Amsterdam,
02
February
2012
|
00:00
Europe/Amsterdam

New legal structure makes Vesteda more accessible

Vesteda, the real estate fund specialising in residential property, has changed its legal structure as of today to make it more accessible to Dutch and foreign institutional investors. The structure has been simplified and the fund’s participation conditions have been brought fully into line with the current needs of institutional investors.

Vesteda’s structure has been changed from two Dutch limited partnerships (commanditaire vennootschappen) into a tax-transparent mutual fund (fonds voor gemene rekening/FGR). This means that investors in the mutual fund now participate in all Vesteda’s activities.

The decision to adopt this simplified structure was taken by the participants on a proposal of the Managing Board of Vesteda Groep bv (the manager of Vesteda Woningen). Other changes flowing from that decision include the repositioning of Vesteda Project bv within the structure, conversion of the legal form of the custodians of the real estate to foundations and modernisation of the governance provisions. “These changes will make the fund more commercially effective while preserving its tax efficiency”, says Luurt van der Ploeg, Vesteda’s CFO. “The structure has been configured in close cooperation with PwC (tax) and Allen & Overy (legal) and has been fully cleared with the Dutch Tax and Customs Administration”.

Vesteda’s Managing Board has chosen an English name, Vesteda Residential Fund, because the fund is also open to non-Dutch institutional investors. Vesteda Groep bv is changing its name to Vesteda Investment Management bv and Vesteda Project bv is changing its name to Vesteda Project Development bv.

Profile of Vesteda
Vesteda is an entrepreneurial real estate fund that gives institutional investors access to the Dutch residential property market. Vesteda is not listed on the stock exchange. As at 1 January 2012, Vesteda had 17 participants. Vesteda lets modern, sustainable apartments and houses in and around the large and medium-sized towns in the regions with stronger economies. Vesteda employs around 300 full-time equivalents.