DPAM Real Estate Europe Sustainable

Investment rationale

This fund is an actively managed European real estate equity fund designed to give investors exposure to securities representing the European property sector. It sits in the equities asset class, carries a synthetic risk indicator of 5 out of 7, and assumes a recommended holding period of 5 years. The fund is intended for investors with sufficient knowledge and experience of equity markets and funds, seeking European real estate exposure, interested in environmental and social characteristics with a minimum share of sustainable investments, and able to bear losses of more than 20% per year. Given its focused sector and regional exposure, it fits more as a specialist satellite allocation than a broad core equity holding.

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How the strategy works

The objective is to offer exposure to securities representative of the European real estate sector while promoting environmental and social characteristics under Article 8 of Regulation (EU) 2019/2088 and maintaining a minimum proportion of sustainable investments. The compartment invests mainly in real estate-related securities, including real estate certificates and shares of Regulated Real Estate Companies (SIR), real estate debt investment companies (SIC), and property companies or companies active in property promotion and development, issued by companies headquartered in Europe or with a significant share of assets, activities, profit centres or decision centres there. It is actively managed and does not aim to replicate its benchmark, although the benchmark named is GPR Europe UK 25% Capped Net Return, used for performance comparison and for selecting a large part of the portfolio securities. The share class is a capitalisation share class, the fund may use derivatives such as options, futures and forwards for investment purposes or for hedging interest-rate and credit risks, and subscriptions/redemptions are available daily with a 5-year recommended holding period.

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Investment philosophy

• The portfolio invests primarily in listed European real estate securities, including real estate certificates and shares of SIRs, SICs, and property companies or companies active in property promotion and development, issued by firms with headquarters or significant assets, activities, profit centres or decision centres in Europe.

• Security selection applies portfolio-wide exclusions for companies not compliant with certain global norms including the UN Global Compact, as well as companies involved in controversial activities such as tobacco, gambling and thermal coal, or in severe ESG controversies.

• For the portion targeting a sustainable investment objective, the process also uses ESG profile analysis and scoring through an ESG Scorecard focused on the most relevant and material ESG risks, and an impact/sustainability thematic review of the share of company revenues financing sustainable development.

• The fund is actively managed against the GPR Europe UK 25% Capped Net Return benchmark, and portfolio weights can differ significantly from the benchmark; as of 31 August 2026 the portfolio held 45 positions and had major country weights in the UK (25.9%), France (21.4%), Germany (14.4%), Belgium (13.2%) and Switzerland (10.4%).

• Positioning at 31 August 2026 showed leading subsector exposures in logistics/industrial (23.6%), retail stores (22.8%), offices (18.7%) and residential (14.2%), with top holdings including Unibail-Rodamco (8.7%), Swiss Prime Site (7.2%), Vonovia (6.3%), Segro (5.5%) and Merlin Properties Socimi (4.9%); the fund has concentration risk in European real estate equities and liquidity risk in real estate instruments, especially in stressed markets.

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Distinctive features

The fund is distinguished by its focused mandate in European real estate equities and by its active management approach, with the ability to differ significantly from the GPR Europe UK 25% Capped Net Return benchmark. It combines this sector specialisation with Article 8 environmental and social promotion and a minimum proportion of sustainable investments, using both exclusion rules and ESG scorecard analysis for the sustainable sleeve. At 31 August 2026, the portfolio held 45 positions. The share class offers daily dealing. Management, administrative and operating costs are 0.91% a year, including a 0.80% management fee; transaction costs are additional. No standard exit fee or performance fee is charged, although an anti-dilution adjustment may apply.

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Risks

The product has a synthetic risk indicator of 5 out of 7, described as a risk class between medium and high, and has a recommended holding period of 5 years. There is no protection against market movements, so investors could lose all or part of their investment. The portfolio is mainly composed of equity securities issued by European real estate companies, creating concentration risk and making it especially exposed to economic developments in that sector and region. Real estate sector instruments can display high liquidity risk, particularly during periods of market stress; the fund may also use derivatives, and returns for investors can be affected by currency fluctuations.

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Asset manager

The fund is a compartment of DPAM B, a Belgian-law SICAV, and is managed by CA Indosuez Fund Solutions SA. CA Indosuez Fund Solutions SA, abbreviated CAI FS, is the product manufacturer and management company, is based at 12 Rue Eugène Ruppert, L-2453 Luxembourg, forms part of the Crédit Agricole group, and is authorised in Luxembourg and regulated by the CSSF. DPAM B is a Belgian UCITS under FSMA supervision.

2026-08-31