Kempen Global Property Fund NV - N

Profile

Kempen Global Property Fund N.V. (KGPF) has the objective to achieve strong relative investment results by investing in a concentrated portfolio of listed global property companies.

KGPF is managed on the basis of a bottom-up stock picking approach. KGPF's strategy is to exploit mispricings between the valuation of property companies in relation to the quality of their real estate portfolios, balance sheets, corporate governance and management capability to add value to the property portfolio. The environmental, social and governance (ESG) criteria are incorporated in the investment process.

Management team

Jorrit Arissen, Egbert Nijmeijer, Lucas Vuurmans, Robert Stenger, Mihail Tonchev, Andreas Welter, Alex Williamson

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

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  Fund Benchmark
1 month 0.1 % -0.3 %
3 months 2.5 % 2.4 %
This year -1.7 % -2.1 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
2021 34.5 % 35.7 %
1 year (on annual basis) 16.4 % 16.0 %
3 years (on annual basis) i 5.7 % 6.0 %
5 years (on annual basis) i 6.8 % 5.8 %
Since inception (on annual basis) i 9.5 % 7.8 %
The results shown of the periods before 19 April 2017, the inception date of Kempen Global Property Fund N.V. Class N, are those of Kempen (Lux) Global Property Fund - Class I. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. The value of your investments may fluctuate. Past performance provides no guarantee for the future. Due to Easter a deviating net asset value (NAV) is used for the calculation of the performance figures. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018 (Europe), the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments).
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 55.98 M 2022-04-30
Share class size
EUR 55.98 M 2022-04-30
Number of shares
2,387,616 2022-04-30
Net Asset Value
EUR 21.85 2022-05-20
Transaction price
EUR 22.16 2022-05-19
Morningstar rating â„¢

Fund characteristics per 2022-04-30

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  Fund Benchmark
Number of holdings 51 380
Dividend yield i 3.39 % 3.22 %
Weighted average market capitalization i EUR 18,048 M EUR 23,501 M
P/E ratio i 25.07
Active share i 72.02 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the “Fund”). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Developments per 2022-04-30

KGPF posted a negative return in April but outperformed the benchmark. Outperformance was broad based with noteworthy highlights being the US Triple Net cluster as well as US Housing and J-REITs. In the US Triple Net Lease cluster, it was our overweight position in gaming landlord giant VICI Properties that drove the strong outperformance as the company has cleared all its hurdles (including securing well priced debt financing in a volatile time for interest rates) for its MGM Growth Properties acquisition. In US Housing, outperformance was in part due to reassuring first quarter results from both companies acting in the manufactured housing segment (our overweight) increasing their full year outlook, mixed results in the large cap coastal apartment REITs (our underweight) and catch up from the single-family rental REITs (our overweight). In Singapore, we experienced negative performance over the month largely due to our overweight position in Keppel DC REIT, as it reported rising energy costs impacting its Distribution-per-unit “DPU” guidance. However, as the landlord is only responsible for the common spaces, the impact looks to be materially less than the company intimately estimated.

April saw a bit of a reversal for Global Real Estate with the benchmark falling just under 4% in local currency, after a strong 5% move in March. As inflation and global interest rate moves continue to be in the spotlight, volatility remains higher than usual. We reiterate that whilst the situation is as volatile as ever, real estate is a local business, and barring outright further military expansion, we believe that the worst-case scenario for global developed listed real estate is relatively minor in the near future.

