Investor demand for the transaction was exceptionally strong following the amended liquidity mechanism and redemption amount, the confirmation of Vesteda’s expected A- corporate rating by Fitch Ratings and positive rating action by S&P Global, and a series of well-attended investor roadshows. More than 200 investors participated in the offering, resulting in a final order book of approximately €7 billion.

Frits Vervoort, CFO of Vesteda: “We are delighted with the outstanding level of investor interest in this transaction. This strong demand represents a clear vote of confidence in Vesteda, reflecting investors’ trust in our high-quality portfolio, prudent financial management, long-term strategy and financial resilience.”

The proceeds of the green bond will be used to finance and refinance highly energy-efficient homes, including EPC A-rated homes, homes with significant energy performance improvements, and new-build homes that exceed NZEB standards. Vesteda will report on the allocation of proceeds as well as the related energy savings and greenhouse gas emission reductions.

At the same time, Vesteda announced a tender offer for its May 2027 bond, targeting a repurchase amount of EUR 150 million. The transaction is part of the company’s proactive liability management activities and offers existing bondholders enhanced liquidity. Participating bondholders received preferential allocation in the new bond issue, contributing to the strong demand and successful placement of the offering.

ABN AMRO, BNP Paribas, ING, Rabobank and SMBC acted as Joint Bookrunners. The bond will be listed on Euronext Dublin’s Global Exchange Market.

The recently introduced annual liquidity mechanism provides a structured framework for managing investor redemptions on a best-efforts basis, enabling Vesteda to maintain a strong financial and liquidity profile.  

The ratings are supported by Vesteda's high-quality Dutch residential portfolio, valued at approximately €10.5 billion at year-end 2025. Vesteda's portfolio benefits from stable rental income and embedded rental growth potential, supported by its strong operational execution. 

This external recognition reflects the strength of Vesteda's solid fundamentals and supports its continued access to capital markets. 

Frits Vervoort, CFO of Vesteda, commented: 

"The combination of Fitch's A- rating and S&P's decision to remove the negative CreditWatch is a strong endorsement of Vesteda's portfolio quality, liquidity management and financial discipline. We believe the annual liquidity mechanism provides a sustainable framework that balances investor liquidity needs with the long-term stability of the fund. Together, these rating actions confirm the resilience of our platform and position Vesteda well for the future." 

The full Fitch Ratings report and S&P Global Ratings report are available on the Credit Investors page of Vesteda's website: [https://www.vesteda.com/en/corporate/investment/debt].

During the annual general meeting, it was decided that investors would be given more time to confirm their redemption requests. The deadline for submitting final requests, which can now only be reduced from the initial indicated redemption, has been extended from 20 April to no later than 1 July 2026. This adjustment gives investors the opportunity to carefully determine their position, while enabling Vesteda to continue the process within a clear and achievable timeframe.

Longer settlement period
The investors also agreed to a change in the timeframes for the processing of redemption requests. The obligation to settle a portion of the requests within 18 months has now been replaced with a best-efforts obligation. In addition, the period for full settlement has been extended to 60 months from the original from 36 months. These adjustments will help ensure a careful process, taking into account both exiting and remaining investors and the careful weighing of both their interests.

Careful implementation and next steps
In the coming period, Vesteda will continue to consult closely with investors regarding the further details of the liquidity mechanism and the possibility of reducing the redemption volume. This will enable Vesteda to work towards a responsible and balanced execution of the redemption process, carefully weighing the interests of both exiting and remaining investors.

2025 Financial statements
Investors also adopted the 2025 financial statements at the general meeting. Vesteda achieved stable financial and operational results in 2025. The total portfolio value rose to € 10.5 billion, an increase of 7% compared with 2024. Rental income came in at € 422 million and net rental income amounted to € 313 million. Pre-tax profit was € 822 million, partly due to positive revaluations in the portfolio. The occupancy rate remained high at 98% and, at year-end 2025, the portfolio comprised 28,147 homes, the majority of which have a green energy label.

In line with Vesteda’s ‘Housing as a force for good’ strategy, in 2025 Vesteda took a number of additional steps on the sustainability, social engagement and digitalisation fronts. These efforts were once again recognised with a five-star GRESB rating and strong UN PRI scores. In addition, the 2025 annual report was prepared in accordance with the CSRD guidelines for the first time. Vesteda’s tenants once again gave the company’s services a score of 7.3, well above the sector average. Last year, Vesteda also accelerated its digital transformation, partly through the use of AI.

This press release contains inside information within the meaning of Article 7(1) of EU Regulation No. 596/2014.

About Vesteda
Vesteda is a residential real estate investor and landlord with a focus on sustainable and affordable homes in the mid-rental segment. Vesteda invests funds from institutional investors, such as pension funds and insurers. The rental portfolio comprises approximately 28,000 homes with a total value of € 10.5 billion. Vesteda’s homes are primarily located in economically strong areas and metropolitan regions in the Netherlands.

S&P expects “to resolve the CreditWatch within the next six months once we have more clarity regarding Vesteda's liquidity plan to manage the upcoming maturity and redemptions request and extension request approval from current participants.” 

Vesteda acknowledges S&P’s decision, but remains confident in its ability to meet upcoming redemption requirements while maintaining a solid credit and liquidity profile. The company will move ahead with its targeted sales programme, focused on assets that are less aligned with its strategy. Vesteda’s financial policy also remains unchanged, including its commitment to maintain leverage below 30% at all times. 

