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Annex 6: External appraisers

Appraisal process for investment properties

The purpose of the appraisal is to gain an accurate and independent valuation of the assets at the end of each quarter. The valuation of the properties in the investment portfolio complies with the relevant legislation and regulations (AIFMD, IFRS and Dutch legislation and regulations).

The appraisal is conducted in accordance with the guidelines and regulations of the Dutch Register of Real Estate Appraisers (NRVT), the prevailing valuation guidelines and valuation models as laid down by the Dutch property index, IPD, and the RICS Appraisal and Valuation Standards, the Red Book (including the International Valuation Standards, IVS) or the Blue Book (including the European Valuation Standards, EVS). The valuations of the properties are conducted using the Reaturn TM valuation system.

The valuation policy for Vesteda's properties complies with the INREV guidelines for property valuations.

In 2020, the valuations of the properties in the investment portfolio were conducted by the following agencies:

  • Capital Value

  • JLL

  • Savills

  • Dynamis

  • MVGM

  • Colliers

  • CBRE

Valuations are conducted by qualified appraisers from these agencies; the appraisers are registered in the NRVT, which guarantees the initial qualification of the appraiser and his/her continuous training, and preferably also in RICS. In order to guarantee their independence and objectivity, every appraisal agency is contracted for a maximum period of four years (two in-growth quarters – three base years – two out-flow quarters). The contract is for one year and will be tacitly renewed every year.

The current valuation cycle for appraisers is structured as follows:

Two quarters : appraiser A : out-flow quarters and appraiser B : in-growth quarters (slow build up to full valuation)
Four quarters : appraiser B : full valuation and three quarterly updates
Four quarters : appraiser B : reappraisal and three quarterly updates
Four quarters : appraiser B : reappraisal and three quarterly updates
Two quarters : appraiser B : out-flow quarters and appraiser C : in-growth quarters (slow build up to full valuation)

Each appraisal agency has its own independent part of the portfolio. Once a property has been valued by the same appraisal agency for three years, it is assigned to a different appraisal agency, to guarantee the objectivity of the appraisal. The appraisers value the properties that Vesteda assigns them once every three years, based on a full valuation. For this valuation, the appraiser visits the property in question and incorporates, substantiates and records all the factors relevant to the value of the property in the appraisal. In the remaining two years and quarters, the valuation is an update or a reappraisal of the previously conducted (full) appraisal. For this update or reappraisal, the appraiser does not need to visit the property and will update data and references and adjust the value on the basis of market developments relevant to the property.

The current valuation cycle for the complex is structured as follows:

Four quarters : full valuation and three quarterly updates
Four quarters : reappraisal and three quarterly updates
Four quarters : reappraisal and three quarterly updates