The month of April marked the commencement of earnings season. Initial earnings coming out of the Nordics region generally show strong inflation pass-through on rental growth and thus far limited impact from energy price increases. This is because many of the companies in the region can reinvoice the energy bills to the tenants, and with the common space energy bill being immaterial for those landlords with high occupancy, the overall surplus ratio (gross to net rent) impact appears limited, especially as the first quarter is traditionally the toughest with respect to energy costs due to the winter. We do, however, factor in our models an increase in operating costs for the 4th quarter of 2022 and the first quarter of 2023 as we suspect that the energy price increases will continue to be sustained in absence of any resolution to the ongoing geopolitical issues and supply chain issues. Early earnings in the US also showcase a strong return to activity particularly in US Housing where same property growth is in the double digits. US Triple Net Lease is also seeing continue strong acquisitions activity despite higher cost of capital at the moment. This of course has an effect on the deal accretion which will be lower than in the past, and in part explains the weak absolute performance of this cluster year-to-date.

China’s Zero Covid policy is also beginning to rattle disproportionately Hong Kong based landlords with assets in China. After two years of success in the containment of COVID, China is struggling to dampen the spread of the Omicron variant with its Zero Case COVID policy. In particular, its two main cities Beijing and Shanghai are currently dealing with all the negative impacts of the strict lockdowns both in economic and social terms. Our overweight position in Hang Lung Properties is excessively volatile and has recently given up much of its year-to-date outperformance. We believe that the impact will be temporary as China has proved time and again its discipline in handling outbreaks with some severe short-term pain (in lockdowns) followed by early re-openings.

At the end of the month, Italian commercial landlord Coima Res received a tender offer for all shares by its long term strategic shareholder, the Qatar Investment Authority. The offer is €10/share and it represents a 22% discount to its year end EPRA Net Tangible Assets “NTA” but a near 39% premium to the undisturbed share price. This is another listed office vehicle being privatized and joins Irish landlord Hibernia and German office landlord Alstria as high quality office landlords that were privatized earlier in the year. The tender offers unlock short term value for the equity shareholders with the promise of significantly higher longer term shareholder value for their new private shareholders. It’s a public to private arbitrage that we see continuing, particularly in out-of-favor sectors such as offices.

We saw this arbitrage continue across the pond in the US as well. US student housing landlord American Campus Communities received a takeover bid from Blackstone at 14% premium to last unaffected share price and around NAV. Blackstone continues its shopping spree as it also agreed to acquire PS Business Parks in a cash transaction of $187.5 ($7.6bn total value) or a 12% premium to the last closing price. The takeover candidate had assembled a portfolio of industrial assets as well as suburban and flex office assets. It is possible that the angle of the deal is in the value-add/reconversion or land assembly play.

The Kempen real estate investment strategy strikes the balance between qualitative and quantitative analysis. Through application of data-analysis technology our Real Estate Team collects over 20 million relevant data points for 200,000 real estate buildings around the globe, processing this quantitative data in our data infrastructure and turning it into valuable fundamental investment information. The continuous increase in available data helps us make better assessments of the quality, value and risk of each real estate investment. This leads to better investment decisions and results in higher investment returns at lower risk for our clients.

Next to the quantitative approach the investment strategy contains three key qualitative parameters that determine the warranted valuation: management added value, balance sheet strength and ESG. The portfolio managers score each company covered on these three parameters. Companies that excel in ESG for example will be assigned a higher score and hence the warranted valuation for an investment increases.

During April we initiated an engagement with large US headquartered logistics real estate landlord Prologis on its environmental practices, particularly focusing on its majority Scope 3 emissions. We will continue to check for updates and look forward to further progress as the company has good bargaining power to influence its tenants’ emissions. We also launched an engagement with Swedish logistics landlord Catena, to help improve its executive remuneration program. The initial feedback has been positive and we look forward to further discussions with the board of the company.

Portfolio construction of the Strategy is based on cluster neutrality. The Global portfolio has 18 clusters defined as homogeneous groups of real estate companies with similar underlying currency exposure. Examples are Australia, US Offices and Switzerland. The portfolio weight of each cluster is approximately equal to the cluster’s benchmark weight. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark. KGPF assigns its risk budget on the real estate portfolio level only.

