Credit Rating Upgrade for Vesteda Residential Fund
The credit rating of Vesteda Residential Fund, the largest commercial residential fund in the Netherlands, is upgraded by Standard & Poor’s from BBB to BBB+. The stable outlook of the rating remains unchanged.
Standard & Poor’s raised Vesteda’s company credit rating stating among others that: “Vesteda’s business risk profile continues to be strong and reflects our view of the fund’s well positioned portfolio of residential properties”.
“This rating upgrade is an important step for further optimisation of our debt funding for future growth and lowering of our interest costs. It underlines our conservative financial policy and leverage, while retaining financial flexibility to facilitate further growth of the portfolio,” says Gertjan van der Baan, CEO of Vesteda.
The full text of Standard and Poor’s announcement is available on our website at the page Credit Investors.
Vesteda is an investor with a clear focus on the Dutch residential real estate market. Vesteda invests funds for institutional investors, including pension funds and insurers. Vesteda has total capital of approx. €3.7 billion invested in real estate. The company’s rental portfolio stands at a total of around 22,500 units. Vesteda’s key investment regions are the Randstad and the Brabantine City Row. In 2015, Vesteda generated a net result of €316 million, with approx. 200 employees.