Participants

Participant satisfaction

Our goal is to provide our participants with an attractive risk-return, transparency and a 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. Due to the current demand for liquidity, our score remained at 4.2, in line with previous year. This is still well above our target of 4.0.

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 2023, 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

• Het Nederlandse Pensioenfonds (formerly Stichting Pensioenfonds Xerox)

• Nationale-Nederlanden Levensverzekering Maatschappij

• Non-disclosed Asian institutional investor

• PGGM Private Real Estate Fund

• REI Diaphane Fund

• Stichting Algemeen Pensioenfonds STAP Pensioenkring E

• 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 TKPI European Real Estate Fund

• VCRF Holding

Number of issued participations

The total number of issued participation rights had declined by 250,882 to stand at 35,430,366 at year-end 2023, following an equity redemption of €50 million on 31 March 2023.

Redemption requests

Vesteda has taken several actions to fulfil the redemption requests we received and generate the required liquidity. Participants indicated they would like to redeem part of their investment in Vesteda for a number of reasons, including the rebalancing of their total investment portfolios.

In 2023, Vesteda paid €167 million in redemptions, consisting of the payout of the Redemption Available Cash of €50 million and three secondary transactions for in total €117 million. Two transactions were with existing participants who have expanded their holding, and one with a new entrant.

Together with an advisor, we continue to take the lead in the search for new investors to provide additional liquidity.

Profit distribution to participants

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

In 2023, Vesteda distributed a total amount of €199 million to participants, including €83 million that consisted of the Q4 2022 interim distribution paid out in January 2023 and the 2022 final distribution paid out in April 2023. Vesteda paid out a total of €116 million in three instalments as interim distributions for 2023.

In 2024, the Q4 2023 interim distribution of €39 million was paid out in January. Vesteda will propose to the General Meeting of Participants on 3 April 2024 a final distribution payment of €44 million for 2023.

Profit distributions (2023-2014)