standing investments

advertisement
Marktpresentatie IPD Nederlandse Jaar Corporatie Vastgoedindex
24 april 2014, The Colour Kitchen Utrecht
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
1
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
Wim Wensing, Directeur investment management Amvest
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
2
Wat zoeken institutionele beleggers
op de Nederlandse woningmarkt?
Wim Wensing
Marktpresentatie IPD Corporatie Vastgoedindex
24 april 2014
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
THE POSITION OF AMVEST ON THE DUTCH HOUSING MARKET
Shareholders
(founding partners AEGON and PfZW)
Amvest Investment Management
• Amvest Residential Core Fund
• Amvest Residential Dynamic Fund
• AEGON portfolio
• Number of smaller separate accounts
• Total 17,334 rental homes (EUR 2.8 billion)
• ARC Fund flagship fund open to investors
Characteristics founding partners
• AEGON: > EUR 100 billion in pension assets
• PfZW (through PGGM): EUR 125 billion pension capital
Amvest
Development
4
Investment
Management
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
HOT OR NOT? (1)
5
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
HOT OR NOT? (2)
120
Indexcijfers (2010 = 100)
80
115
60
Consumentenvertrouwen (rechteras)
Prijsindex bestaande koopwoningen (linkeras)
110
40
105
20
100
0
95
-20
90
-40
85
-60
80
-80
Bron: CBS.
6
• Consumentenvertrouwen neemt
toe, verkoopprijsniveaus
stabiliseren zich
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
• Transactievolumes nemen weer
toe (zowel nieuwbouw als
bestaande bouw)
• Initiatief: gemengd woningfonds
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
HOT OR NOT? (3)
• Gross initial yields have
increased due to a combination
of improved net income returns
and negative capital growth
figures
6,0%
6%
Gross initial yield
5,7%
Net income return
5,4%
Interest rate on government bonds
5,0%
4,9%
5%
4,6%
4,6%
4,5%
4,3%
4,3%
4,2%
4,1%
4,0%
4%
3,7%
3,6%
3,7%
• Spread between gross initial
yields and interest rates on
government bonds has
increased
3,7%
3,0%
3%
3,0%
2,0%
1,9%
2%
1%
0%
2007
2008
2009
2010
2011
2012
2013
Sources: IPD, DNB
7
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
• Figures for gross initial yield
and net income return are
property only
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
HISTORY (1): RISK/RETURN FIGURES COMPARED TO OTHER ASSET CLASSES
(SOURCE: IPD)
8
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
HISTORY (2): RETURN FIGURES, 1977-2013
25 %
Income return (annual basis)
Income return (annual long-term average)
Capital growth (annual basis)
20
Capital growth (annual long-term average)
Total return (annual basis)
15
Total return (annual long-term average)
10
• Annual average capital growth
1976-2013: +2.3%
2003-2013: +0.4%
• Annual average total return
1976-2013: +8.4%
2003-2013: +4.4%
5
0
• Total return portfolio ARC Fund
compared to IPD Benchmark ‘all
residential’ (property only):
- 5 years: 0.8% (ARC Fund) vs 0.3%
(IPD)
- 3 years: 1.1% (ARC Fund) vs 0.8%
(IPD)
- 1 year (2013): 0.5% (ARC Fund) vs
0.2% (IPD)
-5
-10
-15
-20
-25
Sources: Hordijk, IPD
9
• Annual average income return
1976-2013: +6.0%
2003-2013: +4.0%
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
HISTORY (3): RENT INCREASES VS INFLATION, 1995-2013
Indices, 1995 = 100
• Dutch residential investments are
linked to inflation. Gradual steps to
market-rental levels are allowed.
200
Inflation
Rent increases
164
150
147
100
• In terms of annual % change of
inflation (stability), the Netherlands
is ranked number 1 out of 148
countries in the Global
Competitiveness Report 20132014 (World Economic Forum
2013)
50