Vesteda continues to benefit from a robust financial position and a high-quality, sustainable residential portfolio of 28,147 units valued at €10.5 billion. At year-end 2025, leverage (LTV) stood at 24% and the cost of debt at 2.4%. To refinance its bond maturities in July 2026 and May 2027, Vesteda plans to issue new bonds in the second quarter of this year. In addition, Vesteda has €900 million backup bridge facilities in place from its supportive banking relations, next to a €650 million undrawn Revolving Credit Facility, providing further liquidity headroom to support bond refinancing and redemptions.

Frits Vervoort, CFO Vesteda: “We are confident we can meet the redemption requirements while maintaining a strong credit profile. We also benefit from supportive shareholders who understand the challenges we face and are willing to ensure a careful and orderly execution of the redemptions. We are determined to improve the credit rating."

We would like to refer our Debt investor note of 2 March 2026: https://www.vesteda.com/media/pp2lynf4/02032026-debt-investor-note.pdf

The full text of S&P’s announcement is available via this link or on our website at the page Credit Investors.

The redemption requests are driven by strong value appreciation in the residential property market, investors’ strategic portfolio allocation decisions, and the impact of several fiscal developments, including real estate transfer tax and changes to the FBI regime for foreign pension funds. In addition, under the fund’s terms and conditions, redemption requests of this magnitude can only be submitted once every seven years. The financial performance of Vesteda’s residential fund, as well as the overall satisfaction of its investors, has been excellent in recent years, and therefore has not been cited as a reason for the redemptions. 

Orderly execution of redemptions 

To ensure a careful and orderly execution of the redemptions, Vesteda will develop a liquidity plan over the coming months, which is expected to be submitted to investors for approval in June 2026. In accordance with the fund terms, Vesteda has in principle up to three years to complete the redemption process. In addition to selectively disposing of assets that are less aligned with its strategic direction, Vesteda also sees opportunities to attract new institutional investors. 

Astrid Schlüter, CEO of Vesteda, commented: “The strong value growth and solid results achieved in recent years have, among other things, led to Vesteda representing a relatively larger allocation within some investors’ portfolios, prompting them to rebalance their exposure. The execution of the redemptions will be carried out in a planned, disciplined and controlled manner, including through asset disposals and attracting new investors.” 

Continued focus on rental housing for middle‑income households 

Guided by its Housing as a Force for Good strategy, Vesteda remains firmly focused on providing rental housing for middle‑income households in economically strong regions. The recently established second residential fund with ABP, Affordable Living Venture, is fully aligned with this strategic direction and underscores continued confidence in Vesteda’s strategic direction. 

Financial and societal outperformance 

Vesteda Residential Fund’s preliminary 2025 results reflect an excellent year, with outperformance on both societal and financial metrics. Total return amounted to 11%, portfolio value increased to €10.5 billion, and tenant satisfaction remained high. Vesteda maintains a strong financial profile, characterised by low leverage, a robust funding strategy, and an A‑ credit rating, which is currently under review by S&P. For more detailed financial information for debt investors, please refer to the announcement on the website. 

The financial statements 2025 of Vesteda Residential Fund have not yet been prepared and adopted and have not yet been issued with an independent auditor’s report. All financial information above is unaudited and may be subject to change. The 2025 annual report and audited financial statements of Vesteda Residential Fund will be published on the 2^nd of April 2026.  

This press release contains inside information within the meaning of Article 7(1) of EU Regulation No. 596/2014.

¹ This percentage is calculated based on the equity of Vesteda Residential Fund at year-end 2025, according to IFRS and adjusted based on INREV valuation principles. 

With an initial capital commitment of €400 million, ALV aims to realise more than 1,100 rental homes in the coming years, at least half of which will consist of affordable homes within the mid‑rental segment as defined in the Affordable Rent Act, targeting middle‑income households. The partnership will focus on new‑build developments in urban areas with the highest pressure on the housing market. The first investment decisions are expected in the first half of 2026.

Sustainability

Energy‑efficient homes help residents keep their energy costs low and contribute to future‑proof living environments. All new developments will meet stringent sustainability standards and will aim for at least BREEAM‑NL In‑Use Excellent certification and full CRREM alignment.

Vesteda

Vesteda was established in 1998 following the spin‑off from ABP’s residential portfolio. As a result, Vesteda’s origins lie directly in ABP’s longstanding role as an institutional investor in Dutch real estate. Since becoming independent, Vesteda has grown to over 28,000 homes, making it one of the largest institutional investors in Dutch rental housing, with a strong focus on the mid‑rental segment and sustainability. ABP currently holds approximately 33% of the Vesteda Residential Fund. These investments form part of the Dutch residential mandate managed by APG on behalf of ABP.

Harmen van Wijnen, Chair of the Board of Trustees ABP: “This new partnership for the construction of affordable rental homes represents another important step in ABP's long-term strategy. By joining forces once again with Vesteda, a partnership that goes back decades, we can realise projects that not only contribute to solving the housing shortage, but also generate stable returns in the long term. These investments therefore generate both financial and social returns.”

Astrid Schlüter, CEO Vesteda: “Our partnership with ABP goes back decades and is built on a strong and sustainable relationship with shared core values. Through the new ALV collaboration, we can accelerate the development of affordable mid‑rental homes and deliver a real contribution to society. This partnership is fully aligned with our strategy Housing as a force for good, in which we invest in affordable mid‑rental homes that are both financially and socially valuable.”

Van Lanschot Kempen acted as financial adviser to Vesteda on this transaction; A&O Shearman acted as legal adviser to Vesteda.

Vesteda has once again achieved a five-star rating in the annual Global Real Estate Sustainability Benchmark (GRESB). This highest possible rating puts Vesteda in the top 20% of participating sustainable real estate funds worldwide.

This assessment confirms that our commitment to sustainability is delivering tangible results, thanks to our continuous focus on affordability and future-proof housing.

