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About this report

Content report

This report is published on an annual basis and covers information from 1 January 2020 until 31 December 2020. Our previous Annual Report was published on 8 April 2020. 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.

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 analyses and systems, market research and legislation and regulations, such as MG circulars (residential rental market rules and regulations). There are no significant restatements regarding non-financial information.

Material topics

This report has been prepared in accordance with the GRI Standards: Core Option. A key requirement for conforming with GRI guidelines is the execution of a materiality analysis and the translation of the outcomes of this in the annual reporting. Vesteda executed a new materiality analysis in 2020. The differences between the new and the previous materiality assessment is that certain topics were merged and new topics were added, creating a list of 12 instead of 25 topics. As a result, the number of material topics decreased from 11 to 8. The topics Affordable housing, Sustainable business operations and Circularity were newly added to our material topics, whereas the topic Responsible supply chain seemed less relevant to our stakeholders. Nontheless, we are still including this topic in our reporting.

All Vesteda’s entities are within scope for all material topics and their indicators. Vesteda reports quantitatively on the eight most material topics. Whenever possible, these topics have been combined with and linked to (GRI) aspects included in the previous year’s reporting. The results of the materiality analysis are shown in the following matrix. The GRI table in Annex 4 of this report shows the link between the material topics and the so-called GRI aspects and indicators.

Materiality matrix

Dialogue with stakeholders

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





Content dialogue


Impact dialogue on policy Vesteda



• Questionnaire (HPO)
• Events for employees
• Intranet
• Works Council


• Employee satisfaction and employee experience, Vesteda Improves project
• Onboarding day (quarterly), Inspiration session (monthly), Business Plan presentation (yearly), Financial and business results (quarterly), Celebrations (new year, breakfast sessions, Friday drinks etc)
• Source of information
• Discuss relevant developments and regulations concerning business strategy and employee impact, such as M&A, organisational changes and employee benefits


• Identification of integral improvement programmes
• Social connectivity and creation of Vesteda culture
• Clear quarterly information about business progress and plans



• General Meeting of Participants (at least twice a year)
• Regular investor meetings/quarterly conference calls
• Annual informal Participants’ Day
• Annual independent Participant satisfaction survey
• Property tours
• Investorweb (for participants)


• Business Plan 2021-2025
• Liquidity Review Date
• Transition to zero-natural gas living
• Rent increase policy
• Acquisitions and sales policy
• Required returns
• New ERP system


• Voluntarily cap the annual average rent increase of free market rental homes to inflation +1% (on the condition that the mid-rental market will not be regulated)
• Continued attention for CSSR (for instance decision to implement UN PRI and UN SDG)
• Clear criteria to improve reporting and Participants' Day

Lenders/debt investors


• Annual credit review meetings
• Regular debt investor/lender meetings
• Information for debt investors on website
• Financial covenant reporting
• Roadshow for bond investors


• Strategy
• Leverage
• Reporting
• Governance
• Cash management


• Transparent reporting standards; improved reporting
• Funding strategy (long-term leverage)
• Development risk
• Liquidity risk

Partners/business partners and local authorities


• Through membership and meetings of IVBN, INREV, ULI, NeVaP, NEPROM, DGBC, NRP and GBC-Z.
• Local and national government(s)
• Attending/giving lectures at business events/conferences
• Attending conferences such as Expo Real, Provada and INREV
• Joining expert meetings and working groups


• Increasing mid-rental market supply in the urban environment / affordable housing
• Discuss local regulations, policies and market developments
• Discuss relevant developments, such as sustainability, urban development, densification, ground lease, mobility, disruptive technologies, technical innovations and smart buildings
• Discuss propositions for acquisitions, property sales and re-developments


• Sector effort to realise more affordable housing in urban environments
• Revolving Fund Urban Transformation (NEPROM, Platform31)
• Investment Strategy for Sustainable Urbanisation "At home in the Future" (NEPROM)
• Translation of market developments into our Business Plan
• Investing in knowledge of disruptive technologies (for example: Project Milestone (3D-printed concrete houses))
• Adopting and improving best practices

Advisors/real estate experts


• Regular meetings with Vesteda Advisory Committee
• Conference with Dutch housing association
• Partnership signed with the Blue Building Institute
• Workshop on sustainability
• Attending/giving lectures at business events


• Sustainability, re-development of existing properties
• Energy transition
• KPIs
• Healthy living
• Social cohesion
• Market developments


• Research into CSSR and continued embedding in policy

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 2020, 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 95%, based on seven out of seven 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. The results of the self-assessment are evaluated internally. A next step would be to evaluate whether there are possibilities to increase the level of compliance.

Compliance with the INREV Guidelines Assessment Results

INREV module

Level of adoption or compliance

Reporting (100%)

The manager has complied with all the requirements of the Reporting module.

Fee and Expense Metrics (with TER) (83%)

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

Property Valuation (100%)

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

INREV NAV (100%)

The manager has 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 (94%)

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

Sustainability (100%)

The manager has complied with all the requirements of the Sustainability Reporting guidelines.


This report has been provided with external assurance. You will find the assurance report of the independent auditor and their 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.