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

Performance per 2021-08-31 (rebased)

No chart data available

Performance per 2021-08-31

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  Fund Benchmark
1 month 1.1 % 1.8 %
3 months 10.3 % 9.8 %
This year 27.0 % 25.9 %
2018 -1.0 % -0.9 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
1 year (on annual basis) 34.3 % 35.1 %
3 years (on annual basis) i 7.4 % 7.0 %
5 years (on annual basis) i 5.9 % 4.3 %
Since inception (on annual basis) i 9.8 % 7.7 %
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 57.36 M 2021-08-31
Share class size
EUR 57.36 M 2021-08-31
Number of shares
2,452,465 2021-08-31
Net Asset Value
EUR 22.90 2021-09-16
Transaction price
EUR 22.87 2021-09-16
Morningstar rating â„¢

Fund characteristics per 2021-08-31

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  Fund Benchmark
Number of holdings 48 348
Dividend yield i 2.82 % 2.96 %
Weighted average market capitalization i EUR 14,792 M EUR 18,372 M
P/E ratio i 33.57
Active share i 74.02 %
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 2021-08-31

KGPF posted a positive return in August but underperformed the benchmark. The underperformance came from the US Logistics and Storage cluster mainly on the back of comparatively weak performance from Americold Realty Trust that somewhat disappointed on already high investor expectations. Additionally, US Healthcare detracted from the performance mainly driven by large cap Ventas where we found the pace of occupancy recovery of their senior housing operating portfolio (SHOP) a bit disappointing when compared to its peer Welltower. We do not find this particularly alarming as the US Cares Act has variable timing of payments so we do not believe that this one quarter is a start of a negative trend for Ventas. The Nordics also ended off taking away from performance last month as Norwegian office landlord Entra and Swedish headquartered Pan-European hotel owner and operators Pandox exhibited large volatility towards the month’s end for different reasons. Entra saw a large shareholder increasing its stake, which sparked unfounded rumors for an imminent takeover offer. The stock overshot on the upside, and then overshot on the downside once the rumors were dissipated. We still find good value in Pandox (but expect continued volatility) and in Entra. On the positive side we had a strong month in Canada and Australia whereby in the latter we saw our overweight position in retail landlord Vicinity Centres strongly outperform on the back of its retail peer Scentre Group’s earnings.

August was a positive month for Global Real Estate markets returning 2% in local currency. Strength was seen in Australia at +7% (driven by strong retail real estate earnings) as well as in the Nordics, US Logistics & Storage and US Retail, returning 4% respectively. Laggards over the month included Hong Kong at -4%, US Offices at -3% and Singapore at -2%. As volatility has dissipated a bit on a systemic level, we have seen plenty of inter-cluster volatility to take advantage of. Whilst real estate yield spreads still remain very attractive when compared to interest rates or earnings yield on general equities, the chatter of inflation has made the likelihood of interest rate hikes sooner. This may be easier to achieve for nations that have less debt at both government and consumer level or those with larger capital stacks to absorb any potential risks. In any case, interest rate increases are likely to be gradual as economic recovery is still fragile given the ongoing pandemic. Listed real estate tends to perform well in rising rate periods if the rates are rising for the right reasons. We believe this to be the case in this instance.

The conclusion of half year earnings showcased strong results across the board, most surprisingly in retail. This has been a theme that kicked off earlier as US private core open-ended funds show-cased significantly better improvements in their grocery anchored retail centers and power centers. This theme was felt throughout the globe in Europe, Canada and Australia. Whilst it may appear that a lifeline has been extended to the sector and the worst is behind us, we are continuously skeptical of those retail formats (such as enclosed malls) that require significant reconfiguration investment, superior locations and a lowly levered wrapper to peak the long-term interest of investors. With respect to the grocery anchored shopping centers, we believe that returns will likely be protected for the near and mid-term before online grocery shopping (ex-click and collect) becomes large enough to seriously eat away existentially at the underlying real estate locations. Hence, this segment, alongside power centers, is in very different shape than enclosed malls.

