Reinier Walta (1974) has held various financial and management positions in the international real estate sector, including as CFO and later CEO of the listed company Vastned Retail. Thanks to his financial expertise and management experience, he brings a range of qualities that will be highly valuable in Vesteda’s continued development, both as an organisation and as a long-term residential real estate investor.

Paul Meulenberg, Chair of Vesteda’s Supervisory Committee: “We are delighted with the appointment of Reinier Walta as Vesteda CFO. He brings a wealth of financial and management experience, and a strong track record in the real estate sector, together with in-depth knowledge of real estate, finance and capital markets. At the same time, we would like to express our appreciation and gratitude to Frits Vervoort. Over the past ten years, he has made a significant contribution to Vesteda’s development: under his leadership, Vesteda has strengthened its financial organisation and financial position, and made major strides on the digitalisation front. On behalf of the Supervisory Committee, we would like to thank him for his exceptional dedication and wish him every success for the future.

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 revised mechanism introduces an annual liquidity cycle, replacing the previous seven-year cycle, that better aligns with the long-term interests of both the Fund and its investors.

In the first half of 2026, we delivered a total return on time- weighted average equity of 5.5%. Continued growth in rental income contributed to a realised result of €135 million, up 10% compared to the first half of 2025. In addition, our investment portfolio recorded a like-for-like value increase of 3.2%, primarily reflecting the positive impact of the new transfer tax regulation.

Vesteda remains solidly financed, with a strong balance sheet and operating comfortably within its debt covenants. In July, Vesteda received an A- rating from Fitch Ratings. In addition, S&P Global removed its Negative CreditWatch, resulting in a BBB rating with a Stable Outlook. These developments further strengthened Vesteda’s access to the capital markets, as demonstrated by the recent €500 million green bond issuance, which was oversubscribed by more than 13 times.

Vesteda's strategy, Housing as a Force for Good, remains central to its activities. During the first half of 2026, Vesteda became the first institutional residential investor and landlord in the Netherlands to achieve B Corp certification, underlining its commitment to creating long-term value for tenants, investors and society. Sustainability investments also continued, including the installation of more than 1,050 free solar panels and the rollout of additional home battery systems, helping tenants reduce both energy costs and CO₂ emissions.

For more information, please refer to our Half-Year Report 2026 or visit www.vesteda.com.

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].

On 2 March of this year, Vesteda announced that investors had submitted indicative redemption requests totalling € 4.1 billion in the Vesteda Residential Fund. In the period that followed, Vesteda worked in close and constructive consultation with investors to ensure the redemption process was managed carefully and to amend the fund terms.

Amendment of the fund terms
The amended fund terms now enable investors to submit a redemption request once a year. Vesteda will make liquidity available for 7.5% of the fund’s equity on a best-effort basis each year.

The amendment to the fund terms introduces a different dynamic to the existing demand for liquidity. As this is an ongoing annual process, investors will now be in a better position to respond to their liquidity needs, market conditions and the investment climate, while Vesteda will continue to invest in its residential portfolio.

Astrid Schlüter, Vesteda CEO: “The amendment to the fund terms is in line with what investors can expect from an open-ended residential real estate fund. The unanimous support for this amendment confirms our investors’ confidence in the fund’s long-term strategy and our role in the Dutch housing market. Vesteda thereby reaffirms its strong position as a long-term partner for institutional investors looking to invest in sustainable Dutch rental properties.”

Solid starting position for careful implementation
Vesteda’s financial position provides a solid foundation for the implementation of the new fund terms. The portfolio value stood at approximately € 10.8 billion in the first quarter of 2026. In addition to this, sustainability remains a key component of Vesteda’s strategy.

Vesteda will make liquidity available on a best-effort basis, utilising a range of instruments, such as the sale of properties, raising new debt and refinancing existing debt, adjusting the dividend pay-out and by attracting new investors.

In its efforts to finance the redemption requests, Vesteda will at all times comply with the applicable financing covenants and other terms and conditions (including the terms of its bonds and private borrowings).

