Frequently asked questions

Benkey was founded in 2020 in response to demand from existing investors for real estate investments from our founder Rory Bertram. Initially, this was done through a crowdfunding platform to connect investors with real estate professionals.

In 2023, we deliberately made the next step from crowdfunding to investment funds and private deals. This allowed us to better realize our Finance Boutique philosophy—personal, small-scale, and specialist-focused—and enabled our investors not only to provide financing but also to participate in real estate projects. In August 2024, we launched our first real estate fund. In October 2025, we submitted our AIFMD license application to the Autoriteit Financiële Markten, and in November we surpassed €100 million in Assets Under Management (AUM), or managed assets, within the fund.

The returns at Benkey are aligned with the specific characteristics and risk profiles of the different investment products. For our commercial real estate loans and bond investments, you work with predefined returns. You can generally expect a fixed net interest rate of 6% to 8% per year. This provides investors with clarity, predictability, and stability.

For the Benkey Vastgoedfonds, the return structure differs from the real estate loan. Because you directly participate in ownership, the result depends on both the underlying property value appreciation (indirect) and net rental income (direct). We project a net total return of approximately 15% per year, including a stable distribution of up to 8% per year.

The potential of this strategy has become evident since the fund’s launch. Thanks to a series of strategic acquisitions, the real estate fund achieved an exceptional net return of 38.8% in 2025. Past performance is, of course, no guarantee of future results, but it does show that the Benkey fund strategy and our value creation model are effective.

Benkey invests in the commercial real estate sector in the Netherlands. These are primarily office buildings, light industrial properties (business units), and retail properties. Logistics and hotels also fall within this category, but are not yet part of the portfolio. At present, investments are made exclusively in the Netherlands, although this may expand to other European countries in the future.

At Benkey, we believe in the power of real estate with potential.

Our specialisation lies in so-called value-add properties: buildings that are not yet in prime locations or where opportunities exist through vacancy, modernisation, sustainability improvements, or redevelopment. It is precisely in these properties that we can add substantial value through smart acquisition, active management, and targeted investments. At the same time, existing rental income already provides a solid base to cover costs, creating a strong combination of security and growth.

In addition, Benkey also invests in core real estate assets. These are properties that already perform well and generate stable returns immediately, while still offering room for optimisation and value enhancement. This balance between stable core assets and opportunity-driven value-add projects creates a resilient portfolio that performs well across different market conditions.

Together, these strategies form the foundation for stable returns, structural value growth, and sustainable growth of the real estate fund.

Are you interested in the real estate projects of Benkey? We would be happy to get in touch with you. Our Investor Relations Managers are ready to answer all your questions and discuss your investment preferences personally.

Even if you are not ready to invest yet, we are happy to schedule a no-obligation introduction to discuss your interests and possibilities. Click here to directly book an appointment in our calendar at our Finance Boutique or online.

Get in touch via:
Phone: +31 (0)35 5555 333
Email: relaties@benkey.nl

When you live abroad, the tax treatment of your investment in the Benkey Vastgoedfonds I depends on your tax residency in the country where you live.

Because the fund is structured as a transparent investment fund, the value of your participation is periodically determined (NAV/unit value). How this is treated in your tax return varies from country to country.

Benkey cannot provide legal or tax advice. We therefore recommend that you always consult a tax advisor or accountant in your country of residence to ensure that the tax treatment aligns with your personal situation.

The tax treatment for Dutch investors in the Benkey Vastgoedfonds I depends on whether you invest privately or through a business entity. The fund is structured as a transparent investment fund, where the value of participations is periodically determined based on the NAV (net asset value or unit price).

As a private investor, your investment will in most cases fall under Box 3 (savings and investments). You are then taxed based on the value of your assets, rather than the actual return generated by the fund. For business investments, for example through a BV, corporate income tax applies and the actual results are taxed within the company.

Benkey cannot provide legal or tax advice. We therefore recommend discussing any tax-related questions with your own tax advisor or accountant to ensure they align with your personal situation.

ESG and sustainability form an important part of the investment and asset management policy of Benkey. For every acquisition, we assess, among other things, energy labels, sustainability potential, future legislation and regulations, and the long-term leaseability of the asset.

