About this report

Content report

The aim of this report is to inform Vesteda’s most important stakeholders. By identifying the parties that Vesteda influences and the parties that exert influence on Vesteda, the company has defined the following key stakeholders: tenants, participants, employees, lenders/debt investors, partners/business partners, advisors/real estate experts and local authorities.

Material aspects

This report has been prepared in accordance with the GRI Standards: Core Option. A key requirement to conform to the GRI guidelines is the execution of a materiality analysis and the translation of the outcomes of this to the annual reporting. In 2016, Vesteda executed such a materiality analysis. In 2017, an update of the materiality analysis was carried out according to the GRI Standards. Vesteda quantitatively reports on the 11 most material subjects. Whenever possible, these 11 aspects have been combined with and linked to (GRI) aspects included in last year’s reporting. The material themes remained unchanged during 2018. The results of the materiality analysis are shown in the following matrix. The GRI table in Annex 2 of this report shows the link between the material aspects and the so-called GRI aspects and indicators.

Materiality Matrix
    1. Economic performance

    2. Tenant satisfaction

    3. Sustainable innovations

    4. Business integrity

    5. Transparency

    6. Sustainability in the supply chain

    7. Sustainable construction and maintenance

    8. Green certification

    9. Corporate governance structure

    10. Compliance

    11. Healthy complexes

    12. Participant satisfaction

    13. Promoting sustainable consumption by tenants

    14. Employee satisfaction & engagement

    15. Environmental performance of company’s own operations

    16. Employee training and education

    17. Diversity and equal opportunity

    18. Employee awareness for sustainability

    19. Good reputation

    20. Employee health & well-being

    21. Sustainable public policy

    22. Mobility emissions - Vesteda

    23. Laws & regulations

    24. Community involvement

    25. Discrimination and vulnerable groups

Financial and non-financial information

The financial information included in this report is derived from or in line with the financial statements. The Vesteda annual report is drawn up in accordance with IFRS accounting policies, unless otherwise stated. However, for transparency purposes, Vesteda deems it important to provide investors with insight into the fund’s net asset value and metrics on the basis of the INREV principles. For that reason, Vesteda has included an additional segment to this report on the INREV NAV and metrics. Please see the section Vesteda Residential Fund FGR financial overviews in accordance with INREV valuation principles of this report. The non-financial information relates to areas such as market developments, portfolio and organisational developments, our tenants, CSSR, Corporate governance, Compliance and Integrity and Risk management. These data are the result of Vesteda’s own analysis and systems, market research and legislation and regulations, such as MG circulars (residential rental market rules and regulations).

Dialogue with stakeholders

The table below gives an overview of the structural dialogue between Vesteda and its key stakeholders.

Dialogue with stakeholders





Content dialogue


Impact dialogue on policy Vesteda


Vesteda Tenant platform

Rent policy, maintenance policy, sustainability measures, quality of life in residential complexes

Knowledge sharing and transparency


Individual tenant associations per residential building


Improved management of suppliers


Day-to-day contact through Operations


Improved communications


Tenant satisfaction survey


Digitalisation of rental process


Social media/webcare


Optimisation of renovation process for bathrooms, kitchens and toilets


Mijn Vesteda (My Vesteda)


DoeGroenDagen (go green days).


Vesteda website


Loyalty programme


Cient panels


The amount of repairs that the we include as part of our standard service has expanded


DoeGroenDagen (go green days)



Questionnaire (HPO)

Employee satisfaction and employee experience, Vesteda Improves project

Identification of integral improvement programmes


Events for employees

Onboarding day (quarterly), Inspiration session (monthly), Business Plan presentation (yearly), Financial and business results (quarterly), Celebrations (new year, breakfast sessions, Friday drinks etc)

Social connectivity and creation of Vesteda culture



Source of information

Clear quarterly information about business progress and plans


Works Council

Discuss relevant developments and regulations concerning business strategy and employee impact, such as M&A, organisational changes and employee benefits



General Meeting of Participants (at least twice a year)

Business Plan 2019-2023

Voluntarily cap the annual average rent increase to CPI plus 2% in 2019 (on the condition that the mid-rental market will not be regulated)


Regular investor meetings/quarterly conference calls

Liquidity Review Date

Continued attention for CSSR (for instance decision to implement UN PRI and UN SDG)


