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 2021-12-31 (rebased)

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Performance per 2021-12-31

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  Fund Benchmark
1 month 5.3 % 5.2 %
3 months 10.4 % 12.3 %
This year 34.5 % 35.7 %
2018 -1.0 % -0.9 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
1 year (on annual basis) 34.5 % 35.7 %
3 years (on annual basis) i 12.3 % 12.0 %
5 years (on annual basis) i 7.5 % 6.2 %
Since inception (on annual basis) i 10.2 % 8.5 %
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 61.21 M 2021-12-31
Share class size
EUR 61.21 M 2021-12-31
Number of shares
2,471,027 2021-12-31
Net Asset Value
EUR 23.44 2022-01-21
Transaction price
EUR 23.40 2022-01-21

Fund characteristics per 2021-12-31

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  Fund Benchmark
Number of holdings 49 378
Dividend yield i 2.95 % 2.93 %
Weighted average market capitalization i EUR 18,882 M EUR 23,115 M
P/E ratio i 30.35
Active share i 70.73 %
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 2021-12-31

KGPF posted a strong positive return in December and slightly outperformed the benchmark. The outperformance was largely due to strong returns in the Nordics cluster as the overweight position in hotel landlord Pandox was a major positive contributor returning 13% over the month (having fallen 14% in November) which was well above the negative return for the cluster over December. This was largely driven by higher levered names such as Sagax, SBB, Nyfosa and Balder taking a break from their strong runs year to date. US Housing was also a noteworthy outperformer over the month as our overweight positions in single-family rental landlord Invitation Homes and manufactured housing landlord Sun Communities led the way again showing strength in relation to traditional multi-family blue chip landlords. Aversely, some underperformance was observed in the European Diversified cluster as another late year retail landlord rally worked against us over the month. We see this as a normal market correction, especially on the back of our strong year to date performance in the cluster.

For the full year 2021 KGPF posted an impressive 36% gross return but lagged the benchmark by a bit less than 1%. Whilst performance was very well spread across clusters with eight out of eighteen clusters outperforming, we saw strong outperformance over the year in the European Diversified and European Residential clusters with good M&A activity having acted in our favor (Alstria and Deutsche Wohnen takeovers having been large overweight positions in KGPF). Whilst under-performance in Hong Kong and US Logistics and Storage were the large detracting outliers. This was partly due to the turmoil in China with Evergrande’s default and the impact on the Hong Kong focused stocks such as Hang Lung Properties, as well as our overweight position in Americold cold storage landlord which caught investors off-guard with food supply chain issues and profit warnings ultimately resulting in management changes.

December was a strong positive month for Global real estate with the benchmark returning a bit over 6% in local currency. It was the North American and Japanese clusters which posted the strongest absolute returns over the month with US Hotels and US Logistics & Storage leading the way with 11% and 10% returns respectively. However strength was observed in US Healthcare and Housing at +9% and 8% and even US Retail and US Triple Net Lease at 7 and 8% respectively. European real estate markets stalled their run with the European Residential remaining flat and European Diversified returning +3%. The UK returned 4% and the Nordics fell by 2%. With several central banks close to the European Continent (notably the Norges Bank in Norway and the Bank of England) having began to increase rates, investors clearly showcased how quickly they can subdue real estate stocks which have in-built equity premiums based on a perpetual favorable cost of debt and money supply expansionary central bank policy. Nowhere was this more evident than in Sweden, where aggressively financially levered stocks were jolted based on the sobering realization that easing monetary policy is unlikely to last forever. This reaction was based on neighboring banks’ behavior. One can only imagine the reaction on some of these stocks when the Riksbank itself sharpens its tone on the future path of interest rate.

With respect to the full year 2021, it goes down as one of the best years for REITs globally on record with a 30% return in local currency. Cluster performance differed tremendously with US Retail returning an impressive 76% over the year. Clearly a year of strong central bank driven liquidity and a revival of consumer spending as well as strong US economic performance combined with inflation, has boded favorably for this cluster. It should not be forgotten, however, that in the US contrary to Europe, most of the REITs that remain listed are unenclosed strip centers which have lower cost of ownership and have often grocery anchored concepts. This makes them a lot more resilient than traditional malls. Blue chip enclosed mall landlord Simon Properties’ share price also essentially doubled over the year along with value outlet Tanger Factory Outlet Centres. Whilst some of these price moves come after years of weakness, there is something to be said about the strong getting stronger, and the weak disappearing in this space (despite the central bank infused lifelines). Our approach of cluster neutrality means that we have had exposure to this cluster throughout the year and have benefited from M&A over the year (having been overweight Weingarten prior to its merger with Kimco, and Retail Properties of America prior to its merger with Kite Realty Group).

US REITs were generally the positive outliers globally over the year as US Housing returned 67% and US Logistics and Storage returned 54%. These returns are unsurprising given the strong recovering of Multi-Family in the US after a dismal Covid driven 2020 shock to occupancies and rents. What is worth mentioning here is that Single Family Rental Housing and Manufactured Home Communities are also responsible for much of the strength but for different reasons. Single-family rental homes provided more space in less crowded locations – a trend of demand that has accelerated since the beginning of the pandemic. Manufactured Housing is stronger due to the landlord favorable conditions, low maintenance capex, and very much a value oriented approach to the end tenant thus providing some solution to the housing costs problem.