In addition, each property is actively reviewed for opportunities to improve sustainability performance, for example through investments in energy efficiency, LED lighting, insulation, building systems, and overall asset optimisation. In this way, we aim not only to reduce environmental impact, but also to strengthen leaseability, value creation, and the future-proofing of the portfolio.

Bij Benkey is transparantie een kernwaarde. Investeerders krijgen via het Benkey Portaal 24/7 toegang tot relevante documentatie en financiële rapportages. Maar ook de details van vastgoedobjecten in de portefeuille zijn inzichtelijk. Het doel is om beleggers te informeren over het fonds, participaties en risico’s, zodat investeerders een afgewogen beslissing kunnen nemen en niet verrast worden.

When the real estate fund was established in 2024, the structure of Benkey was designed with the requirements of an AIFMD license in mind. This was fully aligned with the application submitted in October 2025. To obtain an AIFMD license, the fund manager’s policies must comply with extensive laws and regulations. Central to this is the risk management of all aspects involved in a (real estate) fund.

Below are the key governance measures required under AIFMD:

• External auditor oversight – Benkey has selected BDO;
• External depositary for the assets of the real estate fund – Benkey has selected CSC Depositary;
• Minimum of two full-time directors with separated responsibilities – risk management vs. investments;
• Careful processes for key activities – no individual decision-making possible;
• Prevention of conflicts of interest and integrity – investor interests come first.

These and other arrangements are laid down in internal policy documents and are periodically reviewed both internally and externally. Upon obtaining the AIFMD license, Benkey will be supervised by the AFM and DNB.

Investors in the Benkey Vastgoedfonds I are continuously informed about the status of the portfolio, notable developments in the underlying real estate assets, and changes in the fund’s valuation. After each trading day (8 times per year), the updated fund price is communicated.

In addition, investors receive fund reports with explanations and supporting context through their personal Benkey Portaal environment. Furthermore, Benkey shares the (audited) annual and semi-annual financial statements of the fund manager (Benkey Fund Management B.V.) and the real estate fund (Benkey Vastgoed) via the website and portal.

Het Benkey vastgoedfonds en Benkey Fund Management (fondsbeheerder) worden gecontroleerd door een externe accountant, die toezicht houdt op de financiële verslaggeving en de juistheid van de jaarrekening. Voor Benkey is dat BDO, dat de audit en controle uitvoert om te waarborgen dat de jaarrekening een getrouw beeld geeft van de financiële positie van het vastgoedfonds en de fondsbeheerder. 

Naast de accountant heeft het vastgoedfonds een registratie bij de AFM en volgt het de geldende regelgeving, waardoor er ook sprake is van toezicht door de Autoriteit Financiële Markten binnen het kader van het Light regime.
Op dit moment doorloopt Benkey het validatieproces bij de AFM voor de AIFMD-vergunning. Als deze wordt verleend, dan staat Benkey onder volledig toezicht van de AFM en DNB. 

Deze combinatie van interne governance, externe audit en toezichthouder(s) biedt jou als investeerder zekerheid en transparantie over de naleving van wet- en regelgeving en de correcte waardering en administratie van het vastgoedfondsfonds en de fondsbeheerder.

At Benkey, we place great value on personal contact and transparency. Investors can always reach out to us directly to ask questions or discuss any concerns. You can contact us via relaties@benkey.nl or by phone at +31 (0)35 5555 333.

In addition, our Investor Relations Managers are always available for a personal conversation and tailored guidance. We recommend including your contact details, the relevant investment, and a brief description of the matter when submitting a question or complaint, so we can assist you quickly and effectively.

The Benkey Vastgoedfonds is available to investors who want to benefit from indirect ownership in commercial real estate without the burden of day-to-day management. As a participant, you become a co-owner of a broadly diversified portfolio of commercial real estate in the Netherlands, with a current size of more than €150 million.

The Benkey Vastgoedfonds is an FGR (fund for joint account), tax transparent, and has an open-ended fund structure (“transparent fund”), which provides flexibility. Every six weeks, investors have the opportunity to enter or exit the fund.

The fund focuses on solid commercial assets within the value-add, core, and core+ categories. We select properties with reliable tenants that immediately generate stable cash flow. Through careful selection and professional real estate management, we build a portfolio in which value creation and risk diversification are central.

