdam 10% OVG Venture Nederland I B.V.OVG Redevelopment Venture B.V. Amsterdam 20% OVG Venture Nederland II B.V.OVG Normandy RE LLC USA 50% OVG Real Estate USA Holding LLC700 Sylvan Avenue LLC USA 50% OVG Real Estate USA Holding LLC


OVG Venture Nederland II B.V. Rotterdam 100% OVG IM Holding B.V.Join Ontwikkeling B.V. Rotterdam 70% OVG NL Holding B.V.Join Projecten 1 B.V. Rotterdam 100% Join Ontwikkeling B.V.Join Projecten 2 B.V. Rotterdam 100% Join Ontwikkeling B.V.Join Projecten 3 B.V. Rotterdam 100% Join Ontwikkeling B.V.Join Projecten 4 B.V. Rotterdam 100% Join Ontwikkeling B.V.Join Projecten 5 B.V. Rotterdam 100% Join Ontwikkeling B.V.OVG Ventures Nederland B.V. Rotterdam 100% OVG IM Holding B.V.OVG Venture Nederland I BV Rotterdam 100% OVG Ventures Nederland B.V.OVG Asset Management Nederland B.V. Rotterdam 100% OVG Ventures Nederland B.V.Consortium Frankemaheerd C.V. Rotterdam 49.9% OVG Projecten LXXXII B.V.

0.2% Beherend Vennoot FMH B.V.Project Orange B.V. Amsterdam 100% Beherend Vennoot FMH B.V.Consortium Amsterdamse Poort C.V. Amsterdam 49.9% OVG Projecten LXXXIV B.V.

Amsterdam 0.2% Beherend Vennoot AMP B.V.Edge Technologies Owner 1 B.V. Rotterdam 100% Edge Technologies Nederland B.V.Edge Technologies Owner 2 B.V. Rotterdam 100% Edge Technologies Nederland B.V.Edge Technologies Owner 3 B.V. Rotterdam 100% Edge Technologies Nederland B.V.Edge Technologies Development Holding B.V. Rotterdam 100% Edge Technologies Nederland B.V.Edge Technologies Rent 1 B.V. Rotterdam 100% Edge Technologies Nederland B.V.Della S.à.r.l. Luxembourg 94% Edge Technologies Deutschland B.V.OVG Hamburg S.à.r.l. Luxembourg 100% Edge Technologies Deutschland B.V.OVG SXB 1 S.à.r.l. Luxembourg 100% Edge Technologies Deutschland B.V.Edge Technologies USA B.V. Rotterdam 100% Edge Technologies Holding B.V.OVG Real Estate USA Holding LLC Delaware 100% Edge Technologies USA B.V.

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InventoriesInventories of assets are valued at acquisition price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progressWork in progress is the unsold construction of an asset or combination of assets whose performance generally extends over several reporting periods.

Project costs are the direct project costs, interest on loan capital, the mark-up for costs attributable to project activities in general and can be allocated to the project based on the normal level of project activity, and other costs that can be attributed to the principal under the project. A provision for expected losses on a project is charged to the item work in progress.

Construction contractsA construction contract carried out at the instruction of a third party is a contract entered into with a third party for the construction of assets whose performance generally extends over several reporting periods. Contract revenue and contract costs from the construction contract are taken to the profit and loss account pro rata to the extent of the work performed at the balance sheet date, because the outcome of a construction contract can be reliably estimated (percentage of completion method).

Contract costs are the direct contract costs, interest on loan capital, the mark-up for costs attributable to contract activities in general and can be allocated to the contract based on the normal level of contract activity, and other costs that can be attributed to the principal under the contract.

A provision for expected losses on a contract is charged to the item construction contracts. In addition, instalments already invoiced are set off against the item construction contracts. The net amount for each construction contract is recognised as an asset or a liability where the balance of the construction contract is positive or negative, respectively.

ReceivablesReceivables are included at face value, less any provision for doubtful accounts. These provisions are determined by individual assessment of the receivables.

Interest rate riskThe company hedges this risk by entering into an interest rate swap contract to cover expected significant increases in market interest rates.The company hedges this w by entering into an interest rate swap contract to cover expected significant increases in market interest rates. Currently the company no longer hedges any interest rate risks.

Credit riskThe company trades only with creditworthy parties and has implemented procedures to check the creditworthiness of parties. The company applies strict credit control and reminder procedures. The company’s credit risk is minimal due to the above measures. In addition, there are no significant concentrations of credit risk within the company.

PRINCIPLES OF VALUATION OF ASSETS AND LIABILITIES

Tangible fixed assetsTangible fixed assets are presented at cost less accumulated depreciation and, if applicable, less impairments in value. Depreciation is charged to the income statement based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset comes into use. Tangible fixed assets relate to properties not held for development or investment purposes.

