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.

Vesteda uses the BREEAM framework to systematically identify potential improvements in its portfolio in terms of energy and water use and CO₂ emissions. Thanks to the implementation of improvements based on this data, Vesteda has reduced consumption figures across the board: energy consumption has fallen from 101.9 to 89.1 kWh/m², water consumption is down from 0.84 to 0.70 m³/m² , while CO₂ emissions have dropped from 23.1 to 19.5 kg/m²

The story behind the figures
Behind these figures lies the story of Vesteda’s tenants: homes that are better insulated and feel more comfortable, tenants who spend less on energy, and neighbourhoods that are better places to live. At Vesteda, sustainability is not just a tick on a list or a section in the annual report; it is a fundamental part of what Vesteda sees as good property management. Vesteda does not just manage square metres, but the places that people call home.

Astrid Schlüter, Vesteda CEO: “This nomination shows that ‘Housing as a Force for Good’ is not just an empty phrase. It is what we do every single day. The fact that we can now demonstrate this at portfolio level, across all 28,000 of our homes, gives me the energy to do even more.”

The role of BREEAM
BREEAM plays a major role in this endeavour. Thanks to specific questions and metrics, it helps to drive operational improvements and promotes standardisation. This enables Vesteda to compare its results independently with other landlords both in the Netherlands and other countries.

Stephan de Bie, Head of ESG at Vesteda: “Portfolio-wide certification requires consistent data and a shared methodology across the entire organisation. The fact that we now have that foundation in place and the fact that our figures are moving in the right direction is thanks to the years we have spent building an integrated approach. This nomination is both a confirmation of our efforts and an incentive to do more.”

Award ceremony in London
We will find out if Vesteda has actually won the award at the official awards ceremony on 30 September in London.

By achieving this certification, Vesteda is currently the first institutional residential investor and landlord in the Netherlands to be B Corp certified. Vesteda sees this very much as a starting point and hopes that more organisations in the real estate sector will take this step. It is only through the involvement of multiple parties that the sector can collectively help create positive social change.

Ongoing assessment
Vesteda’s B Corp certification follows an extensive B Impact Assessment carried out by B Lab. In this ongoing assessment process, organisations are evaluated on the basis of five pillars: governance, environment, employees, clients and community. Vesteda achieved a score of over 102 points, significantly higher than the minimum score of 80 points required to become a Certified B Corporation™. The result reflects how Vesteda integrates sustainability, transparency and social impact in its day-to-day business.

B Corp certification is fully in line with how Vesteda fulfils its role as a real estate investor and landlord: with a focus on both long-term value creation and social responsibility. The company’s strategy combines both solid financial performance and a positive impact on people and society.

Financial and social
Astrid Schlüter, CEO of Vesteda, on the importance of the certification: “Achieving a good balance between financial and social returns is part of our DNA and is therefore central to our long-term strategy ‘Housing as a force for good.’ It is very gratifying to see the impact we are creating through this strategy being confirmed by an independent organisation.”

Transparency and accountability
The B Corp certification aligns well with broader developments in the field of transparency and accountability at Vesteda. Although reporting in accordance with the EU’s CSRD directive is not yet formally mandatory for Vesteda, the company started reporting in line with these guidelines in its 2025 annual report. By doing this, Vesteda underlines the importance of measurability and accountability as part of responsible business practices.

Guiding framework
By gaining B Corp certification, Vesteda confirms that sustainability, social impact and transparency are structural and integral components of its business operations. The certification serves as a guiding framework for Vesteda’s continued development as a forward-looking and socially engaged residential investor and landlord, in a sector where collective progress is of paramount importance.

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.

The survey results show that Vesteda tenants are the most satisfied tenants in the benchmark survey, as they gave us a score of 7.3 for overall satisfaction. Their satisfaction with our services rose to 7.3 from 7.2, while the score for our handling of repair requests rose by 0.2 points to 7.6. Our tenants also gave Vesteda high scores for their homes (7.6) and their living environment (7.7).