Investing in the Benkey Vastgoedfonds is possible from a minimum investment of €250,000. For larger amounts of capital, specific share classes are available (such as the G class from €2.5 million) with adjusted fee structures.

A unique feature of this fund is its flexibility: while real estate is typically an illiquid investment, Benkey offers the possibility to enter or exit the fund periodically (every six weeks) at the current net asset value (NAV).

After your investment and once the funds have been processed on the real estate fund’s trading day, your investment will be immediately visible in your personal account on the Benkey Portaal. From your account, you can complete the onboarding process, submit the required documents, track price developments, and automatically receive fund reports and annual statements for tax filings.

Through the portal, you can also submit your desired buy and sell orders and indicate whether (additional) distributions should be paid out or whether you prefer not to use this option.

The Benkey Portaal is directly accessible via this link, and creating an account is completely non-binding. The portal is also available as a smartphone app via the Apple and Google Play Store—convenient for on the go.

The main risks of the Benkey Vastgoedfonds are related to the real estate market. Fluctuations in property values due to economic developments, interest rate changes, or declining rental prices can negatively impact the fund’s net asset value. In addition, there is a risk of vacancy or tenant default, which directly affects rental income and returns.

Financing risk also plays a role. The fund may use leverage (borrowed capital) to acquire real estate. Rising interest rates or stricter financing conditions can increase costs and reduce returns. Furthermore, refinancing may need to take place under less favourable conditions when loans mature, particularly in a weaker economic environment.

Finally, there is liquidity risk. Because real estate is a relatively illiquid asset and there are only a limited number of trading moments per year, participants cannot enter or exit at any desired time. This means investors generally need to maintain a long-term investment horizon and should take into account the limited tradability of their participations.

Benkey mitigates risks through a disciplined and diversified investment approach. Investments are spread across multiple types of real estate assets in different sectors. By diversifying properties across the Netherlands and across various tenants, dependence on any single asset or income source is reduced. In addition, the fund focuses on properties with stable rental income and reliable tenants, which lowers the risk of vacancy and payment defaults.

Furthermore, Benkey applies a prudent financing policy. Leverage is used carefully to ensure that the debt burden remains manageable, even in periods of rising interest rates or economic headwinds. Where possible, loans are structured with appropriate maturities and terms to reduce refinancing risk and maintain predictable cash flows.

Finally, active property management and continuous monitoring of both the portfolio and market conditions are in place. By actively managing assets, maintaining proactive communication with tenants, carrying out timely maintenance, and identifying optimisation opportunities (such as rent increases or repositioning), long-term value and returns are protected. In addition, a thorough selection and decision-making process upfront—including review by the Investment Committee—ensures that only investments with an attractive risk-return profile are included.

The valuation of the real estate starts with the initial recognition, where properties are recorded at the purchase price, including transaction costs (acquisition costs, brokerage fees, valuation costs, notary fees, transfer tax, and due diligence costs). Subsequently, existing real estate investments are valued at fair market value, meaning the price that could reasonably be obtained on the market at the balance sheet date, taking into account rental income and sales potential.

For the valuation, the external appraiser uses a combination of three methods: the BAR/NAR method (capitalisation rate based on rental income), the DCF method (discounted cash flow, or present value of future cash flows), and the comparative method (benchmarking against similar transactions). Together, these methods provide insight into both the investment value and the market value of the property and help assess risks and market trends.

The valuation is carried out by independent, qualified appraisers (NRVT- and RICS-certified), with at least one full external valuation per year. In between, a desktop valuation is performed by Benkey based on the appraiser’s model, the most recent external valuation, recent rental changes, and investments. This process ensures a reliable, up-to-date, and transparent market value of the real estate for calculating the fund’s net asset value.

No, you do not need to visit a notary when participating. Your participations are issued directly by the real estate fund through the fund manager (Benkey), and all legal documentation and registrations are handled through the fund’s administration.

