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General introduction

In order to give investors information on the transition from the Net Asset Value (NAV) according to IFRS to the adjusted NAV based on INREV valuation principles, the Vesteda Residential Fund FGR (VRF FGR) also publishes the accounts according to

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INREV expense metrics

The decrease in ratio of the Total Expenses Ratio (both NAV and GAV) from 2016 to 2017 is mainly due to the reorganisation provision (€7 million) made in 2016.

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Notes to the INREV financial statements

(Amounts in € million)

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Independent auditor’s report

To the participants of Vesteda Residential Fund FGR

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