The number of five-star ratings achieved by Dutch residential funds shows that the Netherlands is performing strongly on an international level in the field of sustainable real estate.

Stephan de Bie, Portfolio Investment Manager at Vesteda: “In the coming years, Vesteda will continue to focus on improving sustainability, based on ambitious measures aimed at the continuous reduction of energy consumption, CO₂ emissions, and material-related emissions, and to improve liveability.”

GRESB
Vesteda has participated in GRESB since 2012. GRESB is an international real estate benchmark that assesses the sustainability performance of participating real estate funds and portfolios. Vesteda aspires to play a leading role in this and, together with its fellow participants, aims to help make the entire real estate sector more sustainable.

Vesteda is pleased to present its Annual Report for 2024, showcasing strong operational performance and positive developments in our portfolio. Vesteda's commitment to ESG principles was once again recognised when we were named Global Sector Leader Residential by GRESB, and tenant satisfaction scores rose to 7.3, earning us best-in-class status. We also outperformed the three-year MSCI benchmark once again.

The Affordable Rent Act, effective July 1, 2024, and the Supreme Court's decision on rent increase clauses provide important clarity for the market. As we attract new investors and manage redemption requests, we welcomed pension fund MITT to our investor base.

With a new CEO and refined strategy, Vesteda is focused on creating long-term value for investors, optimizing its portfolio, and staying ahead of market trends. Our vision of "Housing as a force for good" drives our efforts to leverage technology, adapt to market changes, and strengthen long-term partnerships.

We invite you to explore our 2024 developments and performance in our online annual report at www.vestedareport.com.

“We are of course enormously proud of our global top ranking in the benchmark that covers other residential funds,” said Astrid Schlüter, Vesteda’s CEO. “After all, this shows that our commitment and investments in sustainability are paying off. But that’s not all. We have also shown that we can accurately collect and deliver all the relevant data required for this benchmark survey. Data that we will obviously also use for additional analyses, so we can effectively follow up on our investments in sustainability.

“For that matter, we have noted that almost all Dutch residential funds have been awarded a five-star rating, putting them among the 20% highest scoring funds in the benchmark on a global level. This means the Netherlands is in a very good position internationally. Of course, our combined impact is much more important than each individual position and number of stars in the benchmark, but the GRESB results are one huge compliment to the Dutch residential investment sector.”

In the coming years, Vesteda will certainly continue to work on making residential complexes with higher energy consumption more sustainable, the installation of almost 11,000 (free) solar panels each year, taking measures to address climate risks and engaging tenants in the reduction of their own energy consumption. In doing so, Vesteda is providing affordable, sustainable and climate-proof rental homes and improving the liveability of neighbourhoods.

The five-star rating is the highest possible in the GRESB and means that Vesteda belongs to the 20% best-scoring participating funds around the world. Last year, Vesteda earned the #1 spot for the first time, and has managed to maintain this position in 2024. Vesteda’s total score amounted to 94 points.

Astrid Schlüter, CEO of Vesteda: “This year is a continuation of last year’s success. The entire organisation is incredibly proud of this recognition of our efforts and investments in sustainability based on our strategy.”

Earning the top spot in the 2024 GRESB will not have Vesteda resting on its laurels. In the coming years, the organisation will continue to work on limiting the energy demand per home, including by installing almost 11,000 solar panels (free for tenants) every year, making residential complexes with high energy usage more sustainable, taking measures to mitigate climate risks and involving tenants in reducing their energy usage. 

This is how Vesteda continues to provide affordable, sustainable and climate-proof rental housing and more liveable neighbourhoods in the Netherlands.

René Tim, Head of Acquisitions & Development: “Given the rising demand for houses in the city, we are adding spacious and high-quality homes to an attractive residential area with a high level of amenities.”

The 18 houses are part of the Zuiderhof project in the Vreewijk garden village in Rotterdam-Zuid. According to current planning, Vesteda will be able to rent out the homes by the end of 2025. 

For more information on living in Zuiderhof (in Dutch): www.hureninzuiderhof.nl.

Housing Market Indicator
As an objective indicator of the current market situation, we developed the Housing Market Indicator (HMI). This tool provides a quick but thorough overview of the Dutch housing market from a residential investor's perspective. The HMI will be updated twice a year.

More information?
Please contact Erwin Evers if you have any questions or comments concerning the Housing Market Indicator.

Andrea van Buren (Senior Portfolio Manager MN): “As fiduciary manager, MN is responsible for the investment process including the selection, due diligence, and execution of this secondary transaction. With this transaction, our client, Bedrijfstakpensioenfonds MITT, is directly invested in Dutch homes. Vesteda’s investment profile and long-term horizon are complementary to the strategy of Bedrijfstakpensioenfonds MITT. Also, we are proud to contribute to Vesteda’s societal impact as well as its sustainability ambitions.”

Van Lanschot Kempen acted as financial advisor to Vesteda in this transaction.

Vesteda’s operational performance in 2023 has been strong and we continued to invest in sustainable and affordable homes. We completed large renovation and sustainability projects, reducing the carbon footprint of our portfolio and improving the quality of our homes and financial performance. Our commitment on the ESG front was recognised, resulting in the global number one position in the 2023 Global Real Estate Sustainability Benchmark (GRESB).

Early June a fire broke out in complex De Enter in Amsterdam, luckily all 95 households were able to leave the complex unharmed.

The portfolio was almost fully leased and tenant satisfaction increased to 7.2, outperforming the benchmark by 50 bps and we once again outperformed the three-year MSCI benchmark.

The Minister for Housing sent the Affordable Rent Act to Parliament, with the aim to extend the regulated rental segment. Vesteda and other IVBN members and NEPROM are critical and suggested several changes, which were only partly incorporated. We are awaiting when the bill will be implemented.