To minimise effort on your side as an investor, the due diligence checks and administrative processing are carried out fully digitally via the Benkey Portaal (https://portaal.benkey.nl/login). To finalise your participation, we are legally required to conduct a Know Your Customer (KYC) check (in accordance with the Dutch Wwft/AML regulations). This process is handled on behalf of the real estate fund by our external administrator AssetCare, who ensures proper execution of all identification and verification requirements. All communication with AssetCare is handled through Benkey’s Investor Relations Managers, so you always have a single point of contact during your onboarding into the fund.

In this way, the fund ensures that your participation is legally valid and fully administratively recorded without the need for an external notary. At the same time, you are assured of a correct and secure handling of all regulatory requirements.

Our real estate fund has been registered with the Autoriteit Financiële Markten from the start under the registration regime (AIFMD-light and register). In October 2025, Benkey submitted an application for an AIFMD license and is currently in the validation process. This marks the next step in our professionalization, transparency, and regulatory oversight.

Please note: the commercial real estate loans fall outside AFM supervision. This is because these are bilateral loans between parties, with a minimum investment of €100,000.

When you choose a commercial real estate loan (also referred to as a private deal) as an investor, you invest in a specific real estate asset by providing a direct loan to Benkey. All information is set out in a detailed information memorandum, and the agreements are recorded in a participation agreement, giving you clear insight into your rights and obligations.

The financing is used for specific purposes, such as the acquisition of the property, refinancing, or investments in sustainability improvements. In this way, your investment directly contributes to the development and value creation of the real estate.

As additional security, you receive a mortgage right on the property, typically a first-ranking mortgage, which can be enforced if the project does not proceed as initially planned. This ensures that your investment is optimally protected.

During the term of the financing, you receive monthly interest based on your investment amount and the agreed interest rate. As the maturity date approaches, the property is usually refinanced via Benkey through a new commercial real estate loan or bank financing. In some cases, the property may be sold to repay the loan.

A private real estate deal therefore offers direct exposure to a specific property, a clear structure of agreements, and security through mortgage rights, combined with a fixed interest return over the term.

Het Benkey Vastgoedfonds gebruikt de lening voor het aankopen, herfinancieren of investeringen van het vastgoed. Stichting Juridisch Eigenaar Benkey Vastgoed is juridische eigenaar van het vastgoed en is hierdoor de kredietnemer. Het economisch eigendom van het vastgoed ligt bij de participanten in het vastgoedfonds. Namens de stichting en de participanten treedt Benkey Fund Management op als fondsbeheerder.

Interested investors in a real estate loan can register with Benkey. When a new real estate loan becomes available, an information memorandum is shared with interested parties, and they can subscribe to the project. After subscription, an investment agreement is drawn up, including all relevant and personalised details of the loan, such as term, interest rate, and collateral.

It is possible to make the investment either privately or through a legal entity, depending on your situation and preference. In addition, throughout this process you will receive all necessary documents and guidance from Benkey’s Investor Relations Manager to ensure the investment is completed correctly and in accordance with applicable laws and regulations.

The formalisation of the real estate loan always takes place via a notary. In this way, the mortgage right is established through a financing deed and registered in the land registry.

Gedurende de looptijd van een financiering word je als investeerder op de hoogte gehouden van de status en voortgang. Dit via regelmatige nieuwsbrieven, kwartaalupdates en jaaroverzichten. Bijzonderheden communiceren we duidelijk en tijdig, en voor de vastgestelde aflossingsdatum ontvang je alle informatie over de geplande aflossing. Wordt een project vroegtijdig afgelost, dan zorgen we voor een passend alternatief investeringsproject.

To establish the mortgage security for you as a lender, a mortgage deed is drawn up in which the investors are named. Benkey works with a fixed notary who is familiar with the process and the investment structure. Both the notary and Benkey focus on fully supporting and unburdening investors.

The mandatory due diligence process for the investment complies with current laws and regulations. After signing the participation agreement, the notary will additionally make digital contact with investors to complete the verification. Physical presence at the notary is therefore not required. However, if you prefer, it is of course possible to attend in person at the notary’s office. Benkey supports this process and is available to answer any questions you may have.

General suspension of the issuance and redemption of Participations (LMT 1)
Restriction on redemption requests (LMT 2)
Extension of the notice period for a redemption request (LMT 3)
Redemption fee (LMT 4)
Side pockets (LMT 9)

Please refer to the Information Memorandum for details of these restrictions.