During April we only made incremental changes to our existing holdings based on relative expected returns. In Australia, we rotated from Vicinity to Shopping Center of Australasia due to a quick share price recovery in the riskier enclosed mall name. In US Triple Net, we trimmed our position in WP Carey in favor of Broadstone and EPR Properties. We see Broadstone once again as attractive based on its healthy acquisition pipeline in attractive sectors (restaurants, healthcare and industrial). With respect to EPR, the Covid-challenged theatre space (and other experiential locations) are also appearing as good value as box office figures ramp up to near pre-pandemic levels. However, the true value of EPR lies in its well located theatres, as per the relatively high property score that we calculate based on our proprietary data model.

KGPF posted a negative return in April but outperformed the benchmark. Outperformance was broad based with noteworthy highlights being the US Triple Net cluster as well as US Housing and J-REITs. In the US Triple Net Lease cluster, it was our overweight position in gaming landlord giant VICI Properties that drove the strong outperformance as the company has cleared all its hurdles (including securing well priced debt financing in a volatile time for interest rates) for its MGM Growth Properties acquisition. In US Housing, outperformance was in part due to reassuring first quarter results from both companies acting in the manufactured housing segment (our overweight) increasing their full year outlook, mixed results in the large cap coastal apartment REITs (our underweight) and catch up from the single-family rental REITs (our overweight). In Singapore, we experienced negative performance over the month largely due to our overweight position in Keppel DC REIT, as it reported rising energy costs impacting its Distribution-per-unit “DPU” guidance. However, as the landlord is only responsible for the common spaces, the impact looks to be materially less than the company intimately estimated.

April saw a bit of a reversal for Global Real Estate with the benchmark falling just under 4% in local currency, after a strong 5% move in March. As inflation and global interest rate moves continue to be in the spotlight, volatility remains higher than usual. We reiterate that whilst the situation is as volatile as ever, real estate is a local business, and barring outright further military expansion, we believe that the worst-case scenario for global developed listed real estate is relatively minor in the near future.

The month of April marked the commencement of earnings season. Initial earnings coming out of the Nordics region generally show strong inflation pass-through on rental growth and thus far limited impact from energy price increases. This is because many of the companies in the region can reinvoice the energy bills to the tenants, and with the common space energy bill being immaterial for those landlords with high occupancy, the overall surplus ratio (gross to net rent) impact appears limited, especially as the first quarter is traditionally the toughest with respect to energy costs due to the winter. We do, however, factor in our models an increase in operating costs for the 4th quarter of 2022 and the first quarter of 2023 as we suspect that the energy price increases will continue to be sustained in absence of any resolution to the ongoing geopolitical issues and supply chain issues. Early earnings in the US also showcase a strong return to activity particularly in US Housing where same property growth is in the double digits. US Triple Net Lease is also seeing continue strong acquisitions activity despite higher cost of capital at the moment. This of course has an effect on the deal accretion which will be lower than in the past, and in part explains the weak absolute performance of this cluster year-to-date.

China’s Zero Covid policy is also beginning to rattle disproportionately Hong Kong based landlords with assets in China. After two years of success in the containment of COVID, China is struggling to dampen the spread of the Omicron variant with its Zero Case COVID policy. In particular, its two main cities Beijing and Shanghai are currently dealing with all the negative impacts of the strict lockdowns both in economic and social terms. Our overweight position in Hang Lung Properties is excessively volatile and has recently given up much of its year-to-date outperformance. We believe that the impact will be temporary as China has proved time and again its discipline in handling outbreaks with some severe short-term pain (in lockdowns) followed by early re-openings.

At the end of the month, Italian commercial landlord Coima Res received a tender offer for all shares by its long term strategic shareholder, the Qatar Investment Authority. The offer is €10/share and it represents a 22% discount to its year end EPRA Net Tangible Assets “NTA” but a near 39% premium to the undisturbed share price. This is another listed office vehicle being privatized and joins Irish landlord Hibernia and German office landlord Alstria as high quality office landlords that were privatized earlier in the year. The tender offers unlock short term value for the equity shareholders with the promise of significantly higher longer term shareholder value for their new private shareholders. It’s a public to private arbitrage that we see continuing, particularly in out-of-favor sectors such as offices.