Annual informal Participants’ Day

Transition to zero-natiural gas living

Clear criteria to improve reporting and Participant' Day


Annual independent Participant satisfaction survey

Rent increase policy


Property Tours

Acquisitions and sales policy


InvestorWeb (for participants)

Required returns






New ERP system


Portfolio sale and acquisition of former Delta Lloyd portfolio


Lenders/Debt investors

Annual credit review meetings


Transparent reporting standards; improved reporting


Regular debt investor/lender meetings


Funding strategy (long-term leverage)


Information for debt investors on website


Development risk


Financial covenant reporting


Liquidity risk


Roadshow for bond investors

Cash management




Partners/business partners and local authorities

Through membership and meetings of IVBN, INREV, ULI, NeVaP and NEPROM,

Increasing mid-rental market supply in the urban environment / affordable living

Sector effort to realise more affordable housing in urban environments


Local and national government(s)

Discuss local regulatoins, policies and market developments

Revolving Fund Urban Transformation (NEPROM, Platform31)


Attending/giving lectures at business events/conferences

Discuss relevant developments, such as sustainability, urban development, densification, ground lease, mobility, disruptive technologies, technical innovations and smart buildings

Investment Strategy for Sustainable Urbanisation "At home in the Future" (NEPROM)


Attending conferences such as Expo Real, Provada and INREV

Discuss propositions for acquisitions, property sales and re-developments

Translation of market developments into our Business Plan


Joining expert meetings and working groups


Investing in knowledge of disruptive technologies for residential real estate investments / PropTech solutions (for instance: Project Milestone (3D-printed concrete houses)


Adopting and improving best practices

Advisors/real estate experts

Regular meetings with Vesteda Advisory Committee

Sustainability, re-development of existing properties

Research into CSSR and continued embedding in policy


Conference with Dutch housing association

Energy transition

WELL certification


Partnership signed with the Blue Building Institute



Workshop on sustainability

Healthy living


Attending/giving lectures at business events

Social cohesion


Market developments


INREV Guidelines Compliance Statement

INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. Its goal is to improve transparency, professionalism and best practices across the sector, making the asset class more accessible and attractive to investors. INREV provides practical guidelines that create consistency, enable benchmarking and foster transparency for the industry. Vesteda deems it important to adhere to these guidelines and seeks to comply wherever this is possible or practical for a fund with the open-ended, internally-managed structure characteristics of Vesteda.

In 2018, Vesteda performed a self-assessment with regard to the level of compliance with the INREV Guidelines. INREV published the revised INREV Guidelines in 2014 incorporating industry standards in the fields of Reporting, Fee and Expense Metrics, Property Valuation, INREV NAV, Liquidity, Corporate Governance, and Sustainability Reporting.

The overall INREV Guidelines Compliance Rate of the Vesteda Residential Fund is 90%, based on 7 out of 7 assessments. The table below shows the compliance rate for each completed module of this self-assessment. We have not set quantitative targets on transparency and corporate governance. Results of the self-assessment are evaluated internally. A next step would be to evaluate whether there are possibilities to further increase the level of compliance.  

Compliance with the INREV Guidelines Assessment Results

INREV Module


Level of adoption or compliance


Reporting (88%)

The manager has to a large extent complied with all the requirements of the Reporting module.


Fee and Expense Metrics (77%)

The manager has to a large extent complied with all the requirements of the Fee and Expense Metrics module.


Property Valuation (100%)

The manager has complied with all the requirements of the Property Valuation module.



The manager has to a large extent complied with all the requirements of the INREV NAV module.


Liquidity (96%)

The manager has to a large extent complied with all the requirements of the Liquidity module.


Corporate Governance (92%)

The manager has to a large extent complied with all the requirements of the Corporate Governance module.


Sustainability Reporting (87%) - weighted average compliance on Sustainability Mandatory (82%) and Sustainability Best Practice (90%)

We are to a large extent compliant with the INREV Sustainability Reporting guidelines. We failed to comply on a limited number of aspects. These aspects relate to the level of detail of the information we disclose. For example, Vesteda does not disclose the intensity ratios for energy and GHG emissions per property type. Next year, we aim to disclose the energy use of tenants.


This report has been provided with external assurance. You will find the assurance report of the independent auditor and the conclusion in the section Assurance report of the independent auditor of this report. Vesteda believes this assurance is important as it provides additional certainty regarding the accuracy of the information included.