In the case of the Benkey Vastgoedfonds, it may occur that multiple participants wish to sell their participations at the same time. Because the fund primarily invests in illiquid real estate assets, it cannot immediately fulfil all redemption requests in full.

In such cases, the fund is managed in accordance with the established terms and conditions (Information Memorandum) and procedures. Exit requests are processed in a phased and pro-rata manner, and the fund’s liquidity is carefully managed to maintain a balance between ongoing real estate management obligations and payouts to participants. This prevents forced asset sales and protects the value of the fund.

In addition, the fund may, if necessary, use deferred payouts in cases where redemption amounts per investor are high, thereby safeguarding the interests of all participants and preventing (additional) value losses. The aim is always to ensure careful processing, taking into account the interests of both exiting and remaining investors.

In this way, a balanced and transparent handling of redemption requests is ensured, without exposing the portfolio or other investors to unnecessary risk.

The Benkey Vastgoedfonds is an open-ended fund and does not have a fixed term. The recommended investment horizon for investors in the fund is at least 5 years, while the investment strategy is continuously executed by the fund manager.

Investors can regularly buy or sell their participations on designated trading days. Exit requests are settled in accordance with the terms set out in the Information Memorandum.

The acquisition strategy of Benkey is fully focused on the Dutch commercial real estate market. Benkey believes in the strength of local expertise and invests exclusively in commercial properties that are thoroughly understood and where direct oversight is possible. These are primarily office buildings, light industrial properties (business units), and retail properties. Logistics and hotels also fall within this category, but are not yet part of the current portfolio.

The focus is on the mid-cap segment, with properties ranging between €5 million and €50 million. This is a specific market that is often too large for private investors but too small for large institutional parties, which is precisely where Benkey aims to unlock the best opportunities for investors.

Within the Netherlands, Benkey applies a policy in which quality and value creation are central. The focus is on the categories Value-add, Core, and Core+ within commercial real estate. Our strength lies in “Value-add” assets. This refers to properties that are not located on A+ locations, have higher vacancy levels, deferred maintenance, outdated specifications, a low energy label, or a combination of these factors. This is where we can add the most value at the right acquisition price, while current rental income covers the costs.

Another type of real estate asset in which Benkey invests is “Core.” These properties have far fewer Value-add characteristics, but are not perfect either. There is still value creation potential, while they already generate direct income through rental cash flow. The combination of different property types within the real estate fund portfolio ensures stable returns and value growth under varying market conditions.

This means that investments are made exclusively in solid commercial properties with a healthy foundation and reliable corporate tenants. Because Benkey avoids risky, large-scale transformations, a portfolio is built that generates stable and immediate returns from day one.

At Benkey, due diligence on real estate assets is carried out carefully and in a structured manner to mitigate risks and gain full insight into the asset prior to acquisition.

The process includes a legal, financial, commercial, and technical assessment of the property. The Investment Management Team and business partners collect and analyse all relevant documentation, such as lease agreements, permits, title deeds, maintenance reports, environmental assessments, and tax matters. The location and market position of the property are also evaluated, as well as the quality and physical condition of the building itself.

The results are then presented to the Investment Committee, which assesses the risk-return profile of the asset based on the due diligence findings and makes a decision regarding the acquisition. This process ensures transparency, control, and well-considered investment decisions for you as an investor.

Benkey aims to limit dependence on a few large tenants by investing in a diversified portfolio of real estate assets and tenants. While some properties may have larger tenants, active efforts are made to spread rental agreements across sectors and locations, thereby minimizing the risk of tenant-specific vacancy or default.

The real estate fund monitors the financial health of tenants and the duration of rental agreements. When onboarding new tenants, creditworthiness as well as sector and geographic diversification are taken into account, ensuring that the impact of any single tenant on overall returns remains limited.

In addition, strategic choices such as diversification across value-add, core, and core+ assets further reduce reliance on large tenants. This helps ensure the fund remains resilient, even in the event of changes in market conditions affecting specific tenants or sectors.

As an investor in the Benkey Vastgoedfonds, you become a co-owner of the underlying real estate assets through the purchase of participations. To manage the fund and carry out the associated activities, various costs are charged to participants. These include the management fee, operating and fund expenses, property acquisition and disposal costs, as well as entry and exit fees for participation.

