On 24 February 2022, Russia has invaded Ukraine, resulting in many Ukrainians fleeing their country. The Fund does not have a direct exposure to Ukraine or Russia. However, the war in Ukraine does impact the Fund’s tenants, for example due to the rising energy prices. The Fund is investigating how to help refugees in the Netherlands, together with the other IVBN members. The first step is that the Fund allows its tenants to accommodate refugees in their homes. Furthermore, the Fund is identifying opportunities to provide temporary housing.
The Fund has made an assessment, which included potential risks such as inflation, funding (liquidity and interest rates) and cyber security. Although the potential impact of this cannot yet be fully and reliably estimated, as of the date of the approval of these consolidated financial statements, neither the Fund’s financial situation nor its operations have been significantly impacted by these events. The Fund screens existing business relationships on a regular basis, including sanction lists where required, and in respect of Russia and Belarus noted no direct breaches of any current sanction rules nor any material matters that may affect going concern of the Fund. The Fund will continue to monitor market conditions as information becomes available and evaluate the potential impact, if any, on the value of the Fund’s real estate investments and its operations going forward.