0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Sources: IPD, Statistics Netherlands
10
• Rent increases residential
investments outpace inflation rate:
o Rent increases on average 2.8%
each year from 1995-2013
o Inflation relatively stable in the
Netherlands: on average 2.2%
each year from 1995-2013
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
2012
2013
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
UPWARD PRESSURE ON (FREE-MARKET) RENTAL SECTOR
Increasing demand for free-market rental sector homes:
Free-market
rental sector
4%
• Owner-occupied market less attractive for households due to:
a. Increasing net-monthly expenses for households
due to government regulation on mortgages
b. Lower allowed LTV-rates
c. More flexible labor market implies more households
to opt for renting
Regulated
rental sector
36%
Owner-occupied
60%
• Regulated rental sector for most households not accessible
due to:
a. Very low turnover rates
b. Nearly all social rental homes are assigned to
households with low income levels (< EUR 34,000)
• Insufficient supply:
a. Construction of new homes has fallen significantly
during the last 5 years
b. Average household size diminishes and this trend is
expected to continue
Source: Government of the Netherlands
11
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
EXPECTED DEMAND VS EXPECTED SUPPLY (1)
0
-30
120.000
Millions
0
2060*
2
2050*
30
2040*
4
2030*
60
2020*
6
2010
90
2000
8
1990
120
1980
10
1970
150
1960
Thousands
TOTAL NUMBER OF HOUSEHOLDS
YTY difference
Number of
households
-2
NEW BUILDING PERMITS AND FINISHED DWELLINGS
100.000
80.000
Owner-occupied
60.000
Rent
40.000
Building permits
new dwellings
Finished dwellings
20.000
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013*
0.000
12
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
EXPECTED DEMAND VS EXPECTED SUPPLY (2)
Expected household
development per municipality
(2012 - 2030)
Less than - 500
- 500 to 0
0 to 200
200 to 500
More than 500
Source: ABF Research (2014)
13
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
EXPECTED DEMAND VS EXPECTED SUPPLY (3)
Millions
PLANS TO MOVE BY SECTOR
2.5
2.5
2.0
2.0
0.1
1.5
1.5
0.8
0.0
0
0.2
0.9
+ 8%
1.0
1.0
0.5
0.5
+
62%
+
19%
1.0
1.0
2009
2012
Prefers non-regulated rental
Prefers regulated rental
Prefers owner-occupied
Millions
Millions
1.4
1.4
+201%
1
1.0
+79%
0.6
0.6
0.2
0.2
2011 2014 2017 2020 2023 2026 2029
2030
Minimum
14
Maximum
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
AN INTERNATIONAL COMPARISON (1)
RESIDENTIAL MORTGAGE DEBT TO GDP RATIO
120%
100%
Netherlands
80%
United Kingdom
60%
Sweden
40%
Germany
20%
France
0%
2002
15
2004
2006
2008
2010
Capital
Pensions
Other debt
Other
assets
Overvalue
Mortgage
debt
TOTAL ASSETS AND LIABILITIES DUTCH
HOUSEHOLDS (2011)
2400
2000
€ 817 € 2,081
1600
1200
€ 758 - € 95
800 € 1,158 - € 652
400
€ 506
0
House
value
Billions
2000
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
AN INTERNATIONAL COMPARISON (2)
Annual total return, 2003-2012 (source: IPD)
25%
20%
15%
The Netherlands
10%
France
5%
0%
2003
-5%
Germany
2004
2005
2006
2007
2008
2009
2010
2011
United Kingdom
2012
Sweden
-10%
Switzerland
-15%
-20%
16
Income returns 1
Capital growth 2
Return
Risk
Return
Risk
France
3.7%
0.5%
6.9%
6.7%
Germany
4.1%
0.4%
3.2%
9.4%
Sweden
3.7%
0.5%
6.6%
6.6%
Switzerland
4.7%
0.2%
3.3%
6.6%
The Netherlands
4.0%
0.3%
5.5%
9.5%
United Kingdom
3.0%
0.3%
9.4%
10.3%
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
1. Annual income return, 2003-2012 (source: IPD)
2. Annual capital growth, 1970-2012 (source: BIS)
RESIDENTIAL INVESTMENTS IN THE NETHERLANDS:
RISKS
Een aantal risico’s:
• Politieke risico’s
• Reputatierisico’s
• Marktrisico’s
