Participants

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. Our score was 4.1, above our target of 4.0.

Participant satisfaction (score out of 5)

Meetings of participants

Vesteda convened two regular Participants’ Meetings in the year under review. These included the annual meeting in April, in which the financial statements and the annual report 2024 were discussed and adopted and the execution of the Business Plan was evaluated. At the bi-annual meeting in December, Participants approved the 2026–2030 Business Plan, the appointment of Taco de Groot to the Supervisory Committee, amendments to the liquidity mechanism, a potential strategic collaboration with ABP and technical amendments to the Terms and Conditions.

In October, participants attended the annual informal Participants’ Day. During this event, they were informed about various topics such as the refinement of the portfolio strategy and the liquidity review process for which we refer to Note 34 for more information. Following the informative sessions, participants were given a property tour. The day concluded with an informal closing event, allowing attendees to network and reflect on the day’s activities.

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 2025, Vesteda’s participant base consisted of the following institutional investors:

• Allianz Benelux

• AZ Jupiter 10

• Deutsche Annington Acquisition Holding GmbH

• Euler Hermes

• Het Nederlandse Pensioenfonds

• Nationale-Nederlanden Levensverzekering Maatschappij

• Non-disclosed Asian institutional investor

• REI Diaphane Fund

• Stichting Algemeen Pensioenfonds STAP Pensioenkring E

• Stichting Algemeen Pensioenfonds STAP Pensioenkring Holland Casino

• Stichting Bedrijfstakpensioenfonds MITT

• Stichting Bedrijfstakpensioenfonds voor de Media PNO

• Stichting Depositary APG Strategic Real Estate Pool

• Stichting Depositary PGGM Private Real Estate Fund

• Stichting Pensioenfonds ABP

• Stichting Pensioenfonds Delta Lloyd

• Stichting Pensioenfonds ING

• Stichting Pensioenfonds KPN

• Stichting Pensioenfonds PGB

• Stichting Pensioenfonds PostNL

• Stichting Pensioenfonds Rail & Openbaar Vervoer

• Stichting Pensioenfonds van De Nederlandsche Bank N.V.

• Stichting Pensioenfonds voor Fysiotherapeuten

• VCRF Holding

Number of issued participations

The total number of issued participation rights stoods 34,931,963 at year-end 2025, following an equity redemption of €50 million on 31 March 2025.

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 2025, Vesteda paid out €125 million in redemptions, consisting of the payout of the Redemption Available Cash of €50 million and two secondary transaction for a total of €75 million.

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 2025, Vesteda distributed a total amount of €199 million to participants, including €73 million that consisted of the Q4 2024 interim distribution paid out in January 2025 and the 2024 final distribution paid out in April 2025. Vesteda paid out a total of €126 million in three instalments as interim distributions for 2025.

In 2026, the Q4 2025 interim distribution of €41.9 million was paid out in January. Vesteda will propose to the General Meeting of Participants on 2 April 2026 a final distribution payment of €45.4 million for 2025.

Profit distributions (2025-2016)