In addition, a performance fee applies when returns exceed 7.5% per year. This ensures that both you and Benkey share a common interest in strong fund performance.

The mentioned costs (with the exception of entry and exit fees) are already included in the targeted return of 12–15% per year. At Benkey, we aim for full transparency regarding all costs.

If you would like a complete overview of the fund and associated costs, our Investor Relations Managers will be happy to provide further explanation.

The returns at Benkey are aligned with the specific characteristics and risk profiles of the different investment products. For our commercial real estate loans and bond investments, you work with predefined returns. You can generally expect a fixed net interest rate of 6% to 8% per year. This provides investors with clarity, predictability, and stability.

For the Benkey Vastgoedfonds, the return structure is different from that of the real estate loan. Because you directly participate in ownership, the result depends on both the underlying property value appreciation (indirect return) and net rental income (direct return). We project a net total return of approximately 15% per year, including a stable distribution of up to 8% annually.

The potential of this strategy has already become apparent since the fund’s launch. Thanks to a series of strategic acquisitions, the real estate fund achieved an exceptional net return of 38.8% in 2025. Past performance is, of course, no guarantee for the future, but it does demonstrate that the Benkey fund strategy and our value creation model are effective.

The return of the Benkey Vastgoedfonds consists of a direct and an indirect component. The direct return comes from the rental income of the underlying real estate assets. The direct annual return is typically 6–8%, depending on rental developments and the condition of the properties.

As a participant, you also benefit from the value appreciation of the real estate. Based on the current fund strategy, the target total return is 12–15% per year. This is achieved through, among other things, purchasing advantages, transforming assets, and reducing vacancy rates.

All properties are fully valued annually by an external, certified appraiser. In addition, desktop valuations are carried out throughout the year to determine current values. These are based on the most recent external valuation and use the same assumptions as the appraiser. After determining the interim valuations, the fund’s NAV (net asset value or unit price) is set on the relevant trading day.

The fixed interest rate of a private real estate deal is determined based on a combination of factors, including the risk profile of the investment, the quality of the underlying property, the loan-to-value (LTV), the financing term, the creditworthiness of any tenants, and the collateral structure.

In addition, current market conditions and comparable financing transactions in the market are taken into account. Within Benkey, a prudent and risk-aware approach is applied, aiming to combine an attractive return for investors with a responsible financing structure.

Als investeerder kun je zelf kiezen of je het rendement direct wil laten uitkeren of wil herbeleggen. Dit kun je eenvoudig aanpassen in het investeerdersportaal via de buttons “Uitkering” en “Extra uitkering”. Kies je ervoor het rendement niet uit te keren, dan wordt het automatisch herbelegd in het fonds, waardoor je investering in waarde toeneemt en je gebruik kunt maken van het ‘compound’ effect (‘rente op rente’). 

Kies je voor een uitkering, dan wordt een gedeelte van jouw participaties gratis verkocht en ontvang je de uitkering op je rekening. Het is tussentijds altijd mogelijk om deze keuze te wijzigen, zodat je flexibel kunt inspelen op jouw persoonlijke voorkeuren en financiële planning. 

Op deze manier bepaal je zelf hoe je wilt profiteren van de huurinkomsten en waardestijgingen van het fonds, terwijl het fonds zijn strategie onverminderd kan uitvoeren.

In the event of disappointing results in the Benkey Vastgoedfonds, the value of your participations may temporarily decline, as both rental income and real estate market values directly impact the fund’s net asset value (NAV). This is inherent to real estate investing: price fluctuations are normal and can move both upwards and downwards.

The fund takes various measures to mitigate the impact of negative developments. These include investing in a diversified portfolio of properties and tenants, applying active asset management, and continuously monitoring market and portfolio performance. In addition, a prudent financing policy helps ensure that debt levels remain manageable, even in periods of lower income.

Although the fund aims for stable and sustainable returns, temporary fluctuations or lower results cannot be fully ruled out. As a participant, you share in this market risk, and it is important to invest with a medium- to long-term investment horizon. For a full description of all risks, please refer to the Information Memorandum.

