Units

Total number of units in investment portfolio and acquisition pipeline

Please see the section Key portfolio characteristics of this report for the segmentation of our portfolio by type of residential unit.

Changes in investment portfolio (number of units)

The total number of residential units stood at 27,809 at year-end 2018, a 24% increase compared to year-end 2017.

Market conditions made acquiring good quality, affordable product in large cities at acceptable returns very challenging last year. Vesteda always prefers quality above volume and was selective in the acquisition of new-build single projects. Nevertheless, we were able to expand the Vesteda portfolio substantially through the acquisition of the former Delta Lloyd residential portfolio from financial services company NN Group.

The former Delta Lloyd residential portfolio consists of 5,983 existing residential units and a pipeline of 794 new houses and is highly complementary to the Vesteda portfolio in terms of quality, geographical location and rental segments. The pipeline of new housing projects is concentrated in the mid-rental segment and located in economically strong regions. We completed the transaction in the first half of 2018.

In 2018, Vesteda acquired a total of 6,863 units, with 5,983 of these existing properties and 880 new-build properties (2017: 853 units). 

In addition to these acquisitions, we continued to improve the quality of our portfolio in the first half of 2018 through the disposal of a residential portfolio consisting of 1,872 residential units in a single transaction.

Additions to the investment portfolio in 2018

In 2018, Vesteda added a total of 7,584 residential units to its investment portfolio. Please see the following table for an overview. More than 1,500 of these units are completed new-build properties acquired in previous years, while the existing properties relate to the acquisition of the former Delta Lloyd Portfolio.

Additions to the investment portfolio in 2018

Residential building

Location

Total number of units

Apartments/Family houses

Region

Rental segment

Quarter of completion/delivery

Tango

Haarlem

55

Apartments

Primary

Mid

Q1

Huren aan de Rijn

Arnhem

94

Apartments

Primary

Mid

Q1

Parnassushof

Arnhem

54

Family houses

Primary

Mid

Q1

De Richmond

Utrecht

75

Apartments

Primary

Mid

Q1

Schinkelhof

Amsterdam

64

Apartments

Primary

Regulated/Higher

Q1

Diepstroeten

Assen

45

Family houses

Optional

Mid

Q2

De Fabiola (2,3,4)

Utrecht

67

Apartments

Primary

Mid

Q2

De Letna

Utrecht

17

Apartments

Primary

Mid

Q2

De Pionier

Veenendaal

23

Apartments

Primary

Mid

Q3

De Kolonel

Ede

37

Apartments

Primary

Mid

Q3

De Enter Fase 1

Amsterdam

95

Apartments

Primary

Mid/Higher

Q3

Les Pavillions

Zwolle

89

Apartments

Primary

Mid

Q3

Bouverijen

Breda

36

Family houses

Primary

Mid

Q3

De Auriol

Utrecht

51

Apartments

Primary

Mid

Q3

De Roosevelt

Utrecht

66

Apartments

Primary

Mid

Q3

Apollo

Purmerend

84

Apartments

Primary

Mid

Q3

Amstel Tower

Amsterdam

192

Apartments

Primary

Mid

Q3

Centraal

Woerden

64

Apartments

Primary

Mid

Q4

De Churchill

Utrecht

66

Apartments

Primary

Mid

Q4

De Marshal

Utrecht

52

Apartments

Primary

Mid

Q4

De Victoria 3

Utrecht

39

Apartments

Primary

Mid

Q4

De Victoria 2

Utrecht

33

Apartments

Primary

Mid

Q4

Annenborch

Rosmalen

43

Family houses

Primary

Mid

Q4

Alpha

Leiden

134

Apartments

Primary

Mid

Q4

Keijzershof

Pijnacker

13

Family houses

Primary

Mid

Q4

Hooghkamer

Voorhout

10

Family houses

Optional

Regulated/Mid

Q4

Reclassification as a result of change in use

 

3

    

Existing properties related to the acquisition of the former Delta Lloyd portfolio

Several

5,983

40% Apartments/60% Familiy houses

96% Primary

72% Mid

Q2 

Total additions to the portfolio

7,584

    

Pipeline year-end 2018

In 2018, Vesteda added a total of 13 new-build projects (including the former Delta Lloyd pipeline), totalling 880 residential units, to its pipeline. All projects are an excellent fit with Vesteda’s portfolio strategy in terms of region, rental segment and energy label. The majority of the projects are located in urban expansion sites of the larger cities in the Netherlands, where Vesteda can benefit from the promising continued development of the areas.

Pipeline year-end 2018

Residential building

Location

Total number of units

Apartments/Family houses

Region

Rental segment

Completion/delivery

Parijsch

Culemborg

42

Family houses

Secundary

Mid

2019

De Enter Fase 2

Amsterdam

96

Apartments

Primary

Higher

2019

Leidsche Rijn Centrum

Utrecht

209

Apartments

Primary

Mid

2018

Bensdorp

Bussum

40

Apartments

Primary

Mid

2019

Willemstoren

Rotterdam

76

Apartments

Primary

Mid

2019

Keijzershof

Pijnacker

26

Family houses

Primary

Mid

2019

De Lanen

Rosmalen

39

Family houses

Primary

Mid

2019

De Draai

Heerhugowaard

31

Family houses

Secundary

Mid

2019

Helenahof

Arnhem

55

Apartments & Family houses

Primary

Mid

2020

Koningsoord

Berkel Enschot

65

Family houses

Primary

Mid

2019

Kolenpark

Groningen

139

Apartments

Primary

Mid

2019

De Generaal

Rijswijk

120

Apartments

Primary

Mid

2019

Hooghkamer

Voorhout

55

Family houses

Secundary

Regulated-Mid

2019

Hoog Dalem

Gorinchem

40

Family houses

Primary

Mid

2020

Noorderhaven

Zutphen

126

Apartments & Family Houses

Other

Mid

2020

De Toren

Hoorn

72

Apartments

Primary

Mid

2020

Punt Sniep

Diemen

202

Apartments

Primary

Mid

2020

Total committed pipeline

 

1,433

    

At year-end 2018, 91% of the investment portfolio was located in the primary part of the portfolio compared with 69% at year-end 2017. This increase was due to a combination of the reclassification of Vesteda’s definition of primary regions and the acquisition of the former Delta Lloyd portfolio (5,983 units, excluding pipeline), which was almost exclusively located in the primary region.

In line with our strategy of focusing on the mid-rental segment of the market, the percentage of our investment portfolio in this segment had increased to 73% at the end of 2018, from 71% at the end of 2017. The percentage of our investment portfolio in the government-regulated sector decreased to 6% in 2018 from 13% in 2017 mainly due to the sale of a portfolio consisting of 1,872 units (90% of which are in the government-regulated sector).

Composition of the investment portfolio by region (percentage in terms of value)
Composition of the investment portfolio by rental segment (percentage in terms of value)