We would like to invite you to read more about the developments in 2023 and our performance in our online annual report at www.vestedareport.com.

Astrid Schlüter started her career at Vesteda in September 2013 as Director of Property Management. Three years later, Astrid was appointed Director of Operations, and since 1 January 2021 she has been Chief Operations Officer (COO). Prior to joining Vesteda, Astrid worked for many years at real estate agency Jacobus Recourt in various management positions. Astrid is an econometrician and, after completing her econometrics studies, took a postgraduate course to become a chartered controller.

Astrid Schlüter: “For the past years, I have been responsible for property and asset management at Vesteda. In this operational management role, my team and I worked on the long-term value creation of Vesteda’s real estate portfolio and on tenant satisfaction, which increased significantly. Vesteda is currently in good shape. I would like to use my knowledge and experience to lead Vesteda in the coming years and to ensure our continued success.”

Jaap Blokhuis, Chairman of Vesteda’s Supervisory Committee: “After Gertjan van der Baan announced his departure, the Supervisory Committee was responsible for selecting a good successor. We are truly proud that Astrid Schlüter, as an internal candidate, ultimately had the best credentials for this role. The housing market is becoming more and more of a political and public product and we consider Astrid highly capable of finding the right balance between creating social impact and achieving a healthy return for Vesteda’s participants.”

The Supervisory Committee has now started the recruitment and selection process to find a new Chief Operations Officer to succeed Astrid Schlüter.

Ditri Zandstra has a broad range of expertise and experience in the financial world. Until recently, she was chief operating and people officer at Cofra Holding, active in a number of areas including fashion, retail, real estate, private equity, asset management, renewable energy and food. Prior to this, she spent more than seven years as CEO at Anthos Family Office and Private Wealth Management, part of Cofra. She also spent many years working in various roles at ABN AMRO.

Paul Meulenberg boasts a long career in real estate consultancy. After 15 years at Arthur Andersen, of which the last five as a partner, he moved to Deloitte in 2002 when both companies merged, where he was responsible for Real Estate Advisory until last year.

Vesteda’s Supervisory Committee consists of five members in total. The other Supervisory Committee members are Jaap Blokhuis (chairman), Theo Eysink and Eva Klein Schiphorst. Together with Vesteda’s Management Team, they thank Seada van den Herik and Hans Copier for their significant contribution to Vesteda’s success.

Vesteda’s residential portfolio grew from 23,000 to 28,000 homes under Van der Baan's leadership, with the value of the portfolio increasing to € 9 billion from almost € 4 billion. In addition, he made the sustainability of the residential portfolio a major priority. This recently led to a global No 1 position in the Global Real Estate Sustainability Benchmark (GRESB). Vesteda also saw its tenant and employee satisfaction increase significantly under his leadership.

Van der Baan explained his announced departure as follows: “After 10 years at Vesteda, I have decided to do something else. When I arrived, the company was going through a difficult period, partly due to the prolonged financial crisis. Thanks in part to improved market conditions, and with broad support from our participants, supervisory committee members and colleagues, we managed to strengthen and expand Vesteda. Vesteda is now in extremely good shape and I can therefore leave the organisation with peace of mind, and think about my future after Vesteda.”

Jaap Blokhuis, Chairman of Vesteda's Supervisory Committee: “On behalf of the Supervisory Committee, I would like to thank Gertjan very much for everything he has meant to Vesteda. His arrival marked the start of a huge cultural change within Vesteda. Under his leadership, Vesteda strengthened its position as a market leader even further, bolstered its financial position and expanded its portfolio and made it more sustainable, resulting in a leading position in the GRESB benchmark. On top of this, Vesteda’s strategy has enjoyed unanimous support from our participants for the past ten years. In his role as chairman of IVBN (Association of Institutional Property Investors in The Netherlands), Gertjan has also helped institutional investors gain the recognition they deserve for their role in the housing market. In doing so, he clearly demonstrated his social commitment; not only from the investors’ point of view, but also from the tenants’ perspective. We have found our cooperation with Gertjan and his transparent way of working extremely pleasant and professional. We wish him every success and we are very curious to see where and how he will continue his career.”

The Supervisory Committee has now started the process of finding a suitable successor (m/f).

Since this morning, Vesteda is a GRESB Global Sector Leader Residential. This is the first time Vesteda has achieved this global top position in the Global Real Estate Sustainability Benchmark. On 1 October, Vesteda had already been awarded a five-star status and the top position in its reference group in the Netherlands and Europe.

Gertjan van der Baan is proud of this achievement: "This is great news. In 2015, Vesteda ranked last in the Netherlands. That was a wake-up call for us and prompted us to devote more attention and money to the sustainability of our portfolio and our ESG strategy. These huge investments have been increasingly paying off in recent years. We now have the largest BREEAM-certified real estate portfolio in the world, and in the coming years we will focus even more on reducing the energy demand per home and outperforming the Paris Agreement. Our shareholders: pension funds and insurers, have given us €200 million to fund these efforts over the next few years."

Sebastien Roussotte, CEO of GRESB: “GRESB Sector Leaders embody the industry’s champions, leading the charge towards a net-zero future and propelling the sector forward. We wholeheartedly commend this year’s Sector Leaders for their dedication, leadership and commitment to ESG principles and sustainability.”

Vesteda’s total score rose to 96 points, from 88 points in 2022. By 2030, Vesteda aims to cut its energy consumption by 55% compared with 1990. In the coming years, Vesteda will focus on making residential complexes with high energy consumption more sustainable, installing almost 10,000 solar panels a year in the period 2023-2027, taking measures to mitigate climate risks and involving tenants in the reduction of their energy consumption. By doing this, Vesteda will ensure the availability of affordable, sustainable and climate-proof rental housing and a better quality of life in Dutch neighbourhoods.

