Next year a number of large listed Dutch real estate funds may be incorporated in the Midkap-index, one of the leading indices of the Amsterdam stock exchange. Based on FFO the real estate funds Rodamco Europe, Wereldhave, Corio, both VastNed funds and Rodamco Asia may stand a fair chance. Amstelland MDC may loose out as not annually minimal 20% of its shares changes hands.
These are the results of calculations by Dexia Securities and recently also by Fortis Bank. The possible incorporation has to do with their change in status. Until last year, real estate funds were looked upon as fiscal investment vehicles. Subsequently they were categorized as investment funds and not as separate companies. This year that has changed, so that real estate funds may be listed to the various indeices, such as the Midkap and AEX.
Due to the relative small trading volumes - the number of shares times the price - real estate funds do not qualify for the AEX index, but do so for the Midkap-index. Rodamco Europe and Rodamco Asia, Wereldhave, Corio and both VastNed-funds qualify anyway as minimal 20% of outstanding shares change hands annually. Amstelland MDC does not meet this requirement and it will probably have to leave the Midkap-index next year.