In June, Vesteda successfully extended its € 300-million bridging loan by one year. This extension provides Vesteda with sufficient liquidity to repay the bonds and private loans maturing in the coming year in a timely manner. Furthermore, Vesteda has no repayment obligations on its bank borrowings for the next two years.

About Vesteda
Vesteda is a residential real estate investor and landlord focusing on sustainable and affordable homes in the mid-market rental segment. Vesteda invests funds from institutional investors, such as pension funds and insurers. Its rental portfolio currently comprises approximately 28,000 homes with a total value of € 10.8 billion. Vesteda’s properties are mainly located in economically strong areas and metropolitan regions in the Netherlands.

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

^[1] The figure of € 765 million is based on the equity of the Vesteda Residential Fund as at 31 March 2026, calculated on the basis of the number of units being redeemed.

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.

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.

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.

Vesteda continues to build on its ‘Housing as a force for good’ strategy, using its residential properties to generate positive social impact and create long-term value.

We completed two new-build projects, de Kuil in Rotterdam and LOOS in The Hague, adding 158 rental homes to the housing market. Furthermore, we continued our sustainability investments and, amongst others, installed over 5,000 free solar panels on our homes, reducing CO₂ emissions of our portfolio and lowering the energy bill of our tenants.

Our operational performance was strong, driven by a high demand for our rental homes and an occupancy rate of 98%. Realised result was robust and the value of our portfolio increased modestly. We comfortably met all our debt covenants and S&P reconfirmed our credit rating of A-. Finally, we successfully closed a secondary transaction with a new investor.

For more information, please refer to our Half-Year Report 2025 or visit www.vesteda.com.

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.

Vesteda strives to foster a housing market in which affordability, sustainability, accessibility and solidarity are central, based on our desire to contribute and do good for the world. Michiel de Bruine, COO of Vesteda: "We want to use our homes to actively contribute to solving society's current challenges. Through our new mission and strategy, Housing as a force for good, we are helping to create liveable and sustainable living environments to enhance the well-being of our tenants. We have started this partnership with Huis van Actief Burgerschap to bolster this ambition."

About Huis van Actief Burgerschap
Huis van Actief Burgerschap is a place where active citizens, citizen initiatives and other interested parties can meet to inspire one another and join forces. It is a platform and knowledge centre that stimulates active citizenship through research, education and practical initiatives. Huis van Actief Burgerschap's approach is based on co-creation: residents, government bodies and businesses work together on an equal footing to make neighbourhoods stronger, more resilient and more self-reliant. In this system, existing initiatives are supported and strengthened instead of being replaced by a top-down approach.

Inspire and connect
This partnership is in line with Vesteda's strategic targets related to tenant satisfaction and social strategy. It is a scalable and future-oriented approach that will help Vesteda achive its mission and societal ambitions. Teun Gautier, co-founder of Huis van Actief Burgerschap: "It's great that Vesteda is taking the step to enter into this partnership with us. There is a lot of potential for collaboration between businesses and citizen initiatives, and we will explore and develop these opportunities together. It's an important step for the resident movement."

The first steps, set-up and knowledge sharing
Vesteda is incredibly enthusiastic about this new partnership with Huis van Actief Burgerschap, and is looking forward to employing the organisation's expertise, inspiration and knowledge in its complexes.

Vesteda and Vogelbescherming share a mission, which forms the basis of their alliance: nature-inclusive building as the norm, making sure nature is enhanced in places where homes are built or renovated. Vesteda builds sustainable, bird-friendly homes, and all new Vesteda tenants get a coupon for Vogelbescherming's online shop.

The collaboration has been a great success in recent years, which is why Vesteda and Vogelbescherming Nederland will be working together again over the next three years to create space for birds, butterflies and bees around buildings, and to inspire others in the real estate world. 

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.