The five-star rating is the highest attainable rating in the annual GRESB benchmark survey and puts Vesteda in the 20% best scoring funds participating in the benchmark worldwide. Vesteda achieved the top spot in the benchmark group in the Netherlands and Europe for the first time. Vesteda’s total score rose to 96 points, from 88 points in 2022. Vesteda was ranked 9th in last year’s survey and came in as low as 11th and last in 2015.

Largest BREEAM-certified real estate portfolio in the world
Over the past eight years, Vesteda has put a huge amount of effort into integrating sustainability in its operational processes. In 2022, for instance, Vesteda had almost its entire residential portfolio certified using the new BREEAM-NL In-Use Residential guideline. This immediately created the largest BREEAM-certified real estate portfolio in the world. This was also the main driver of the sharp rise in the benchmark compared with last year.

Tightened sustainability strategy, 55% reduction in energy consumption by 2030
Achieving the top position is the tangible result of the sustainability-related measures Vesteda has taken in recent years. However, this does not mean that Vesteda is planning to rest on its laurels. Vesteda recently tightened its sustainability strategy even further. By 2030, Vesteda aims to cut its energy consumption by 55% compared with 1990. In the coming years, Vesteda will focus on reducing the energy demand per home by making residential complexes with high energy consumption more sustainable, installing almost 10,000 solar panels a year in the period 2023-2027, taking measures to mitigate climate risks and involving tenants in the reduction of their energy consumption. Vesteda has € 200 million available to finance these initiatives in the coming years. By doing this, Vesteda will ensure the availability of affordable, sustainable and climate-proof rental housing and a better quality of life in Dutch neighbourhoods.

It was provided by two of Vesteda’s relationship banks. The standby facility provides extra liquidity headroom and gives more financial flexibility. 

In 2022, we continued to invest in sustainable and affordable homes, we kept costs under control, and we delivered solid operational results. The portfolio was almost fully leased, tenant satisfaction increased to 7.1, outperforming the benchmark by 20 bps, and we added 248 affordable new-build homes to our portfolio.

GRESB recognised our sustainability efforts by another 5-star rating and we certified almost our entire residential portfolio of 27,500 homes according to the new BREEAM-NL In-Use Homes guideline. We also completed several large renovation and sustainability projects, reducing the carbon footprint of our portfolio and improving the quality of our homes and financial performance.

The Dutch government announced plans for increased regulation of the mid‐rental segment of the housing market, which will negatively impact Vesteda. After several years of positive revaluations of our portfolio, the market turned last year and we recorded negative revaluations in the third and fourth quarters, resulting in a negative total return.

We would like to invite you to read more about the developments in 2022 and our performance in our online annual report at www.vestedareport.com.

New certification method

Stephan de Bie, Sustainability Programme Manager at Vesteda, was involved from the outset in the development of the new BREEAM-NL In-Use Residential guideline: "We didn’t see obtaining sustainability certificates for our homes as a goal in itself. Plus, we felt that there was still no suitable, independent certification method for our residential portfolio. Until last year, we worked with the Dutch Green Building Council to set up a new method. Now we will use that method to certify our houses and apartment complexes in one go this year. The certification process takes place in three steps. It starts with a quick scan, then a deeper analysis with an audit, followed by the actual certification. This methodology also gives us the opportunity to benchmark the performance of our homes against other homes and against the desired level of sustainability, which creates good opportunities to further improve the living conditions of our tenants. This will help us to continue to work towards our ambition to be a leader in sustainable living."

Nationwide baseline measurement

Vesteda asked CFP Green Buildings and Longevity to determine the sustainability performance of nearly 28,000 homes and to provide them with a sustainability certificate. From early May until the end of October 2022, inspectors from this organisation will conduct the nationwide baseline measurement. The inspectors will look at the exterior of the homes from the street and, for a representative sample, a number of homes per complex will actually be inspected from the inside. Of  course, we will ask the residents of these homes for permission to enter their homes in advance.

Our staff worked from home most of the time and face‐to‐face meetings were limited, except during the summer. During the pandemic we saw how resilient and flexible we are as an organisation. We continued to support tenants in financial difficulties, offering custom‐made solutions and we moderated our annual rent increase.

The occupancy rate turned back at pre-COVID-19 levels, despite a higher turnover rate, especially in the high rental segment. Our tenant satisfaction was 7.0, outperforming the benchmark by 10 bps.

The construction of pipeline projects continued, mostly as planned, and we completed several large renovation and sustainability projects. GRESB recognised our sustainability efforts by another 5-star rating and S&P rewarded our funding structure with a rating upgrade to A- from BBB+.

We would like to invite you to read more about the developments in 2021 and our performance in our online annual report at www.vestedareport.com. 

Milestones passed

On 11 March, the people directly involved from Westerwal will come together to consider – and celebrate - the milestones this project has now passed. This was not possible any earlier due to the pandemic. In anticipation of the definitive delivery in the spring of this year, alderman Roeland van der Schaaf from the Groningen city council and Vesteda’s Chief Investment Officer, Pieter Knauff, unveiled one of the artworks above the entrance to the apartment building. This and the other artworks have been produced by Dutch sculptor Gert Sennema.

Westerwal new-build plan

Westerwal is located in the area between Van Heemskerckstraat and Admiraal de Ruyterlaan in de popular Zeehelden neighbourhood of Groningen. In addition to the 171 rental apartments, the construction of which started in March 2020, the project also includes 22 owner-occupier homes. The owner-occupier homes have now been sold and delivered to their new owners. Vesteda will take delivery of the apartments from Friso Bouwgroep on a turnkey basis this spring.