The terms of a real estate loan are determined per project. However, as a standard, investors are exempt from additional costs for this investment product. There is therefore no entry fee. The interest rates in the financing agreement are net per year.

The communicated interest rate represents the net return before taxes, so you have a clear view of the expected return.

The investments in the Benkey Vastgoedfonds are supervised by the Autoriteit Financiële Markten (Autoriteit Financiële Markten). At present, the fund operates under the light regime and is registered with the AFM.

However, Benkey submitted an AIFMD application to the AFM in October 2025 and is currently in the validation process. This means that the fund will soon be able to operate fully within the AIFMD framework, including the associated reporting, transparency, and compliance requirements.

AFM supervision—both under the current light regime and later under AIFMD—ensures that the fund is managed in a professional, transparent, and compliant manner, providing additional assurance for you as an investor.

Please note: the commercial real estate loans fall outside AFM supervision. This is because these are loans between professional parties, with a minimum investment of €100,000.

De belangrijkste risico’s bij een onderhandse lening zijn verbonden aan de waarde van het vastgoedobject en de betalingscapaciteit van de kredietnemer (Stichting Juridisch Eigenaar Benkey Vastgoed). Om jouw investering te beschermen, wordt standaard een eerste recht van hypotheek op het object gevestigd.

Daarnaast hanteren we een maximale loan-to-value (LTV) van 75%, waardoor er altijd overwaarde aanwezig is. Deze overwaarde biedt een extra zekerheid, aangezien de investeerder bij uitwinning van het hypotheekrecht kan worden afgelost indien het project anders verloopt dan gepland. Door deze combinatie van hypotheekrecht en conservatieve LTV wordt het risico beperkt, terwijl je als investeerder een aantrekkelijk rendement kunt verwachten.

Yes, the value of your investment in the real estate fund can decrease. This is because the value of real estate assets and rental income may fluctuate due to market conditions, vacancy, maintenance costs, or changes in the property market.

A decline in property values directly affects the net asset value (NAV) of the real estate fund and therefore the value of your participations. This is a normal part of investing in real estate: price fluctuations, both upward and downward, are inherent to the market.

The fund manager limits these risks by investing in a diversified portfolio, applying active asset management, and structuring financing prudently. Despite these measures, a temporary or longer-term decline in value cannot be fully ruled out.

If Benkey Fund Management B.V. were to go bankrupt as the fund manager, this would not have a direct impact on your participations in the real estate fund. Your participations belong to the fund and the real estate portfolio, and are held in a separate foundation (Stichting Juridisch Eigenaar Benkey Vastgoed). These assets are segregated from the administration and liabilities of Benkey Fund Management as the fund manager.

In such a scenario, a different fund manager or a trustee could be appointed to continue managing or winding down the fund, ensuring that the real estate assets are managed in line with the Information Memorandum and that participants can exercise their rights.

The fund is therefore structured in such a way that your investments are legally separated from the operations of Benkey, ensuring that your assets within the fund remain protected, even in the event of issues at the fund manager level.

During the extensive acquisition process of a real estate asset, different scenarios are carefully analysed to gain a clear understanding of both the current situation and the potential return. This process also creates opportunities to actively respond to market developments and the specific property.

When real estate prices decline significantly, the Benkey team will intensify monitoring and take additional measures to optimise the situation for the relevant asset and its underlying financing. The exact approach depends on various factors. Investors are continuously informed on a periodic basis about the fund and developments within the underlying real estate assets.

In principe kan een brede groep investeerders deelnemen aan het Benkey Vastgoedfonds, zowel particuliere als zakelijke beleggers zijn welkom, evenals family offices en institutionele partijen.

Toetreding vindt plaats volgens de voorwaarden van het Informatie Memorandum, waarbij de wet- en regelgeving wordt toegepast op de gebruikelijke acceptatie- en compliance- (KYC) procedures.

To finalise your participation, we are legally required to carry out a Know Your Customer (KYC) due diligence process (in accordance with the Dutch Wwft/AML regulations). This process is handled on behalf of the Benkey real estate fund by our external compliance partner AssetCare, which oversees the proper execution of all identification and verification requirements.

All contact and communication regarding this process is handled via Benkey. Questions or comments can also easily be discussed with your personal Investor Relations Manager, who will guide you throughout the entire process.