For most of its rental contacts, Vesteda will use the inflation rate over the annual period March 2024 to March 2025 and apply a maximum surcharge of 1% to this inflation rate. This surcharge is meant to compensate for above-inflation-rate cost increases and to bring rents in line with the value development of the portfolio. “In our current forecast, we are assuming an annual inflation rate of 3.1% and a surcharge of 1%,” says Vesteda COO Michiel de Bruine. However, if the final annual inflation rate in March falls below 3.1%, we will use that lower figure in our rental price calculations. This means that the upcoming rent increase could be even lower than 4.1%.”

Political volatility 
“We are calling for a single regulatory system that is fixed for at least 10 years,” says De Bruine. He believes the ongoing debate in the House of Representatives creates a lot of uncertainty for both tenants and landlords. “It’s quite remarkable that over the past few years politicians have repeatedly changed the system used to determine maximum rent increases. We now have three different regimes for the social, mid-rental and liberalised rental sectors; this is both far from ideal and difficult to explain to our tenants. This is why we strongly advocate a calculation method of CPI plus a maximum of 1%.  For the record, Vesteda has been applying a moderate rent increase policy since 2018.”

Tenants also rated the knowledge and friendliness of our staff highly at 7.2 and 7.6, respectively. The benchmark results show that Vesteda tenants are the most satisfied in the benchmark group. This may be because Vesteda is not only the owner of its homes, but is also responsible for the rental, management, and maintenance of its homes. Other residential investors often outsource these activities.

Board member Michiel de Bruine says he is proud of the results of the survey. “The survey shows that we achieved better results than last year on almost all fronts. On top of this, half of our tenants gave us a minimum of 8 as their satisfaction score. That is a huge compliment from our tenants. This good news does not mean we can now rest on our laurels. The survey still provides enough pointers for us to keep working on further improvements in our tenant satisfaction score.”

Customeyes

Customeyes, an independent research firm, conducted the tenant satisfaction survey in September 2024. Customeyes invited 5,600 Vesteda tenants to participate in the survey. The participation rate was 40%, making it a representative sample.

“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.

As CFO, Frits Vervoort is responsible for Finance & Control, Legal & Compliance, Digital & Innovation and Operations. Since the appointment of Astrid Schlüter as CEO on 3 April 2024, together they form Vesteda’s statutory Management Board.

Vesteda’s half-year report 2024 is available as of today: Vesteda half-year report 2024.

For more information, please visit www.vesteda.com or www.vestedareport.com.

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.

Astrid Schlüter: ‘We are extremely pleased with Michiel’s arrival and are convinced that together with the team he will be able to make a valuable contribution to the achievement of our strategic goals, and in particular to the continued improvement of our financial and social returns and our tenant satisfaction.’

Michiel de Bruine bid farewell to Bouwinvest six months ago, after over 18 years with the company. He had been director of Dutch residential investments at Bouwinvest since 2007. Michiel de Bruine studied law at the Vrije Universiteit in Amsterdam.

Michiel de Bruine: ‘My experience in property management and real estate asset management come together very nicely in this role. Vesteda is known to me as a professional organisation with an impressive residential portfolio. The ambitious goals, combined with their mission statement ‘At home with Vesteda’, which emphasises the value of all stakeholders, really appeals to me. So I am very much looking forward to being able to help steer this as COO’.

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.

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.”

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.

“We do not expect this legislative amendment for the liberalised rental sector in the short term,” said Astrid Schlüter, Vesteda COO. "We would like to inform our tenant organisations and tenants in good time about our proposed rent policy. The statutory advice deadlines are tight, which is why we cannot wait for political decision-making. Announcing our rent price policy at an early stage gives tenant organisations enough time to give their advice and we can then inform our tenants before 1 May about the rent increase from 1 July 2024.”

Proposed 2024 rent policy

“In addition, we think a 6.8% rent increase is on the high side,” Astrid Schlüter continued. “We think it is important that our homes remain affordable in the future. We also advocate a consistent rent policy, so tenants know in advance what they can expect from us. This is why we have once again opted for a rent increase of inflation (CPI) + 1%, with a maximum of 4% for our liberalised rental homes. This same maximum percentage applies to our government-regulated homes.” The 1% surcharge is intended to meet building, renovation and sustainability costs.

