At home with Vesteda. This applies to our tenants, the investors who invest in our fund and the employees who work at our company. Our mission is to make sure our key stakeholders feel at home with Vesteda.
While we were still experiencing the after-effects of the COVID-19 pandemic, we were confronted with new developments. There was an unexpected sharp rise in inflation, mainly triggered by the rise in energy prices, caused by the war in Ukraine.
The total of residential units stood at 27,661 at year-end 2022, an increase of 0.3% compared with year-end 2021.
At year-end 2022, 91% of the investment portfolio was located in Vesteda’s primary regions, in line with 2021.
Acquisitions and property sales
Current macro-economic developments, rising inflation, high interest rates and increased real estate transfer tax, are driving significant yield expansion for residential investment product.
Investments in quality and sustainability
We actively pursue and execute opportunities to create value in existing assets. We do this through renovations and measures to improve the quality and sustainability.
The total theoretical rent stood at €376 million at year-end 2022, an increase of €14 million compared with year-end 2021.
Vesteda has a well-diversified fully unsecured funding structure, consisting of a combination of bank debt, Euro Commercial Paper (ECP), private placements, public bonds, and financing from the European Investment Bank (EIB).
Our goal is to provide our participants with an attractive risk-return, transparency and high level of service. Participant satisfaction is one of our key performance indicators and has been stable at a high level over the past few years.
Notes to the results
The total theoretical rent increased by €9 million to €369 million in 2022. The average monthly rent (residential) increased to €1,081 at year-end 2022, from €1,042 at year-end 2021.