About Vesteda

High-quality commercial residential investor

Vesteda is an entrepreneurial and service-oriented institutional residential investor with a sizeable and varied portfolio of homes in attractive neighbourhoods in the Netherlands. With a portfolio of almost 22,500 residential units, we are the largest Dutch independent institutional residential investor. Vesteda is internally managed, is cost-efficient and has in-house property management.

Key characteristics


  • Established in 1998 as Vesteda Woningen (Vesteda Residential Fund) as a spin-off of the residential portfolio of Dutch pension fund ABP

  • Open-end core residential real estate fund

  • Broad institutional investor base with a long-term horizon

  • Attractive risk profile

  • Governance in accordance with best practice guidelines, including INREV, with the emphasis on transparency and alignment of interests

  • Limited use of leverage (target <30%)

  • Active investor relations policy

  • Internally managed: no management fee structures and carried interest arrangements

  • In-house property management

  • Transparent for tax purposes (fund for the joint account of participants; FGR fund structure)

  • GRESB Green Star rating


  • Vesteda offers sustainable housing and operates in a socially responsible manner

  • All in the Netherlands, all in residential and related real estate

  • Well-diversified portfolio consisting of 355 residential complexes

  • Focus on economically strong regions.

  • Focus on the mid-rental segment: monthly rents of between €711 and approximately €1,000 (€1,200 for G4 cities)


  • Tenant satisfaction score of at least 7.0[1] 

  • Improve sustainability of portfolio; outperform the Energy Agreement: 80% green energy ratings (A, B or C) and maximum 20% rating D (2020)

  • Stable annual distributions to participants of realised return, excluding proceeds from property sales

  • Outperformance of the three-year MSCI IPD/ROZ Netherlands 'All Residential' benchmark[2] 

Key milestone dates in the life of the fund



Two Amsterdam offices and Maastricht office combined in one new head office in Amsterdam (De Boel)


Entire property management in-house after assuming full management of the North Netherlands portfolio, consisting of around 1,200 homes


853 residential units acquired in 2017


Vesteda participants invested €280 million for continued growth in mid-rental segment; €185 million in commitments plus €95 million in additional investments


Focus on tenant satisfaction


Awarded GRESB Green Star rating with four out of five stars




New fully integrated organisational structure


1,147 residential units acquired in 2016


Awarded GRESB Green Star rating with three out of five stars


S&P credit rating upgrade to BBB+




Focus on growth and sustainability of our portfolio; 550 residential units acquired and added to committed pipeline


€600 million equity raise: two new leading international investors in Vesteda; termination CMBS programme


Commitment to invest €23 million over next five years to improve the sustainability of our portfolio




Focus on mid-rental segment: gradual reduction of the proportion of investments in the higher and regulated rental segment


New, more transparent, commercial, legal and fiscal structure (mutual fund for the joint account of the participants)


Relocation of the head office from Maastricht to Amsterdam




Strategic decision to terminate project development activities; focus on investment activities




Start of financial crisis: first downward revaluation of portfolio in Vesteda’s history




Property management brought in-house


Start of project development




Legal and fiscal restructurings to allow new investors to participate


30% of shareholders’ equity converted into CMBS funding programme




Focus on higher rental segment




Vesteda established as Vesteda Wonen

  • 1 An overview of the tenant survey results (2016-2017) can be found in the section Tenant Survey.
  • 2 An overview of the MSCI residential benchmark results (2013-2017) can be found in the section Key developments.