Real estate fund

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.

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 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 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.

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 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.

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.