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Annual Report 2023
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About Vesteda

Leading institutional residential investor

Vesteda is a residential investor and landlord that focuses on sustainable homes for middle-income households. Vesteda invests funds for institutional investors, such as pension funds and insurance companies. Our portfolio consists of 27,675 residential units and has a total value of approximately €9 billion. Our 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 homes for middle-income households;

  • Offer sustainable housing and operate in a socially responsible manner.

Targets

  • Tenant satisfaction: Outperform the Customeyes benchmark;

  • ESG performance: 99% green energy labels by year-end 2024 and become Paris Proof by 2050 or earlier;

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