We saw this arbitrage continue across the pond in the US as well. US student housing landlord American Campus Communities received a takeover bid from Blackstone at 14% premium to last unaffected share price and around NAV. Blackstone continues its shopping spree as it also agreed to acquire PS Business Parks in a cash transaction of $187.5 ($7.6bn total value) or a 12% premium to the last closing price. The takeover candidate had assembled a portfolio of industrial assets as well as suburban and flex office assets. It is possible that the angle of the deal is in the value-add/reconversion or land assembly play.

The Kempen real estate investment strategy strikes the balance between qualitative and quantitative analysis. Through application of data-analysis technology our Real Estate Team collects over 20 million relevant data points for 200,000 real estate buildings around the globe, processing this quantitative data in our data infrastructure and turning it into valuable fundamental investment information. The continuous increase in available data helps us make better assessments of the quality, value and risk of each real estate investment. This leads to better investment decisions and results in higher investment returns at lower risk for our clients.

Next to the quantitative approach the investment strategy contains three key qualitative parameters that determine the warranted valuation: management added value, balance sheet strength and ESG. The portfolio managers score each company covered on these three parameters. Companies that excel in ESG for example will be assigned a higher score and hence the warranted valuation for an investment increases.

During April we initiated an engagement with large US headquartered logistics real estate landlord Prologis on its environmental practices, particularly focusing on its majority Scope 3 emissions. We will continue to check for updates and look forward to further progress as the company has good bargaining power to influence its tenants’ emissions. We also launched an engagement with Swedish logistics landlord Catena, to help improve its executive remuneration program. The initial feedback has been positive and we look forward to further discussions with the board of the company.

Portfolio construction of the Strategy is based on cluster neutrality. The Global portfolio has 18 clusters defined as homogeneous groups of real estate companies with similar underlying currency exposure. Examples are Australia, US Offices and Switzerland. The portfolio weight of each cluster is approximately equal to the cluster’s benchmark weight. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark. KGPF assigns its risk budget on the real estate portfolio level only.

During April we only made incremental changes to our existing holdings based on relative expected returns. In Australia, we rotated from Vicinity to Shopping Center of Australasia due to a quick share price recovery in the riskier enclosed mall name. In US Triple Net, we trimmed our position in WP Carey in favor of Broadstone and EPR Properties. We see Broadstone once again as attractive based on its healthy acquisition pipeline in attractive sectors (restaurants, healthcare and industrial). With respect to EPR, the Covid-challenged theatre space (and other experiential locations) are also appearing as good value as box office figures ramp up to near pre-pandemic levels. However, the true value of EPR lies in its well located theatres, as per the relatively high property score that we calculate based on our proprietary data model.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the “Fund”). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

Slide to see more
  Fund Benchmark
1 month 0.1 % -0.3 %
3 months 2.5 % 2.4 %
This year -1.7 % -2.1 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
2021 34.5 % 35.7 %
1 year (on annual basis) 16.4 % 16.0 %
3 years (on annual basis) i 5.7 % 6.0 %
5 years (on annual basis) i 6.8 % 5.8 %
Since inception (on annual basis) i 9.5 % 7.8 %
The results shown of the periods before 19 April 2017, the inception date of Kempen Global Property Fund N.V. Class N, are those of Kempen (Lux) Global Property Fund - Class I. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. The value of your investments may fluctuate. Past performance provides no guarantee for the future. Due to Easter a deviating net asset value (NAV) is used for the calculation of the performance figures. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018 (Europe), the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments).