Need for mid-segment rental homes

Groningen is faced with a severe shortage of apartments and the city’s middle-income residents are putting pressure on the liberalised rental sector. They do not qualify for social rental homes and are opting more and more frequently for mid-segment rental homes. This makes the 171 apartments in Westerwal a valuable addition to the housing supply in the city of Groningen.

Affordability and availability under pressure

At the same time, we see that the affordability of housing is under pressure and that there is less and less choice for consumers in the housing market. In the field of sustainability, investors are performing well, but there has been an increase in CO₂ emissions of all households in the Netherlands compared to last year.

Housing Market Indicator

As an objective indicator of the current market situation we developed the Housing Market Indicator (HMI). This tool provides a quick but thorough overview of the Dutch housing market from a residential investors perspective. The HMI will be updated twice a year.

More information?

Please contact Erwin Evers if you have any questions or comments concerning the Housing Market Watch.

De Weverij is located in the Roombeek neighbourhood of Enschede, a neighbourhood best known as the site of the firework disaster in the year 2000. The neighbourhood has largely been rebuilt with new homes suited to current living requirements. The reconstruction of this location into a modern residential neighbourhood was realised under the auspices of top Dutch architect Pi de Bruijn. For one of the final projects in this neighbourhood, Tangram Architecten have designed a striking building of masonry and glass, De Weverij, which will be owned by Vesteda.

Enschede-based TBI Koopmans Bouwgroep will be responsible for the development and realisation of this complex. This will include 109 rental homes, varying in size from 52 to 122 m². The complex will also include indoor parking places and bike parking facilities. The complex will be gas free and extremely energy efficient. The homes will be heated and cooled using a district heating system.

Vesteda’s Chief Investment Officer, Pieter Knauff: “In a prominent location in the Roombeek new-build neighbourhood, we will add a varied range of mid-segment rental homes in a beautiful residential complex to our portfolio. This will offer homes to a broad target group in a peaceful, sustainable and high-quality living environment, just a 10-minute bike ride from the city centre and Enschede’s main railway station”.

Potential middle-income tenants interested in this complex will be able to register for a homes via vesteda.com from late 2024.

Vesteda sees corporate sustainability and social responsibility as vitally important for the long-term value development of its portfolio, the organisation as a whole and the society in which it operates. The focus on sustainability makes Vesteda eligible for financing itself by means of green financings.

Following our inaugural green bond, the green private placement, the financing by the EIB, the sustainability-linked revolving facility agreement, we now successfully issued our second green bond, further aligning our financing structure with our ESG strategy.

Vesteda updated its Green Finance Framework to issue green bonds. This framework is based on the EU Taxonomy. Under this framework Vesteda can also issue other green debt instruments, such as loans, private placements, and Euro Commercial Paper. The proceeds of the green bond will be allocated to homes with a minimum EPC label A, homes which have made an improvement of primary energy demand of at least 30% up to a minimum EPC label of C, and new build homes that have an energy performance coefficient of 0.4 or better. The framework obtained a Second Party Opinion by Sustainalytics.

Vesteda will report on the allocation of the proceeds, on the estimated energy savings and greenhouse gas emission avoidance of this green bond.

This year’s reputation survey, with 4,662 respondents, was conducted for the 21st time by the Amsterdam Centre for Business Innovation (University of Amsterdam). The respondents were asked to name their top three most admired companies. They assessed these top three companies on the basis of five aspects: client focus, product leadership, excellent execution, being a good employer and sustainability. This last aspect was included in the survey for the first time last year.

Real estate service providers

The survey has a number of sub-categories. Vesteda’s reputation was cited in the ‘Real estate service providers’ sub-category. Respondents can assign scores from one to five stars in the above-mentioned five categories. We were given the following scores in our sub-category:

• Client focus: four stars (5^th position)
• Product leadership: five stars (1^st position)
• Excellent execution: four stars (4^th position)
• Being a good employer: four stars (2^nd position)
• Sustainability: five stars (1^st position)

In addition to Vesteda, housing corporations De Alliantie and Woonbron also scored a top five position on these aspects in the ‘Real estate service providers’ sub-category.

Imagine is located on the border of Parkstad, a new neighbourhood in Rotterdam, at the junction of Laan op Zuid and Rosestraat. The energy-efficient apartment complex consists of two high-rise residential buildings connected at street level by a building with commercial and social functions. Imagine will comprise a total of 295 homes. The light-coloured materials used in the façade will make Imagine a striking new residential icon on the Rotterdam skyline.

The apartments overlook the green courtyard garden, the river Maas, the new Feyenoord City development and look towards the city centre. Imagine was designed by Barcode Architects. The Vesteda apartments will offer living space varying from approximately 50 m2 to 95 m2, with an average of 70 m2. Imagine will offer a varied mix of owner-occupied and rental housing and is suitable for a broad public. Parking will be available in the basement, where there are also shared mobility facilities.

Apartments in the mid-rental segment

With this acquisition, Vesteda is adding another 133 rental apartments in the Rotterdam mid-rental segment, with 59 of these in the government regulated (social) segment. Pieter Knauff, Chief Investment Officer at Vesteda: "Just a stone's throw from the Maas River, Rotterdam Zuid railway station and close to all kinds of other amenities, we will offer 133 spacious and sustainable rental apartments to middle-income renters. Imagine sets the tone for a new high-quality residential area. Our thanks to AM, Heijmans and the City of Rotterdam for the excellent cooperation”.