In the US, we saw the continuation of M&A deals in the gaming real estate space as early in August VICI Properties proposed a takeover of peer MGM Growth Properties (MGP). The deal would be worth $17.2bn and includes MGP’s 15 properties, 33k hotel rooms, 3.6m sf of convention/entertainment space and 27k gaming units including landmark properties such as the MGM Grand and the Mirage in Las Vegas. The capitalization rate based on pro-forma metrics is around 5.8% and as we suspect higher debt usage by VICI then the Funds-from-operations (FFO) yield should be in the high single digits. Upon successful closing of this deal, and in addition to the earlier deal from VICI to acquire the Venetian, the enterprise value (EV) of the company should end up at around $45bn making it the undisputed blue-chip in the space and amongst the largest US REITs. This is a milestone deal that solidifies the institutionalization of this asset class in the United States. Given that last year in the beginning of the pandemic the gaming operators were nearly on life support, this has to mark one of the most stunning turnarounds of what are largely non-investment grade tenants, with footfall above pre-pandemic levels and operating profit levels close to their peaks. The long leases, stable escalators and a supportive regulatory environment (casinos pay high state level taxes) it is viable to assume further cap rate compression in the future in the space.

In the Nordics cluster in Europe, activity remained elevated as had become the norm lately. Near the end of the month, Castellum purchased the stake of Folketrygdfondet in Norwegian office landlord Entra which totaled 11.8%. As a reminder, Entra had been a target for Balder, Castellum and SBB (which dropped out of the race earlier). The price paid for the stake was 210 Norwegian Kroner (NOK), materially higher than when the bidding wars kicked off in November of 2020. Castellum now owns 30.7% of Entra and can go on to report its earnings as income from associates. Norwegian takeover legislature states that of 33.3% ownership a party is deemed to desire full control and therefore needs to extend an offer to all minority shareholders. Both Castellum and Balder (which own 32.7% of Entra) are cleverly sitting below that threshold such as to exercise maximum joint control without having to pay top Kroner. Both parties have made it clear that they are happy for Entra to continue existing in its current format, but we suspect that one party may act opportunistically if the chance presents itself, and it very well may as index funds would have to sell down shares to match lower free float and thus lower weight in the benchmark of Entra.

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.
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.

ESG is of high importance to our investment process and has been so since 2011. During August, we started an engagement with large Japanese real estate operating company Mitsui Fudosan. The purpose of the engagement is to make them aware of the need to improve their corporate governance practices considering their international growth ambition. In particular, we seek increased board independence and diversity, the independence of board committees, improved disclosure around executive compensation and proactive succession planning to avoid excessive tenure. We also seek additional disclosure on the company’s climate action and call for the inclusion of relevant ESG metrics in the long-term-incentive’s performance indicators.

During August we made several changes to the portfolio as most of our models were fully updated to reflect the latest results. In US Hotels we sold part of our Host Hotels position to enter Apple Hospitality. Part of the driver of the change in valuation was our upgrade of Apple’s management score from 3 to 4 (out of 5). We have grown increasingly positive on the strategy of the company in the lead-up and throughout the pandemic. Apple has introduced numerous positive corporate governance changes and has focused well on the resilient limited service hotel segment whilst keeping its financial leverage prudent. In Japan, we benefited well from logistics specialist Nippon Prologis and have seen the valuation become too rich, hence we initiated a trade to sell part of the former in favor of diversified landlord Orix J-REIT. Additionally, in Canada we have sold our position in Granite REIT, primarily due to a confirmation that the strategy of the company directed it largely towards material exposure in the US. We have invested the proceeds into Canadian Apartment Properties REIT which we see attractively valued at the moment, especially as the province of Ontario has reinstated rent increases for 2022 after this year’s controversial rent freeze. In European Diversified we had benefited very well from logistics specialist Warehouses de Pauw and took some profit, after outsized share price movements, to invest in Merlin, a well-priced Spanish diversified real estate beta play.

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 2021-08-31 (rebased)

No chart data available

Performance per 2021-08-31

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  Fund Benchmark
1 month 1.1 % 1.8 %
3 months 10.3 % 9.8 %
This year 27.0 % 25.9 %
2018 -1.0 % -0.9 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
1 year (on annual basis) 34.3 % 35.1 %
3 years (on annual basis) i 7.4 % 7.0 %
5 years (on annual basis) i 5.9 % 4.3 %
Since inception (on annual basis) i 9.8 % 7.7 %
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 0.66
Ex-date last dividend
2021-02-26
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2021-08-31

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  3 years Since inception
Maximum drawdown i -27.73 % -27.73 %
Tracking error i 2.78 % 2.29 %
Information ratio i 0.13 0.90
Beta i 0.95 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 (2021-08-31)