Dividends

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Distributing
Yes
Last dividend
EUR 0.86
Ex-date last dividend
2022-02-28
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2022-04-30

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  3 years Since inception
Maximum drawdown i -27.73 % -22.14 %
Tracking error i 2.75 % 2.27 %
Information ratio i -0.13 0.75
Beta i 0.94 0.97
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the “Fund”). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Top 5 contribution (2022-04-30)

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  Contribution i Performance i
VICI Properties 0.34 % 10.48 %
Rexford Industrial Realty 0.28 % 10.42 %
Sun Communities 0.18 % 5.64 %
Park Hotel & Resorts 0.16 % 7.30 %
Invitation Homes 0.16 % 4.53 %

Bottom 5 contribution (2022-04-30)

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  Contribution i Performance i
Omega Healthcare -0.32 % -11.46 %
Alexandria Real Estate -0.20 % -4.58 %
Fabege AB -0.19 % -13.41 %
Highwoods Properties -0.16 % -5.91 %
Keppel DC REIT -0.16 % -6.25 %

Geographic allocation (2022-04-30)

61.3 %
United States
9.0 %
Japan
4.6 %
United Kingdom
4.6 %
Hong Kong
4.1 %
Australia
3.9 %
Spain
3.3 %
Singapore
2.8 %
Germany
2.6 %
Canada
2.1 %
Nordics
1.0 %
Switzerland
0.9 %
Other
0.9 %
Belgium
Total
101 %

Top 10 holdings (2022-04-30)

5.7 %
Equinix
4.0 %
Alexandria Real Estate
3.8 %
Prologis
3.7 %
Invitation Homes
3.7 %
VICI Properties
3.4 %
Avalonbay Communities
3.4 %
Sun Communities
3.0 %
Mitsui Fudosan
2.9 %
Terreno Realty Corp
2.8 %
CubeSmart
Total
36.3 %

Sector allocation (2022-04-30)

24.5 %
Industrials
21.1 %
Other
20.6 %
Offices
19.4 %
Residential
14.4 %
Retail
Total
100 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the “Fund”). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Environmental and/or social characteristics promoted

The Kempen Global Property Fund, the Kempen (Lux) Global Property Fund and the Kempen European Property Fund (the “Funds”) fall under the scope of article 8 of the SFDR which means that the Funds promote environmental and/or social characteristics. This Sub-Fund will invest in a broad range of companies, of which some will have sustainability objectives.

The Fund commits to the climate goals of the Paris Agreement, thereby contributing to the Sustainable Development Goals Affordable and Clean Energy (SDG 7) and Sustainable Cities and Communities (SDG 11). The climate goals commitment encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050.

Fund carbon emission targets

Morningstar sustainability rating

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5). We apply adequate due diligence measures when selecting the assets and such due diligence measures take into account sustainability risk and ESG related risks as it could help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund.

Exclusion

In line with the general Kempen policy, the Global Property Fund and the European Property Fund excludes all companies on the KCM Exclusion- and Avoidance list. Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the “Fund”). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.630 %
Service fee i
0.20 %
Expected ongoing charges i
0.84 %
Ongoing charges last financial year i
0.84 %
The ongoing charges figure of the last financial year relates to 2020/2021.

The service fee is determined annually on basis of the net asset value as of the last day of the previous financial year:
< or equal to EUR 200 million: 0.20%
Between EUR 200 million and EUR 700 million: 0.15%
>EUR 700 million: 0.10%

Other costs

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Upward swing factor i
0.25 %
Downward swing factor i
0.15 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the “Fund”). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
N
Investor type
Institutional & Private
Distributing
Yes
Benchmark i
FTSE EPRA/NAREIT Developed Index
Investment category
Real Estate
Inception date
2017-04-19
May be offered to all investors in
The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Amsterdam branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Amsterdam branch
Morningstar rating â„¢

Tradability

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Listed
yes, listed on the NAV Trading Facility of Euronext
Subscription/Redemption Frequency
Daily
ISIN i
NL0012044739
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the “Fund”). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the “Fund”). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.