Focus on internal processes
The Vesteda board member responsible for tenant satisfaction, Michiel de Bruine, says he is proud of this solid result: “Over the past year, in consultation with our suppliers, we have focused on a number of internal processes, including the follow-up on repair requests. It’s great that these efforts have immediately paid off with a higher satisfaction score. Of course there is always room for improvement, but the current results are an enormous compliment from our tenants to our employees and suppliers.”

Customeyes
Customeyes, an independent research agency, conducted the tenant satisfaction in September 2025. Customeyes invited more than 5,600 Vesteda tenants to participate in the survey. The participation rate was 44.9%, which makes the sample representative.

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.

The facility is structured as a committed standby facility and is expected to remain undrawn. It will serve as a bridge-to-bond solution, offering Vesteda enhanced financial flexibility and resilience in a dynamic market environment.

Vesteda appreciates the continued trust and support of its longstanding relationship banks.

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.

Since Vesteda and Zonneplan joined forces in August 2021, Zonneplan has already fitted 2,493 rental properties in Amsterdam, Almere, Eindhoven and other locations with solar panels and the participation rate is very high. Last year, as many as 97.8% of all tenants agreed to our personalised offer to fit solar panels. “This hardly surprising,” says tenant consultant Maikel van Brussel of Zonneplan, who goes to tenants’ homes to answer questions. “There is no reason for them not to participate. They get free solar panels, which reduces their energy bills. The most frequently asked question is therefore whether there really is no catch,” Van Brussel says with a smile.

Free solar panels, all proceeds go to tenants
Many landlords who install solar panels charge their tenants a monthly fee. Vesteda very deliberately chose not to do this right from the start. Regional manager Jan van der Wegen: “We want to make a serious contribution to the country’s climate goals, which is why we make it as attractive as possible for our tenants. They incur no costs for the installation of the solar panels in any way and all proceeds from the panels go to them.” And that strategy is paying off: in 2023, Vesteda was named Global Sector Leader Residential by environmental organisation GRESB.

Reducing energy costs mid-rental segment
Since the rise in energy prices, we have seen a lot more attention being devoted to the situation of renters. After all, those who do not own a home but want to make it more sustainable are completely dependent on the efforts of their landlords. According to Joep Buimer, Zonneplan’s project coordinator for all Vesteda projects, it is also important that we do not overlook tenants in the mid-rental segment, a segment that Vesteda focuses on. “Of course, social housing tenants are the most vulnerable group. But don’t forget that the group just above the social housing segment often cannot claim allowances and income-related subsidies. This is why we are very happy to be able to help these households reduce their energy costs.”

Astrid Janssen, Alderman for Housing at the Amersfoort city council: “Reaching the highest point is an important milestone for both our city and its residents. The contours of the project are now taking shape, bringing the completion of the homes closer. This is also true of the Podium residential district, where we hope people will enjoy living, working and studying for years to come.”

Mid-rental segment homes
Vesteda’s apartment complex is part of the Podium project, which consists of 440 new homes, both houses and apartments. In total, Vesteda’s residential tower will contain 68 apartments with average floorspace of 76 m². These are located in a slender tower at the head of the complex, right next to Amersfoort Vathorst NS railway station. Completion of the complex is expected at the end of this year.

“The Podium project is a good addition to Vesteda’s portfolio for several reasons. In this project, we are realising sustainable homes in an easily accessible location that are financially accessible to a wide range of households due to the mix of social, mid-rental and liberalised rental units. Moreover, Klunder’s design is a wonderful reference to an iconic building. Thanks to this combination, I’m convinced that this will be a pleasant place to live,” says René Tim, Head of Acquisitions & Development at Vesteda.

Space for meeting others
The design of Vesteda’s apartment complex takes into account the creation of social cohesion between residents. This is why the second floor will include a communal courtyard garden where there will be room for residents to meet each other.

“Our entire team has worked hard to realise the sixteen layers of the residential tower. With this special act, we are putting the icing on the cake. Now we can move on to the finishing of the facade and interior work, so the new tenants can receive their keys at the end of the year. They will soon have a beautiful view of the station and the green surroundings that will be created,” explains Remco Melgert, Director of Residential Building at Heijmans in Amersfoort.