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  Contribution i Performance i
CubeSmart 0.25 % 8.22 %
Vicinity Centres 0.24 % 11.12 %
Workspace 0.18 % 7.23 %
Digital Realty Trust 0.14 % 6.76 %
Equinix 0.13 % 3.54 %

Bottom 5 contribution (2021-08-31)

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  Contribution i Performance i
Ventas -0.21 % -5.99 %
Americold Realty Trust -0.15 % -5.07 %
Hang Lung Properties -0.14 % -6.74 %
Swire Properties -0.10 % -4.40 %
Corporate Office Properties Trust -0.09 % -3.84 %

Geographic allocation (2021-08-31)

57.5 %
United States
10.1 %
Japan
4.8 %
United Kingdom
4.7 %
Hong Kong
4.5 %
Germany
3.5 %
Australia
3.0 %
Canada
2.8 %
Nordics
2.6 %
Singapore
2.5 %
Spain
1.2 %
Ireland
1.0 %
Switzerland
0.7 %
Other
0.6 %
Belgium
0.6 %
The Netherlands
Total
100 %

Top 10 holdings (2021-08-31)

4.5 %
Vonovia SE
4.2 %
Avalonbay Communities
4.0 %
Equinix
3.8 %
Invitation Homes
3.7 %
Sun Communities
3.4 %
CubeSmart
3.4 %
Ventas
3.1 %
Rexford Industrial Realty
3.1 %
Americold Realty Trust
3.0 %
WP Carey
Total
36.1 %

Sector allocation (2021-08-31)

23.0 %
Other
22.6 %
Offices
22.5 %
Industrials
19.3 %
Residential
12.6 %
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.

 

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 2019/2020.

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.
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A.
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.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.Â

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.Â

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

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The Kempen climate change policy can be found here (under climate change policy).

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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

At Kempen, we manage several funds and mandates invested in listed Real Estate companies including the Global Property Fund[2] and the European Property Fund.

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We aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Climate Transition Benchmark[3].

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Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: ESG Integration and Active ownership.

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[2]Kempen (Lux) Global Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg.

[3]The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward looking climate metric.

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Exclusion & Avoidance

In line with the general Kempen policy, the Global Property Fund and the European Property Fund excludes all companies on the KCM Exclusion- or Avoidance list.

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Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.

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ESG integration

We believe financial and sustainability returns are indivisible and that those companies that can find the right balance between all stakeholders will drive value. Our ESG analysis for listed real estate companies includes:

  • Implementing our ESG quality score into the company score of each Real Estate company we model;

  • Monitoring the global investment universe on Real Estate companies that exhibit negative excesses, such as environmental pollution measured by CO2 emission levels to initiate engagement. Our investment process rewards companies that integrate climate risks and opportunities into their organisation, and are able to move towards a low carbon economy;

  • Benchmarking Real Estate companies against each other and visualising these results for our investment process and our clients in order to identify leaders and laggards;

  • Entering into dialogue with companies we invest in, to improve their ESG policies and practices;

  • Translating information of Real Estate company portfolios with lower sustainability scores into higher maintenance capex assumptions in our Kempen valuation models;

  • Offering product customisation to our clients who (for example) want to invest in lower CO2 emission Real Estate portfolios only.

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In our investment framework there are three key aspects we look at in determining the warranted valuation: management value add, balance sheet and ESG. We are willing to pay up for those companies that excel in ESG. This believe is underpinned by academic literature.

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The figure 'How ESG is integrated in our investment process' shows how ESG is incorporated into the investment process. Note that we do not only invest in the ESG leaders but also in the laggards as the potential value to be unlocked by providing capital to those who need it the most is massive.

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Active ownership

As an active investor, the Real Estate funds also actively engage with companies on their strategic, financial and social responsibilities.

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Our engagements focus on those companies where we believe substantial value can be unlocked. Engagement can take place on a wide array of topics including:

  • Reducing CO2 intensity levels;

  • Reducing energy and water consumption;

  • Improving waste recycling;

  • Improving working conditions and human rights;

  • Improving governance structures;

  • Improving shareholder alignment;

  • Shifting remuneration policies from being linked to short term goals to long term targets

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You can find the engagement factsheet of Kojamo Oyj here.

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Our full ESG policy can be downloaded here.

Risks

For more information about the mid and long term risks associated with the investments:

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* Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
How ESG is integrated ...
Bron en
disclaimer en
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.