Inflation not yet known

The inflation rate (CPI) will be set in March based on the March 2023-March 2024 inflation rate. Schlüter: “We are assuming an inflation rate of 3% in our current forecasts. If the final inflation rate is higher, it will remain 3% in our calculations. If the inflation rate is lower, we will include that figure in the rent calculation. As a result, the maximum rent increase this year could therefore be even lower than 4%.”

Peace of mind and predictability

According to Astrid Schlüter, the inertia and political capriciousness in recent years have created a lot of uncertainty among both tenants and landlords. “It is striking that over the past three years, politicians have changed the system for setting the maximum rent increase every single year. We have to keep changing in line with these systems and so do our tenants. We advocate a single statutory system that is fixed for the next 10 years. By doing this, the government will ensure a consistent rent increase policy and much-needed peace and predictability for both tenants and landlords.”

Active contribution to mobility

When allocating the apartments, Vesteda gave priority to residents from Amsterdam New West and to tenants who were leaving a social rental home behind. As a result, their homes were once again available to first-time renters and people with lower incomes. By doing this, Vesteda made an active contribution to mobility on the Amsterdam housing market.

Other priority schemes

In addition, in the allocation of the apartments Vesteda gave priority to people in key social professions, such as employees in healthcare, education, the police force and the fire brigade. A third of the new tenants work in one of these sectors. Furthermore, friends and colleagues were able to sign up for so-called ‘Friends’ apartments, enabling these singles to share housing costs. All in all, Vesteda allocated almost 100 percent of the mid-rental homes to priority candidates.

Alderman Reinier Van Dantzig: “These new homes are badly needed by Amsterdam residents who are waiting for a new home. It is especially important that we were able to create extra opportunities for residents from Amsterdam New West, for police officers, teachers and healthcare workers and for people leaving behind social housing. This also makes the complex an improvement for the neighbourhood and I wish all residents a lot of enjoyment in their new homes.”

Rene Tim, Head of Acquisitions & Development at Vesteda: “We are proud of the completion of The Ox, a beautiful residential building that gives a boost to the transformation of Amsterdam New West. With The Ox, we are offering affordable and high-quality rental homes to people who are indispensable to the city, such as teachers, nurses and police officers. We want them to be able to (continue to) live and work in their own city. We are also contributing to mobility on the housing market and diversity in the neighbourhood. The Ox is a perfect example of how we fulfil our social role as a residential investor.”

Frank Klomp, Project Development Director at Van Wijnen: “As Van Wijnen, we are proud to be giving such a wonderful asset to Vesteda and the city of Amsterdam with the development and realisation of this beautiful project.”

The Ox was developed by Van Wijnen Projectontwikkeling Midden B.V. and built by Van Wijnen Amsterdam B.V. The design is by LEVS architects. The rental of the apartments started in November 2023 and has now been completed. The first residents will move into their new homes in February 2024.

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.

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.

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.

Alderman Chantal Zeegers (Climate, Construction and Housing) will celebrate the start of construction of this Vesteda complex together with representatives from pension fund ABP, contractor Dura Vermeer, developer Focus on Impact and investor/landlord Vesteda.

“It’s great news that lots of new homes can now be built in this special place in Vreewijk, in the former location of the Daniel den Hoed cancer centre. Together, we have done everything we can make sure we can continue to build. The project will help create a better mix of housing types in the neighbourhood, also in the mid-rental segment,” said alderman Chantal Zeegers.

Bart van Dijk, Managing Director of Dura Vermeer Bouw Zuid West agreed: “After intensive and effective cooperation with Focus on Impact and Vesteda, the project is now ready for us to start construction. We are extremely happy with this and together with our partners we will make this an amazing project.”

“After putting our all into this project, this is the moment we have been really looking forward to,” says Philip van der Ent, Commercial Director at developer Focus on Impact. “Together with our valued partners, we have worked tirelessly to get the go-ahead for the construction of the 160 apartments on 22 November. Next year, we will see the start on the construction of the final 83 houses, completing this special residential area. Cooperation really is the key to success here! With this fantastic step forward, we are doing our bit to alleviate the housing shortage in Rotterdam.”