• Funding risico’s
• Liquiditeitsrisico’s
• Juridische risico’s
• Objectrisico’s
• Huurdersrisico’s
17
Wat zoeken institutionele beleggers op de Nederlandse woningmarkt?
Resultaten IPD Nederlandse Jaar Corporatie Vastgoedindex 2013
Lorenzo Dorigo, Vice President and Head of BeNeLux IPD
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
18
Met dank aan alle deelnemers
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Agenda
•
•
•
•
•
Hoofdlijnen 2013
Effect verhuurderheffing
Kostenontwikkeling
DAEB en niet-DAEB
(des)investeringen
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Positief resultaat universum 2013
Totaal rendement
IPD Nederlands Corporatie Universum – alle objecten
Totaal Rendement
0,3
Exclusief:
Verkopen, Aankopen, Ontwikkelingen en Objecten met deeltransacties
Geeft het…
IPD Nederlandse Jaar Corporatie Vastgoedindex – standing
investments
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
0,9
Verschil Standing investments & Alle objecten rendement
2013
1.5
1.0
0.5
0.9
0.3
0.0
-0.5
-1.0
-1.5
Standing
investments
(her)ontwikkelingen
©2014 Investment Property Databank Ltd. All rights reserved.
Verkopen
Aankopen
ipd.com
Deeltransacties
Alle objecten
Universum bestaat voor 94% uit woningen in 2013
Alle objecten op basis van kapitaalswaarde
• € 46,8 miljard
• 508.149 woningen
2%
2%
3%1%
• 33 deelnemers
MGW
EGW
Overige Woningen
51%
BOG
Maatschappelijk Vastgoed
41%
Overig
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Eengezinswoningen best presterende segment 2013
Standing investments – in %
Direct rendement
Indirect rendement
Totaal rendement
12.0
Percentage %
7.0
2.0
1.2
1.7
1.1
0.9
0.9
-0.1
-3.0
-3.6
-8.0
-13.0
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Grote regionale verschillen
Alleen woningen – standing investments – in %
Direct rendement
Indirect rendement
Totaal rendement
6.0
4.0
2.6
Percentage %
2.0
1.9
0.0
0.4
-0.1
-1.7
-2.0
-4.0
-6.0
-8.0
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Stijging direct rendement
Alle sectoren standing investments – in %
Direct rendement
Indirect rendement
Totaal rendement
10.0
8.0
Percentage %
6.0
8.2
6.4
5.9
4.0
3.5
2.0
1.8
0.9
0.0
-0.5
-1.0
-1.0
-2.0
-4.0
-6.0
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Toegenomen direct rendement corporaties in
perspectief
Woningen standing investments – in %
9.0
8.0
Income return %
7.0
Verenigde Staten
6.0
Global
5.0
Duitsland
NL beleggers
4.0
Zweden
NL corporaties
3.0
Frankrijk
2.0
Verengd Koninkrijk
1.0
0.0
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Rendement maatschappelijk vastgoed voor het eerst
negatief
Totaal rendement standing investments – in %
Woningen
BOG
Maatschappelijk vastgoed
12.0
10.0
Percentage %
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
2005
2006
2007
2008
©2014 Investment Property Databank Ltd. All rights reserved.
2009
2010
ipd.com
2011
2012
2013
Waarde- en inkomstenontwikkeling sinds 2007
Standing investments - kwartaalindex - alleen woningen
Inflatie**
Actuele huur vastgoedbeleggers
Actuele huur corporaties
December 2007 = 100
120
115
110
105
100
95
90
85
80
* Prijsindex koopwoningen Kadaster
** CPI, Centraal Bureau voor de Statistiek
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Waarde- en inkomstenontwikkeling sinds 2007
Standing investments - kwartaalindex - alleen woningen
Inflatie**
Indirect rendement vastgoedbeleggers
Actuele huur vastgoedbeleggers
Prijsindex koopwoningen*
Actuele huur corporaties
Indirect rendement corporaties
December 2007 = 100
120
115
110
105
100
95
90
85
80
* Prijsindex koopwoningen Kadaster
** CPI, Centraal Bureau voor de Statistiek
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Agenda
•
•
•
•
•
Hoofdlijnen 2013
