The first quarter of 2023 was dominated by cost management, preparations for the adjustment in the reference interest rate, and transactions designed to further optimise the portfolio.
In the current environment, cost management is of central importance in maintaining the performance of a residential fund in these times of rising interest rates. Non-essential projects were deferred without having to make serious concessions in terms of quality and energy efficiency. The increase in rental income due to the higher reference interest rate harbours great potential, even though some political opposition can be expected. As the implementation will put a substantially greater burden on management companies, it was crucial to define a strategy at an early stage.
The property in Bazenheid was sold at a profit in order to further optimise the existing portfolio. This sale confirmed the resilience of market values in the current crisis. The capital released by the transaction will be used to repay loans. Generally speaking, the outstanding loans should be reduced further by contributions in kind and selected divestments so as to be able to actively pursue opportunities on the transaction market.