Investment propertyInvestment properties are those that are held either to earn rental income or for capital appreciation or for both and those properties are stated at fair value without depreciation. External, independent valuation companies, having an appropriate recognized professional qualification and recent experience in the location and category of property being valued, value the investment portfolio. Any gain or loss arising from a change in fair value is recognized in the income statement as result from revaluation.

Financial fixed assetsThe (non-consolidated) participations are – on the basis of the share in the equity of the company – valued at net asset value and if applicable less impairments in value. The net asset value is based on the latest available financial statements of the company. With the valuation of participations any impairment in value is taken into account. The results are accounted for in profit and loss according to the interest held.

Participations with a negative equity are valued at nihil and to the amount of the negative equity a provision is made. In case of loans to or receivables on the participation, the provision will be charged to the receivables. In case a balance remains, a provision for participations is made.

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Other income and expensesAll costs which can not directly be allocated to a project are expensed. The lease income from investment properties is taken evenly to the profit and loss account over the term of the lease.

Corporate income taxCorporate income tax is calculated at the applicable rate on the profits for the financial year, taking into account deductible costs and permanent differences between profit calculated according to the profit and loss account and profit calculated for taxation purposes.

Financial derivates and hedge accountingThe company uses interest rate swaps to hedge its risks associated with interest rate fluctuations. The hedges are recognized on the basis of cost hedge accounting if the conditions for hedge accounting are met. The fair value of these hedges is disclosed in the notes to the consolidated balance sheet.

Tax liabilitiesOVG Real Estate B.V. is the head of a fiscal unity for the value added tax and for that reason it is, jointly and severally liable for the tax liabilities of the whole fiscal unity. As per 19 May 2015 all subsidiaries of OVG NL Holding B.V. formed a fiscal unity with OVG NL Holding B.V for corporate income tax and is jointly and severally liable for the tax liabilities of the whole fiscal unity. OVG Real Estate B.V. remains the head of a fiscal unity for the other subsidiaries for corporate income tax and is jointly and severally liable for the tax liabilities of the whole fiscal unity.Tax liabilities of the subsidiary companies are presented under the tax payables in the balance sheet.

Principles for preparation of the consolidated cash flow statementThe cash flow statement is prepared according to the indirect method. The funds in the cash flow statement consist of cash, cash equivalents and bank facilities.

Corporate income taxes, issuances of share capital, interest received and dividends received are presented under the cash flow from operating activities. Interest paid and dividends paid are presented under the cash flow from financing activities.

ProvisionsFor amounts of taxation payable in the future, due to differences between the valuation principles in the annual report and the valuation for taxation purposes of the appropriate balance sheet items, a provision has been formed for the aggregate of these differences multiplied by the future tax rate. A provision is recorded for the negative fair value of an embedded option.

The provision for rental guarantees for completed projects is recorded on behalf of the estimated costs expected to arise from the current rental guarantees.

Provision is recorded for changes in fair value of ineffective hedges.

The provision for rental guarantees for completed projects is recorded on behalf of the estimated costs expected to arise from the current rental guarantees.

Other provisions are provisions for incentives to be paid according to signed rental agreements and for other amounts to be paid. A provision is recognized when an obligation exists.

Long term provisions are valued at net present value.

Principles for the determination of the resultsAll initial start-up costs for potential projects are expensed. Rental guarantees are expensed as part of the estimated profit upon completion.

Revenue from projects is recognized as actual costs plus mark-up. The mark-up is quarterly recognized by the formula: calculated profit end of work multiplied by the percentage of the stage of completion minus profit already accounted for. The stage of completion is determined by the number of days under construction divided by the total number of construction days. Profit mark-up commences in the case that the project is sold at the start of the construction period. Losses are recognized in the year in which they become foreseeable.

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PublicationOVG Real Estate B.V.P.O. Box 873541080 JJ AmsterdamThe Netherlands+31 88 170 1000 [email protected]

Chamber of Commerce RotterdamRegistration number 24291656

Copy and EditingFinancial Department OVG Corporate Communications OVG Sarah-Jane Threipland

Photography/Renderingscover ...pages 4-5 Vero Visuals page 7 Vizionspage 10 Vero Visualspage 11 Pyxidpage 12 Vero Visuals page 13 Roomservice 3Dpage 14 Xoio page 16 Thyssen Krupppage 17 Perkins + Willpage 26 Jennifer Remme

© OVG Real Estate B.V. 2018

All rights reserved. Reproduction in whole or in part is prohibited without the prior written consent of the copyright owner. The information presented in this document does not form part of any quotation or contract, is believed to be accurate and reliable and may be changed without notice. No liability will be accepted by the publishers for any consequence of its use. Publication thereof does not convey nor imply any license under patent - or other industrial or intellectual property rights.

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Rising to the Annual Report 01 future 201 7… · 02 OVG Real Estate B.V. Gustav Mahlerlaan 2970...

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