Effect verhuurderheffing
Kostenontwikkeling
DAEB en niet-DAEB
Investeringen
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Regionale indeling
IPD Noordelijke Randstad benchmark & IPD Krimpgebieden benchmark
19% van universum
©2014 Investment Property Databank Ltd. All rights reserved.
9% van universum
ipd.com
Beperkt effect verhuurderheffing in 2013
Samenstelling IPD Corporatie Vastgoedindex niet-geliberaliseerd bezit
Percentage niet-geliberaliseerd
WOZ-waarde
Verhuurdersheffing
(EUR per woning per maand)
Contracthuur
(EUR per woning per maand)
Verhuurdersheffing% van
niet-geliberaliseerde contracthuur
Verhuurdersheffing % van totale
contracthuur corporaties
Krimp
Nederland
Noordelijke
randstad
99.2 %
92.0%
80.3 %
114.026
137.979
162.254
1.3
1.6
1.9
478
485
472
0.28 %
0.34 %
0.42 %
0.28 %
0.33 %
0.40 %
Bron: Databank Vastgoedtaxaties
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Feitelijke kasstromen 2013
In EUR per woning per maand
25
EUR per maand
20
15
Huurverhoging boven inflatie
Huurverhoging inflatie
10
Verhuurderheffing
Saldo
5
0
-5
Nederland
©2014 Investment Property Databank Ltd. All rights reserved.
Krimp
Noordelijke Randstad
ipd.com
Taxateurs: Extra inkomsten compenseren
verhuurderheffing niet
In EUR per woning per maand
100
80
60
EUR per maand
40
Huurverhoging boven inflatie
Huurverhoging inflatie
20
Verhuurderheffing
Saldo
0
CFV - Financiële meerjarenverkenning
-20
-40
-60
-80
2013
2014
2015
©2014 Investment Property Databank Ltd. All rights reserved.
2016
2017
ipd.com
Ruimte voor huurstijging neemt af
Contracthuur als % van de markthuur
Nederland
Krimp
Noordelijke Randstad
100
95
Percentage %
90
Leegstand : 1,8%
85
Leegstand : 1,7%
80
75
Leegstand: 2,4%
70
65
2004
2005
2006
2007
2008
2009
2010
2011
2012
* Prognose op basis van Databank Vastgoedtaxaties
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
2013
2014*
2015*
2016*
2017*
Maatschappelijk dividend
Standing investments – alleen woningen
Nederland
Noordelijke randstad
Krimp
2.0
1.8
Percentage %
1.6
1.4
1.2
1.0
0.8
0.6
2005
2006
2007
2008
©2014 Investment Property Databank Ltd. All rights reserved.
2009
2010
ipd.com
2011
2012
2013
Effect van verhuurderheffing en extra huurstijging
licht negatief
Verhuurderheffing tot en met 2017 ingerekend
2.0%
1.5%
1.0%
Percentage %
0.5%
0.0%
Huurstijging boven inflatie
Verhuurderheffing
-0.5%
Saldo
-1.0%
-1.5%
-2.0%
-2.5%
Nederland totaal
Noordelijke Randstad
©2014 Investment Property Databank Ltd. All rights reserved.
Krimpgebieden
ipd.com
Agenda
•
•
•
•
•
Hoofdlijnen 2013
Effect verhuurderheffing
Kostenontwikkeling
DAEB en niet-DAEB
Investeringen
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Ontwikkeling exploitatiekosten: 2005 - 2013
Vaste kosten
Beheer - en Verhuurkosten
Overige kosten
Inflatie 2005 = 100
Onderhoudkosten
40.0
120
35.0
110
30.0
100
25.0
90
20.0
80
15.0
70
10.0
60
5.0
50
0.0
40
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Index 2005 = 100
Per vierkante meter
Standing investments
Totale exploitatiekosten
Alleen woningen - per m2 - corporaties vs. beleggers
IPD Corporaties
IPD Vastgoedbeleggers
40.0
37.2
36.6
37.1
37.1
36.4
36.7
35.0
35.0
32.8
31.3
Per vierkante meter
30.0
25.0
22.6
21.5
20.1
20.2
20.8
20.6
20.0
15.0
10.0
5.0
0.0
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
21.3
21.4
22.0
Totale exploitatiekosten per fonds in 2013
Standing investments – als % van de bruto inkomsten
Onderhoudskosten
50.0
Beheer- en verhuurkosten
IPD Corporatie vastgoedindex
42,4% (2012: 43,8%)
Percentage %
40.0
30.0
20.0
10.0
0.0
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Vaste kosten
Overige kosten
Agenda
•
•
•
•
•
Hoofdlijnen 2013
Effect verhuurderheffing
Kostenontwikkeling
