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Participants

Participant satisfaction

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. The score is measured externally and anonymously, according to objective criteria, including financial performance, transparency and our strategy. We seek to continuously improve the dialogue with all our participants and maintain our participant satisfaction score by addressing the feedback from our annual satisfaction survey. The participant satisfaction score decreased to 4.18 (out of 5) in 2022, from 4.31 in 2021, driven by the demand for liquidity by participants.

Participant satisfaction
(score out of 5)

List of participants

Vesteda has a strong and supportive investor base with a long-term horizon, largely consisting of pension funds and insurance companies. At year-end 2022, Vesteda’s participant base consisted of the following institutional investors:

  • Allianz Benelux

  • APG Strategic Real Estate Pool

  • AZ Jupiter 10

  • Deutsche Annington Acquisition Holding GmbH

  • Euler Hermes

  • Nationale-Nederlanden Levensverzekering Maatschappij

  • Non-disclosed Asian institutional investor

  • PGGM Private Real Estate Fund

  • REI Diaphane Fund

  • Stichting Bedrijfstakpensioenfonds voor de Media PNO

  • Stichting Pensioenfonds ABP

  • Stichting Pensioenfonds Delta Lloyd

  • Stichting Pensioenfonds ING

  • Stichting Pensioenfonds PGB

  • Stichting Pensioenfonds Rail & Openbaar Vervoer

  • Stichting Pensioenfonds voor Fysiotherapeuten

  • Stichting Pensioenfonds Xerox

  • Stichting TKPI European Real Estate Fund

  • VCRF Holding

Number of issued participations

The total number of issued participation rights had declined by 216,347 to stand at 35,681,248 at year-end 2022, following an equity redemption of €50 million on 30 September 2022.

Redemption requests

In 2022, we were informed that some of our participants would like to redeem part of their investment in Vesteda, due to among others rebalancing of their total investment portfolios. The fund has €50 million per year available (Redemption Available Cash) to fund redemption requests. In 2022, we used the full amount to accommodate part of the demand. At the same time, together with an advisor, we are taking the lead in the search for new investors to provide additional liquidity.

Profit distribution to participants

Policy: Vesteda distributes its realised results, exluding results on property sales, to its participants. 80% of budgeted distribution is paid out in four quarterly instalments, within two weeks after quarter end. The final distribution payment takes place after the adoption of the distribution proposal in April, based on audited results.

In 2022, a total amount of €195 million was distributed to participants, including €78 million consisting of the Q4 2021 interim distribution paid out in January 2022 and the 2021 final distribution paid out in April 2022. A total of €117 million was paid in three instalments as interim distributions for 2022.

In 2023, the Q4 2022 interim distribution of €39 million was paid out in January. Vesteda will propose to the General Meeting of Participants on 12 April 2023 a final distribution payment of €44 million for 2022.

Profit distributions (2022-2013)

(€ million, unless otherwise stated)

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

Income distribution

195

186

195

182

151

206

121

107

100

74

Capital repayment related to portfolio sale

-

-

-

162

264

-

-

-

-

-

Total distribution

195

186

195

344

415

206

121

107

100

74

Income distribution as % of time weighted average equity

2.5

2.8

3.2

3.2

3.4

6.1

4.4

4.4

4.4

3.1

Total distribution as % of time weighted average equity

2.5

2.8

3.2

6.0

9.3

6.1

4.4

4.4

4.4

3.1