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Annual Report 2021
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About Vesteda

Leading institutional residential investor

Vesteda is a service-oriented institutional residential investor with a large and varied portfolio of homes in attractive neighbourhoods in the Netherlands. With a portfolio of 27,570 residential units, we are the largest Dutch independent institutional residential investor. Vesteda is internally managed, is cost-efficient and has its own in-house property management.

Key characteristics

Fund

  • Established in 1998 as a spin-off of the residential portfolio of Dutch pension fund ABP.

  • Single fund manager.

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

  • Open-ended core residential real estate fund.

  • Broad institutional investor base with a long-term horizon.

  • Attractive risk profile.

  • Limited use of leverage (target <30%); S&P credit rating A-.

  • Active investor relations policy.

  • In-house property management since 2003.

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

  • AIFMD (Alternative Investment Fund Managers Directive) licence obtained in 2014.

  • Transparent for tax purposes: fund for the joint account of participants (Dutch FGR fund structure).

  • GRESB five-star rating and ranking 4th in a peer group of 10 investors in the Netherlands.

Assets

  • Well-diversified portfolio consisting of nearly 500 residential complexes in economically strong regions.

  • All in the Netherlands, all in residential and related properties.

  • Focus on the mid-rental segment with monthly rents between €763 and €1,200.

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

Targets

  • Tenant satisfaction: Outperform the Customeyes benchmark.

  • ESG performance: 99% green energy labels (A, B or C) by 2024.

  • Financial performance: Outperform the three-year MSCI IPD Netherlands Residential Benchmark.