DAEB en niet-DAEB
(des)investeringen
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Corporaties & beleggers
Samenstelling bezit – alleen woningen
Corporaties:
Beleggers:
1%
4%
17%
23%
73%
81%
DAEB
Potentieel niet-DAEB
Niet-DAEB
©2014 Investment Property Databank Ltd. All rights reserved.
Geliberaliseerd
ipd.com
Niet-geliberaliseerd
Onbekend
Direct rendement niet-DAEB corporaties vergelijkbaar met
geliberaliseerd bezit beleggers
Standing investments – alleen woningen
Direct rendement
Indirect rendement
Totaal rendement
6.0
5.0
4.0
3.0
Percentage %
2.5
2.8
2.0
1.0
0.7
0.7
0.2
0.0
-1.0
-2.0
-3.0
-4.0
-5.0
Corporaties
©2014 Investment Property Databank Ltd. All rights reserved.
Beleggers
ipd.com
Agenda
•
•
•
•
•
Hoofdlijnen 2013
Effect verhuurderheffing
Kostenontwikkeling
DAEB en niet-DAEB
(des)investeringen
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Investeringsactiviteiten: 2005 – 2013
Transformatie omzet % van kapitaalswaarde ultimo 2013
5.0%
Verkoopopbrengsten
Ontwikkelingsuitgaven
Aankoopuitgaven
Overige opbrengsten
Verbeteringsuitgaven
Nettoinvesteringen
Percentage %
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
Transformatieomzet
3.9%
4.2%
4.1%
©2014 Investment Property Databank Ltd. All rights reserved.
4.8%
5.0%
ipd.com
5.0%
4.3%
4.4%
3.9%
IPD Corporatie Transformatie index 2013
Alle objecten – als % van kapitaalswaarde eind 2013
12.0%
10.0%
8.0%
IPD Corporatie Transformatie Index
3,9 % (2012: 4,4%)
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
Woningen - Kapitaalsuitgaven
Woningen - Aankopen
BOG - Kapitaalsuitgaven
BOG - Aankopen
Maatschappelijk Vastgoed - Kapitaalsuitgaven
Maatschappelijk Vastgoed - Aankopen
Woningen - Kapitaalsontvangsten
Woningen - Deelverkoopontvangsten
BOG - Kapitaalsontvangsten
BOG - Deelverkoopontvangsten
Maatschappelijk Vastgoed - Kapitaalsontvangsten
Maatschappelijk Vastgoed - Deelverkoopontvangsten
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Woningen - Deelaankoopuitgaven
Woningen - Verkopen
BOG - Deelaankoopuitgaven
BOG - Verkopen
Maatschappelijk Vastgoed - Deelaankoopuitgaven
Maatschappelijk Vastgoed - Verkopen
Totaal rendement
Standing investment versus alle objecten
Standing investments
Alle objecten
10
8
Percentage %
6
4
2
0
-2
-4
2005
2006
2007
2008
©2014 Investment Property Databank Ltd. All rights reserved.
2009
2010
ipd.com
2011
2012
2013
Global enquiries
+44.20.7336.9200
www.ipd.com
Australia
+61.2.9248.1900
www.ipd.com/australia
[email protected]
Germany
+49.611.3344.990
www.ipd.com/germany
[email protected]
Netherlands
+31.88.328.22.00
www.ipd.com/netherlands
[email protected]
Canada
+1.416.520.7250
www.ipd.com/canada
[email protected]
Hong Kong
+85.2.8175.4388
www.ipd.com/asia
[email protected]
Portugal
+351.22.208.50.09
www.ipd.com/portugal
[email protected]
France
+33.1.58.05.36.90
www.ipd.com/france
[email protected]
Japan
+81.3.5211.1455
www.ipd.com/japan
[email protected]
South Africa
+27.11.656.2115
www.ipd.com/southafrica
[email protected]
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
Spain
+34.917.610.271
www.ipd.com/spain
[email protected]
Sweden
+46.8.400.252.30
www.ipd.com/nordic
[email protected]
UK & Ireland
+44.20.7336.4783
www.ipd.com/uk
[email protected]
USA
+1.312.646.6240
www.ipd.com/usa
[email protected]
Reflectie op de dag
Ger Peeters, Directeur-bestuurder Wonen Limburg
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
51
Index resultaten op IPD.com
Presentaties worden gemaild
©2014 Investment Property Databank Ltd. All rights reserved.
ipd.com
52
Download
Related flashcards

Investment

31 cards

Insurance companies

35 cards

Reinsurance companies

11 cards

Disney India

17 cards

Create Flashcards