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IEF Capital is a joint venture of Bouwfonds Real Estate Investment Management (Bouwfonds REIM) and Inflation Exchange Fund (IEF). Since its foundation in 2001, IEF Capital has grown to become the Dutch market leader in inflation linked products and has acquired a real estate portfolio worth approximately €3 billion through public tenders, bilateral transactions and a public takeover. This portfolio consists of retail, office and industrial properties and is used as a hedge for our inflation products, which are sold to institutional investors. Through the acquisition of multiple real estate portfolios in recent years, IEF Capital has become one of the key investors in the Dutch real estate market.