The increased prices and values of (residential) real estate have resulted in historically high total returns on equity in recent years. However, the high valuation gains have simultaneously put pressure on the fund’s direct returns.
Number of issued participations
The total number of issued participation rights remained unchanged in 2019 at 35,897,595. In 2019, Vesteda welcomed Euler Hermes, Stichting Pensioenfonds ING and VCRF Holding as new participants in the fund following secondary transactions with existing participants.
List of institutional investors (participants)
At year-end 2019, Vesteda’s participant base consisted of the following institutional investors (in alphabetical order):
APG Strategic Real Estate Pool
ASR Utrecht Real Estate Investment Netherlands
AZ Jupiter 10
Nationale-Nederlanden Levensverzekering Maatschappij
Non-disclosed Asian institutional investor
PGGM Private Real Estate Fund
REI Diaphane Fund (used to be Bouwfonds Nationale Nederlanden)
Stichting Bedrijfstakpensioenfonds voor de Media PNO
Stichting Pensioenfonds ABP
Stichting Pensioenfonds Delta Lloyd
Stichting Pensioenfonds ING
Stichting Pensioenfonds Openbaar Vervoer
Stichting Pensioenfonds PGB
Stichting Pensioenfonds voor Fysiotherapeuten
Stichting Pensioenfonds Xerox
Stichting TKPI European Real Estate Fund
Distribution to participants
The participants’ meeting in December 2016 approved the following distribution policy, effective as of financial year 2017:
Approximately 60% of budgeted distribution is paid out in three instalments in the course of the year, each time two weeks after quarter end. The remaining approximately 40% will be paid out in two instalments after the close of the financial year, one in January, shortly after fourth quarter end, and one after the adoption of the distribution proposal in April.
In 2019, a total amount of €344.0 million was distributed to participants, of which €72.0 million was the Q4 2018 interim distribution paid out in January 2019 and the 2018 final distribution paid out in April 2019. A total of €109.5 million was paid in three instalments as an interim distribution for 2019. Furthermore, a capital repayment of in total €162.5 million was made in August 2019, related to a portfolio sale.
In 2020, the Q4 2019 interim distribution of €36.5 million was paid out in January 2020. Vesteda will propose to the General Meeting of Participants on 8 April 2020 a final distribution payment for 2019 of €42.7 million.