195 new homes in phase 1
Phase 1 of Podium consists of a residential building for Vesteda (68 mid-rental apartments), a residential building for housing corporation de Alliantie (68 social rental apartments) and 59 owner-occupied apartments. Under the shared courtyard garden is a parking garage with 179 parking spaces, with 68 of these parking spaces earmarked for Vesteda’s residential tower residents. Once phase 1 is completed, construction of Podium phase 2 will continue. Heijmans will connect all the homes in project Podium to a single large thermal energy exchange system (ATES), consisting of a heat and/cold source for heating and cooling.

Sustainable living
Podium will have two prominent green spaces: the Common Green and the Landscape Zone. The Common Green will run like a green zone through the neighbourhood. This will soon be an accessible park with grass, flower beds, trees, hedges, seating areas and semi-paved paths. The plan for the Landscape Zone on the northeast side of the project is a mudflat landscape with an important role in terms of water storage and plenty of attention for ecology and nature. Thanks to its height differences and natural play elements, residents will have a wonderful place for children to play and gambol.

Sustainability and maintenance
Once the work is completed, the houses will be well insulated, with extra insulation for the roofs, floors and cavity walls. The windows will be fitted with HR ++ glass, while Zonneplan will install solar panels. Other energy-saving measures include the installation of electric cooking groups, draught-proofing and mechanical ventilation.

Maintenance work will include exterior painting, the installation of new roof tiles, downspouts and dormer windows. Heilijgers will also replace outdated junction boxes, maintain storage spaces and repair garden walls.

About the complex
The 95 characteristic 1930s homes are located in the stately Elsrijk West neighbourhood in Amstelveen and are situated in the Bors van Waverenstraat, Ch. V. Montpensierlaan, Jan Benninghstraat, De Surmontstraat, vd Giessenstraat and Wolfert van Borsselenweg. This work will give each home a qualitative upgrade, resulting in a significant improvement in the living comfort for tenants. Work started in early 2024 and will be completed by the end of 2024.

Measures

On 25 March, Vesteda sent a message to all tenants announcing that we would take appropriate measures for tenants in acute financial difficulties. In addition to tailor-made solutions, such as the postponement or even cancellation of rental payments, Vesteda is also taking other measures. For instance, we have put a freeze on evictions due to rent in arrears situations and we will not be charging collection costs; plus any temporary rental contracts will be extended if possible. “And if tenants contact us with other problems, we will also find a solution”, says Astrid Schlüter, director Operations. “And that will continue to be the case.”

Solidarity as guiding principle

Vesteda has consciously chosen to look for individual tailor-made solutions for tenants in acute financial difficulties. “At this time, our focus is indeed primarily on this group of tenants, with solidarity our guiding principle. After all, the coronavirus is not just creating social unrest; it is also creating financial uncertainty for some of our tenants”, says Schlüter. Following our message of 25 March, 250 tenants got in touch with us, mainly freelance workers and small business owners. That is 1% of our total tenants. Schlüter: “This number will undoubtedly increase if the coronavirus measures are extended, but the good news is that the large majority of our tenants still have a regular income via their work or their pension.”

Limited rent increases

Vesteda does not want to forget tenants with a regular income. They may not be facing acute financial difficulties, but Vesteda wants to address their needs, too. This is why on 1 July we will increase rents by a lower percentage than contractually agreed. Schlüter: “Rents for regulated rental homes will only be subject to a correction for inflation, while rents for liberalised rental sector homes will be increased by inflation plus a maximum of 1%. In effect, our investors, such as pension funds and insurance firms, have consciously decided to accept a lower return and act in a socially responsible manner.”

Rental policy

In the Netherlands, residential rents can only be increased once a year. At Vesteda, this annual rent increase takes place on 1 July. This year, Vesteda is waiving a maximum rent increase for the third year in a row. Healthy returns are important, as pension funds and insurance firms use this rent (increase) to provide inflation proof incomes for retired workers in sectors such as education, healthcare and the public sector.

With this rental policy, Vesteda supports the joint statement drawn up by the industry organisation for institutional investors.