“The Zuiderhof project is a wonderful addition to our portfolio,” says René Tim, head of Acquisitions & Development at Vesteda. “Besides adding 160 high-quality mid-rental segment and free-sector rental homes to our portfolio, we are also ensuring social impact by renting out the homes on a priority basis to candidates in key professions. The fact that we managed to realise such a project at this time is thanks to the commitment of everyone involved to continue building even in these more challenging times.”

About Zuiderhof

Vesteda’s new-build Zuiderhof complex consists of five different blocks: two stand-alone apartment buildings and three blocks of gallery apartments. A semi-underground car park with 75 parking spaces, storage areas and a spacious bicycle shed will be built beneath one of the apartment buildings. The complex is located between Dordtsestraatweg and Groene Hilledijk and partly adjacent to the Valkeniersweide park. The Zuidplein shopping centre is a 10-minute walk away and the shops on the Beijerlandselaan are within five minutes’ cycling distance. The neighbourhood offers childcare facilities and schools for children. Tram station Groene Hilledijk is a five-minute walk away and residents can reach Rotterdam Central Station by metro within 12 minutes.

Chantal Zeegers, Rotterdam Alderman for Climate, Construction and Housing: “It’s great news that lots of new homes can now be built in this special place in Vreewijk, in the former location of the Daniel den Hoed cancer centre. Together, we have done everything we can make sure we can continue to build. This project will help create a better mix of housing types in the neighbourhood, also in the mid-rental segment.”

Harmen van Wijnen, ABP Board Chairman: “ABP wants to build together for good pensions in a liveable world. The Netherlands has a housing shortage and our participants experience that too. We have been investing in Vesteda for decades and, as trusted partners, we started looking for ways that we could help to come up with solutions. And we have been successful. Thanks to our additional investment in Vesteda, we are realising affordable rental homes where our participants are given priority. Making this an attractive long-term investment that pays off in good pensions and homes for our participants.”

Gertjan van der Baan, Vesteda CEO: “We are proud that our early investor is making it possible to build more affordable rental housing in the Netherlands, while providing the fund with liquidity. Thank you to everyone involved who made this possible.”

About the Zuiderhof project
Vesteda has acquired the Zuiderhof project from developer Focus on Impact and contractor Dura Vermeer. The project is part of the Vreewijk garden village in the Feijenoord district of Rotterdam-South. The project consists of 160 two, three and four-room apartments, with floor space ranging from 48 m² to 112 m². According to current planning, these mid-rental segment and free-sector apartments will be rented out in 2026. The rents of the mid-rental apartments meet the City of Rotterdam’s conditions and range between € 808 and € 1,075 per month (price level 2023). The apartments will be rented on a priority basis to candidates in key professions, including teachers, police officers and healthcare workers, who have taken out their pensions with ABP. The festive start of construction will take place on Wednesday, 22 November.

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. 

Maintenance and improved sustainability
The work includes replacing the roofs and gutters, insulating the roof from the outside and adding solar panels. Other energy-saving measures include installing HR++ glass, insulating both cavity walls and crawl spaces, plus the installation of mechanical ventilation. These measures will improve the insulation of the houses, making them more energy efficient and, most importantly, more comfortable for residents to live in. In addition, Van Wijnen will carry out maintenance work on the dormers, balconies and on the masonry of the facades. Residents say they are enthusiastically looking forward to all the improvements that will soon enable them to live in completely refurbished, comfortable and energy-efficient homes.

Preservation of existing greenery
Vesteda and the Struikroven foundation have joined forces to make the preservation and reuse of existing greenery the norm in construction projects. During the work on this project, Van Wijnen will need to erect scaffolding in the gardens, displacing some shrubs and plants. Volunteers from the Struikroven foundation, also known as Struikrovers (shrub bandits), are helping residents to temporarily remove plants and shrubs from their gardens so they can be replanted later.

