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Annual Report 2022
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About Vesteda

Leading institutional residential investor

Vesteda is a residential investor and landlord that focuses on sustainable and affordable homes in the Netherlands. Vesteda invests funds for institutional investors, such as pension funds and insurance companies. The portfolio consists of 27,661 residential units with a total value of €9.4 billion. The homes are mainly located in economically strong regions and core urban areas in the Netherlands. 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.

Assets

  • 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 €808 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 by year-end 2024 and outperform Paris Proof by 2050 or earlier;

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