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About this report

Content of report

This report is published on an annual basis and covers information from 1 January 2023 through 31 December 2023. Our previous Annual Report (2022) was published on 12 April 2023. The aim of this report is to inform Vesteda’s most important stakeholders. By identifying the parties that Vesteda influences and the parties that exert influence on Vesteda, the company has defined the following key stakeholders: tenants, participants, employees, lenders/debt investors, partners/business partners, advisors/real estate experts and local authorities.

Financial and non-financial information

The financial information included in this report is derived from or in line with the financial statements. The Vesteda annual report is drawn up in accordance with IFRS accounting policies, unless otherwise stated. However, for transparency purposes, Vesteda deems it important to provide investors with insight into the fund’s net asset value and metrics on the basis of the INREV principles, which is included in the ‘Vesteda Residential Fund FGR financial overviews in accordance with INREV valuation principles’ section of this report. The non-financial information relates to areas such as market developments, portfolio and organisational developments, tenants, sustainability, corporate governance, compliance and integrity, and risk management. These data are the result of Vesteda’s own analyses and systems, market research and legislation and regulations. There are no significant restatements regarding non-financial information.

Material topics

This report has been prepared in accordance to GRI Universal Standards. A key requirement for conforming with GRI guidelines is the execution of a materiality analysis and the translation of the outcomes of this in the annual reporting. Vesteda executed a materiality analysis in 2020, resulting in a list of 12 topics, eight of which are considered material topics by its stakeholders.

All Vesteda’s entities are within scope for all material topics and their indicators. Vesteda reports quantitatively on the eight most material topics. Whenever possible, these topics have been combined with and linked to (GRI) aspects included in the previous year’s reporting. The results of the materiality analysis are shown in the following matrix. The GRI table in Annex 5 of this report shows the link between the material topics and the GRI aspects and indicators.

Materiality matrix

Dialogue with stakeholders

The table below gives an overview of the structural dialogue between Vesteda and its key stakeholders.





Content dialogue


Impact dialogue on policy Vesteda



• Questionnaire (HPO + eNPS)
• Events for employees
• Intranet
• Works Council


• Employee satisfaction and employee experience, Vesteda Improves project
• Onboarding day, Inspiration sessions, Business Plan presentation, Financial and business results, Celebrations (new year, breakfast sessions, Friday drinks etc)
• Source of information
• Discuss relevant developments and regulations concerning business strategy and employee impact, such as M&A, organisational changes and employee benefits
• Working from home/hybrid working


• Identification of integral improvement programmes
• Social connectivity and creation of Vesteda culture
• Clear quarterly information about business progress and plans



• General Meeting of Participants (at least twice a year)
• Regular investor meetings/quarterly conference calls
• Annual informal Participants’ Day
• Annual independent Participant satisfaction survey
• Property tours
• Investorweb (for participants)


• Business Plan 2024-2028
• Transition to zero-natural gas
• Rent increase policy
• Acquisitions and sales policy
• Required returns
• Sustainability
• Liquidity/redemptions


• Continued attention for affordability of housing and total cost of living
• Continued attention for sustainability, e.g. the increase in reporting of ESG activities and performance
• Feedback to improve reporting and other financial and ESG disclosures

Lenders/debt investors


• Annual credit review meetings
• Regular debt investor/lender meetings
• Information for debt investors on website
• Financial covenant reporting
• Roadshow for bond investors


• Strategy
• Credit rating
• Leverage
• Reporting
• Governance
• Cash management
• Sustainability


• Transparent reporting standards; improved reporting
• Funding strategy; leverage
• Development risk
• Liquidity risk

Partners/business partners and local authorities


• Through membership and meetings of IVBN, INREV, ULI, NEPROM, DGBC and GBC-Z.
• Local and national government(s)
• Attending/giving lectures at business events/conferences
• Attending conferences such as Expo Real, Provada and INREV
• Joining expert meetings and working groups


• Increasing mid-rental market supply in the urban environment / affordable housing
• Discuss local regulations, policies and market developments
• Discuss relevant developments, such as sustainability, urban development, densification, ground lease, mobility, disruptive technologies, technical innovations and smart buildings
• Discuss propositions for acquisitions, property sales and re-developments


• Sector effort to realise more affordable housing in urban environments
• Revolving Fund Urban Transformation (NEPROM)
• Translated market developments in our Business Plan
• Investing in knowledge of disruptive technologies (e.g. Project Milestone)
• Adopting and improving best practices

Advisors/real estate experts


• Conference with Dutch housing association
• Workshop on sustainability
• Attending/giving lectures at business events


• Sustainability, re-development of existing properties
• Energy transition
• KPIs
• Healthy living
• Social cohesion
• Market developments


• Research into sustainability and continued embedding in policy

INREV Guidelines Compliance Statement

The European Association for Investors in Non-Listed Real Estate Vehicles (INREV) published the INREV Guidelines incorporating industry standards in the fields of Governance, Reporting, Property Valuation, Performance Measurement, INREV NAV, Fees and Expense Metrics, Liquidity and Sustainability Reporting. The assessments follow these guidelines.

INREV provides an Assessment Tool to determine a vehicle’s level of compliance with the INREV Guidelines as a whole and its modules in particular.

The overall INREV Guidelines Compliance Rate of the Vesteda Residential Fund is 97%, based on eight out of nine assessments. The table below shows the compliance rate for each completed module of this self-assessment.

Compliance with the INREV Guidelines Assessment Results

INREV module

Level of adoption or compliance



Property Valuation






Governance 2022




Fee and Expense Metrics


Code of Tax Conduct


Performance Measurement



This report has been provided with external assurance. You will find the assurance report of the independent auditor and their conclusion in the Assurance report of the independent auditor section of this report. Vesteda believes this assurance is important as it provides additional certainty regarding the accuracy of the information included.