Pilot in Amsterdam
Last year, Vesteda launched a pilot project in Amsterdam. From 1 January 2022, Vesteda gave priority to candidates working in key social professions in the allocation of affordable housing in the Midden Akerveldsepolder neighbourhood of Amsterdam Nieuw West. Local residents were enthusiastic about this pilot and it has since become our standard policy in this Amsterdam neighbourhood.

Priority for key workers in new-build complexes
In 2023, Vesteda made approaching and selecting key workers one of its priorities when leasing new-build complexes. Vesteda believes it is important for nurses, teachers, firefighters and police officers to (continue to) live in their own city. Following the completion of the new-build complexes in The Hague and Helmond, Vesteda has one more complex due to be completed in November this year where key workers will be given priority: The Ox in Amsterdam.

Criteria
Candidates in a social profession must register for a property via the complex’s rental website and provide relevant documents, such as a permanent employment contract, or a temporary contract for at least one year, of at least 28 hours per week. Of course, they also have to meet the income criteria for these apartments. A structural irregular hours allowance counts in full when we calculate someone’s monthly gross income.

The entire process of preparing, placing and documenting of the bond was digital. Ownership of the bond was recorded in tokens on the blockchain. With the transaction, DekaBank received unique keys to securely access these tokens.

Frits Vervoort, cfo of Vesteda: "For Vesteda, it was a great learning experience to arrange a digital green bond by means of public blockchain. We have gained valuable knowledge on the benefits of blockchain technology in financing solutions. We are thankful for DekaBank for their trust in us and ABN AMRO for arranging this transaction. We will closely follow further developments as we expect this technology will help us further in the future."  

Olivier Aartsen, Head of Debt Capital Markets (DCM): "At ABN AMRO, we are very pleased with the placement of the digital bond for Vesteda, as well as the debt that DekaBank provided this way. We enjoyed working with Vesteda and DekaBank on this transaction, who have demonstrated to be open to innovations.”

Vesteda’s half-year report 2023 is available as of today: Vesteda half-year report 2023.

For more information, please visit www.vesteda.com or www.vestedareport.com.

As per 1 August 2023, René Tim will be responsible within Vesteda for future acquisitions of new-build properties, dispositions and the redevelopment of existing residential properties.

Gertjan van der Baan: "The market conditions for acquiring new-build projects have changed dramatically in the recent period. It is up to René Tim, together with the team, to make good use of this in the coming years."

René Tim replaces his former manager Pieter Knauff with whom he has worked for the past six years. René Tim started his career at Savills after completing his degree in Urban Planning at the University of Amsterdam and joined Vesteda in June 2017.

René Tim: "After working as acquisition & development manager at Vesteda for more than six years, it is a very nice step for me to now have final responsibility for the redevelopment, purchase and sale of residential real estate."

Clear selection criteria

Vesteda receives around 10,000 responses each month to an average rental offering of 300 homes per month. And the average number of responses per home is often much higher in Amsterdam and other large cities. Vesteda does not use waiting lists, but sets clear selection criteria based on income requirements, rental start date, the completeness of any required documentation and household composition. If several candidates meet these criteria, the date and time the rental home is viewed applies.

Inappropriate behaviour

Due to the tight rental market, letting agents are faced with an increasing number of prospective tenants who offer money to gain priority. These amounts can run as high as EUR 5,000 each time. In addition, the names and e-mail addresses of rental employees are being circulated in closed app groups and on social media, with calls to approach them directly for a rental property. Vesteda employees are also being personally approached via their social media accounts and put under pressure to rent properties. Vesteda has decided to cease all contact with such candidates and have this inappropriate behaviour reported internally. Vesteda recently posted this policy on its external website.

Tenant nomination

Since 1 April 2022, Vesteda’s policy has been to not allow departing tenants to nominate their own candidate tenants for a vacant property with a rental price up to EUR 1,400. This policy change was also initiated due to inappropriate behaviour, namely departing tenants asking for high takeover fees and key money.