Judge's report

Over time, MN’s listed real estate strategies have evolved from an equities product to a vital part of the real assets ‘cluster’, which includes direct investments in Dutch real estate, European and US non-listed funds, Infrastructure funds and European and North-American listed separate accounts.

At the end of 2023, the listed real estate mandates were reviewed, leading to the fiduciary management of the mandates being moved from equities to the real assets cluster, while 2024 marked the first calendar year where the listed real estate mandates proved to be the keystone of the real assets cluster.

The listed real estate mandates were fully integrated into the tiering framework, allowing MN to compare all assets and portfolios in the cluster similarly.

Adding a listed real estate strategy to the real estate cluster has given multiple advantages, such as access to specific tier-one countries and niche subsectors, faster scaling of the real estate exposure and liquidity within a cluster that is generally illiquid.