Wilco van den Ban, speaking on behalf of AM and Heijmans: “We are very pleased that we are creating a new sustainable inner-city living environment that will offer everything at this location, close to the future Feyenoord City. From housing to sports and from parks to nightlife. Anyone who lives in Imagine will be at the birth of a new Rotterdam district. We are pleased with Vesteda's confidence in this project and this area”.

A consortium consisting of BAM Wonen and Heijmans Woningbouw will be responsible for the construction of the project, which is expected to start in October 2021.

S&P mentions Vesteda’s solid operational performance, with very limited impact from the COVID-19 pandemic, and expects that Vesteda continues to benefit from stable rental income thanks to Vesteda’s high occupancy levels and the favorable dynamics of the Dutch housing market. S&P considers Vesteda’s liquidity profile as strong.

Frits Vervoort, CFO Vesteda: “We consider the rating upgrade as a recognition for our conservative financial discipline and our solid operating performance in combination with the nature and resilience of our well diversified portfolio, with a focus on the mid-rental segment in the Dutch housing market with strong fundamentals."

The full text of S&P’s announcement is available via this link or on our website at the page Credit Investors.

“This press release is published on 23th of April, 5:30 PM by Vesteda Finance B.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation)”

We believe it is our social responsibility to help our tenants during this crisis. We offered custom-made solutions to all our tenants in immediate financial difficulties and moderated our annual rent increase. Vesteda also took several actions aimed at containing the spread of the virus.

In 2020, overall tenant satisfaction improved to 7.1 in 2020 from 6.9 in 2019, outperforming the benchmark (7.0). The construction of pipeline projects continued during the pandemic and our funding structure demonstrated its resilience during this crisis. We completed the insourcing of the former Delta Lloyd portfolio and we successfully implemented our new ERP system, including the launch of a new website, rental portal and tenant portal. We made solid progress on our ESG targets and we once again achieved a GRESB 5-star rating. 

We would like to invite you to read more about the developments in 2020 and our performance in our online annual report at www.vestedareport.com. 

We see it as our social responsibility to continue to provide affordable and high-quality housing. This is why we once again voluntarily capped our rent increases for the liberalised market rental contracts to CPI + 1.5%.

Please note that most of the report was written prior to the outbreak of the coronavirus (COVID-19). Vesteda has taken measures regarding the operational activities of the company to prevent the further spread of the virus. In addition, we offer our tenants a custom solution in case of instant rent payment arrears due to corona measures. More information about this topic can be found on our website www.vesteda.com.

We would like to invite you to read more about the developments in 2019 and our performance in our online annual report at www.vestedareport.com.

Vesteda’s Extraordinary Meeting of Participants voted in favour of the appointment of Ms. E. (Eva) Klein Schiphorst (1964) as a member of Vesteda’s Supervisory Committee. The meeting also approved the reappointment of Ms. S.N. (Seada) van den Herik (1972) for a second term.

Eva Klein Schiphorst has many years of experience in the real estate sector. She is currently Director Business Unit Public buildings at Royal HaskoningDHV, working for various clients with issues in the field of energy transitions and increasing the sustainability of large real estate portfolios. Prior to this, Eva Klein Schiphorst spent close to 10 years in various positions at the Dutch government’s Real Estate Agency (Rijksvastgoedbedrijf), including Director of Transactions and Projects and Managing Director Real Estate at the Government Buildings Agency (now part of the Government Real Estate Agency). Thanks to this, Eva Klein Schiphorst has an extensive network in the public sector. She brings wide-ranging expertise in various disciplines in the real estate sector, including organisation and project development and finances, as well as expertise in relevant themes such as sustainability.

Eva Klein Schiphorst has been appointed as a member of Vesteda’s Supervisory Committee as per 17 October 2019 for a term of four years. This term may be extended at most once for another term of four years.

Eva Klein Schiphorst has filled the vacant position on the committee that arose as a result of the end of the second and final term of Mr. P. (Peter) Kok. Vesteda is extremely grateful to Mr. Kok for his significant contribution to and engagement in the company over the past eight years, including 2.5 years as chairman of the Supervisory Committee. Mr. Jaap Blokhuis, a member of the Supervisory Committee since 2017, recently assumed the chairmanship of the Supervisory Committee.

Following the appointment of Ms. Klein Schiphorst and the reappointment of Ms. Van den Herik, Vesteda’s Supervisory Committee now consists of the following five members: Mr. J.G. (Jaap) Blokhuis (chairman), Ms. S.N. (Seada) van den Herik, Mr. H. (Hans) Copier, Mr. T.W. (Theo) Eysink and Ms. E. (Eva) Klein Schiphorst.

The proceeds of the bond will be used to finance homes with a minimum EPC label A, and homes which have made an improvement of at least two EPC label-steps up to a minimum EPC label C.

Vesteda sees corporate sustainability and social responsibility as vitally important for the long-term value development of its portfolio, the organisation and the society in which it operates. The focus on sustainability makes Vesteda eligible for financing itself by means of a green bond. This green bond underpins Vesteda’s sustainable strategy and helped to attract a broader group of investors with a strong focus on sustainable investment opportunities.

Vesteda developed a Green Finance Framework (https://www.vesteda.com/nl/over-vesteda/investor-relations/credit-investors.aspx) to issue green bonds. Under this framework Vesteda can also issue other green debt instruments, such as loans and private placements. The framework obtained a Second Party Opinion by Sustainalytics and the green bond obtained a pre-issuance certification by the Climate Bonds Initiative.

The proceeds of the green bond will be fully allocated to the eligible green assets (homes) of Vesteda. Vesteda will report on the estimated energy savings and greenhouse gas emission avoidance of the assets under this green bond.