On the other hand, European real estate was a bit held back as European Residential actually had a negative year returning -4% over 2021. This was partly driven by company specific issues at Adler Group (a company we had excluded from our investment universe on the basis of unacceptable corporate governance and practices). The stock fell 62% over the year as issues kept on surfacing related to potential aggressive accounting and opaque cash flow disclosures. This serves as a strong reminder that investing is just as much about finding the winners as it is about avoiding the “torpedoes”. Discipline in sticking to our core investment beliefs ensured that we performed very well in this cluster returning 16% during a down year. The European Diversified cluster returned 14% over the year with a late year retail based rally. Our strong stock picking saw us benefit strongly from having overweight positions at the right time in logistics landlord Warehouses de Pauw, European self-storage landlord Shurgard and of course in the German office specialist Alstria which received a takeover offer by its strategic shareholder Brookfield.

In Asia we saw a very volatile year with the news of the Evergrande default causing some concern. However, the Hong Kong real estate cluster still ended the year in positive territory at 4% in local currency, and Singapore at 6%. In Hong Kong, our overweight position Hang Lung Properties had been caught in the macro turmoil where the government had continued to crack down on the sectors that it does not deem high value-adding (such as short term real estate development) or those that are using too much debt (i.e. the domestic condominium developers). Fears around a negative impact of the wealth effect, induced by potential falling house prices, have made investors weary of the stock’s long term growth prospects. We are still very positive on Hang Lung Properties for two reasons: 1) the government wants to repatriate luxury retail spent outside of China back domestically and 2) urbanisation and middle class growth is still very strong. Taken together, the luxury spent is expected to grow by four times nationally by 2025. We see a disconnect between what is happening at the macro-economic level, and the on-the-ground performance of the company’s malls.

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 December we participated in the Urban Land Institute (ULI) global survey for Diversity, Equity and Inclusion “DEI” in the real estate manager space. We look forward to treading new ground on the pricing of social initiatives into our investment models. We will also participate in the ULI DEI webinar Additionally, we held calls with American Homes 4 Rent and Invitation Homes in the US Housing cluster. Whilst we see a lot more room for improvement we are glad to see the former showing progress with respect to disclosing a GRESB score in April of 2022 as well as a first cut of calculating not only Scope 1 and 2 Greenhouse Gas ‘”GHG” emissions but also Scope 3. A trend we expect to see others in the cluster follow as this initiative can lead to the tangible and all-important GHG reduction targets.

During December we made several changes to the portfolio, despite liquidity generally coming down ahead of and during the holiday period. In Canada we have sold our position in CAP REIT and reinvested into Killam Properties, a stock that we know well and have held long in the past. The main reason was stock price moves along with favorable changes to our assumptions for Killam’s development pipeline. In the US Triple Net Cluster, after modeling pro-forma the VICI merger with MGP, we saw strong value emerge in the combined entity as the tenant quality improves, the geographic and operator diversification and the leverage metrics. As VICI’s latest equity raise had somewhat surprisingly, in our opinion, irritated investors, we saw an ideal opportunity to build our position. We sold EPR Properties and part of Realty Income to finance the trade. In the European Diversified cluster, after a strong run, we took the chance to trim our position in Spanish diversified real estate landlord Merlin Properties and reinvest it into Inmobiliaria Colonial. In the US Retail cluster we have trimmed our position in Regency Centres and reinvested the proceeds into Kite Realty Group. In the US housing cluster we have been buying single-family rental home landlord American Homes 4 Rent and trimming positions in Innovation Homes, American Campus Communities, AvalonBay and Sun Communities to finance the trade as we get more and more comfortable with the long term fundamentals of single-family rental home sub-sector.

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 2021-12-31 (rebased)

No chart data available

Performance per 2021-12-31

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  Fund Benchmark
1 month 5.3 % 5.2 %
3 months 10.4 % 12.3 %
This year 34.5 % 35.7 %
2018 -1.0 % -0.9 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
1 year (on annual basis) 34.5 % 35.7 %
3 years (on annual basis) i 12.3 % 12.0 %
5 years (on annual basis) i 7.5 % 6.2 %
Since inception (on annual basis) i 10.2 % 8.5 %
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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Risk analysis (ex post) per 2021-12-31

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  3 years Since inception
Maximum drawdown i -27.73 % -27.73 %
Tracking error i 2.83 % 2.31 %
Information ratio i 0.09 0.75
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 (2021-12-31)

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  Contribution i Performance i
Rexford Industrial Realty 0.43 % 14.87 %
Invitation Homes 0.40 % 10.95 %
Sun Communities 0.38 % 10.63 %
Terreno Realty Corp 0.34 % 11.33 %
Prologis 0.34 % 10.96 %

Bottom 5 contribution (2021-12-31)

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  Contribution i Performance i
Mitsui Fudosan -0.13 % -4.68 %
Japan Hotel REIT -0.08 % -6.20 %
Merlin Properties Socimi -0.07 % -2.58 %
Orix Jreit -0.06 % -2.89 %
Aedifica -0.02 % -4.42 %

Geographic allocation (2021-12-31)

61.5 %
United States
8.9 %
Japan
4.6 %
United Kingdom
4.3 %
Hong Kong
3.6 %
Australia
3.4 %
Germany
2.9 %
Nordics
2.8 %
Singapore
2.7 %
Spain
2.5 %
Canada
1.3 %
Ireland
0.9 %
Switzerland
0.7 %
Other
0.4 %
Belgium
Total
100 %

Top 10 holdings (2021-12-31)

6.4 %
Equinix
4.1 %
Avalonbay Communities
3.8 %
Invitation Homes
3.6 %
Sun Communities
3.4 %
Vonovia SE
3.3 %
Prologis
3.2 %
Terreno Realty Corp
3.2 %
Rexford Industrial Realty
3.2 %
VICI Properties
3.2 %
WP Carey
Total
37.5 %

Sector allocation (2021-12-31)

23.5 %
Other
22.1 %
Industrials
21.5 %
Offices
18.7 %
Residential
14.2 %
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 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
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

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.