“We are proud that we are the first residential fund to issue a EUR green bond and we are very pleased that the issue was successful. This green bond not only underpins our sustainable strategy but also helps to further strengthen our capital structure, widen our investor group, reduce our cost of capital and improve our debt maturity profile”, says Vesteda CFO Frits Vervoort.

“With its Climate Bonds Certification Vesteda proofs it sets the green bar high for sustainable investment in residential real estate, earmarking assets that are verifiably in line with the Paris climate agreement. We are very pleased with this market leadership made in Holland,” says Climate Bonds Investor Engagement head Manuel Adamini.

Vesteda has a BBB+ rating, which has recently been confirmed by the rating agency Standard & Poor’s. A similar rating is anticipated for the new issued bond.

Vesteda’s Extraordinary Meeting of Participants has unanimously approved the appointment of Mr. T.W. (Theo) Eysink (1966) as a member of the Supervisory Committee of Vesteda. Mr. Eysink hereby fills a vacant position in the Supervisory Committee as a result of the end of the second and final term of Mr. J.A. (John) de Die. Vesteda would like to thank Mr. de Die for his important contribution to and involvement with the company over the past eight years.

Mr. Eysink is a highly experienced executive with a strong background in various branches of industry. He has a substantial track record as CFO of numerous companies since 2000. In 2012 Mr. Eysink joined KPN N.V. becoming Executive Vice President Corporate Control. In April 2017 he was appointed as Executive Vice President & CFO of KPN Business Market. He also has ample experience in a supervisory role and is currently member of the Supervisory Board and chairman of the Audit Committee of Stedin Holding N.V.

The appointment of Mr. Eysink as a member of the Supervisory Committee of Vesteda took effect on 1 May 2019 and is for a period of four years. The term of office may be extended no more than once for the duration of the same period.

With the appointment of Mr. Eysink, the Supervisory Committee of Vesteda consists of the following five members: Mr. P.J.W.G. (Peter) Kok (chairman), Mrs. S.N. (Seada) van den Herik, Mr. H. (Hans) Copier, Mr. J.G. (Jaap) Blokhuis and Mr. T.W. (Theo) Eysink.

bericht hier

We would like to invite you to read more about this in the Vesteda Review 2018 and in our online annual report http://vestedareport.com/.

Vesteda Finance B.V. (“Vesteda”) hereby announces that it has today notified the holders of its EUR 300,000,000 Senior Unsecured Guaranteed 1.75 per cent Fixed Rate Notes due 2019 (the “Notes”) that all outstanding Notes will be redeemed at their nominal amount together with interest accrued since the most recent Interest Payment Date to (but excluding) 23 April 2019, by Vesteda on 23 April 2019 pursuant to Condition 9(c)(B) (Issuer Refinancing Call) of the terms and conditions of the Notes set out in the prospectus relating to the Notes dated 3 July 2014 and the Final Terms relating to the Notes dated 18 July 2014.

Vesteda Finance B.V.

27 March 2019

For more information, please visit the Vesteda Annual Report at http://www.vestedareport.com.

The transaction encompasses an asset deal consisting of an existing residential portfolio and a pipeline of new housing projects. The standing portfolio immediately generates rental income and is highly complementary to the current Vesteda portfolio in terms of quality, geographical locations and rental segments. The pipeline of new housing projects is concentrated in the mid-rental segment and located in economically strong regions. Both the standing assets and pipeline assets are part of the former Delta Lloyd Dutch residential portfolio.

Scope of the transaction:

• 6,777 residential units, representing a total value of €1,509 billion, of which:
  • 5,983 existing units, representing a total value of €1,295 billion
  • 794 pipeline units, representing a total value of €214 billion
• €1,080 billion paid in newly issued participation rights
• €429 billion paid in cash (including instalments to be paid for pipeline projects) from existing facilities and new debt

Gertjan van der Baan, CEO Vesteda: “A transaction of this size is unique in the Dutch housing market. We are extremely delighted with the confidence that NN Group has placed in Vesteda by contributing the former Delta Lloyd residential portfolio to Vesteda and increasing its stake in the fund.

The addition of this portfolio to our existing portfolio strengthens our presence in attractive locations, broadens our housing offering and improves our returns. We will enlarge our offering in the mid-rental segment and strengthen our exposure to core regions. In addition, we will grow the weight of the single-family houses in our portfolio. This transaction will also provide us with operational cost efficiencies and decreases our Total Expense Ratio (TER).”

After completion of the transaction, Vesteda’s standing portfolio will consist of approximately 27,000 residential units representing a value of €6.3 billion. The combined acquisition pipeline will consist of more than 2,500 residential units representing a value of approximately €750 million. Including the acquisition pipeline, Vesteda’s portfolio includes approximately 30,000 residential units, representing a value of around €7 billion.

To maintain its sustainability ambitions, Vesteda aims to upgrade the sustainability profile of the acquired standing portfolio. The average age of the assets in the portfolio is slightly higher than Vesteda’s portfolio and bringing the portfolio up to Vesteda’s sustainability standards requires efforts similar to Vesteda’s existing upgrading programme. To come to the desired energy labels, Vesteda envisages to additionally invest a total of €31 million in the acquired portfolio until the end of 2020. By then, at least 80% of Vesteda’s homes will have an energy label A, B or C and no more than 20% of Vesteda’s homes will have an energy label D.

In order to finance the cash portion of the transaction, Vesteda has arranged a bridge facility, which will be taken out by long-term debt instruments in due course.

Kempen acted as sole financial advisor, JonesLangLasalle as commercial advisor, Allen & Overy LLP, Buren Legal and Loyens & Loeff as legal advisors and EY as a tax advisor for Vesteda in this transaction.