Vesteda review 2020: A year with unexpected challenges
On 7 April, we published our Annual Report 2020. A year that was, for the most part dominated by the COVID-19 pandemic. The outbreak of the virus resulted in a global crisis and governments across the world taking various extreme measures, such as (partial) lockdowns of cities and countries. The Dutch government launched an extensive economic rescue package to save as many jobs, income and companies as possible.
We believe it is our social responsibility to help our tenants during this crisis. We offered custom-made solutions to all our tenants in immediate financial difficulties and moderated our annual rent increase. Vesteda also took several actions aimed at containing the spread of the virus.
In 2020, overall tenant satisfaction improved to 7.1 in 2020 from 6.9 in 2019, outperforming the benchmark (7.0). The construction of pipeline projects continued during the pandemic and our funding structure demonstrated its resilience during this crisis. We completed the insourcing of the former Delta Lloyd portfolio and we successfully implemented our new ERP system, including the launch of a new website, rental portal and tenant portal. We made solid progress on our ESG targets and we once again achieved a GRESB 5-star rating.
We would like to invite you to read more about the developments in 2020 and our performance in our online annual report at www.vestedareport.com.
Vesteda is a residential investor and landlord that focuses on sustainable and affordable homes in the mid rental segment. Vesteda invests funds for institutional investors, such as pension funds and insurance companies. The portfolio consists of nearly 28,000 residential units with a total value of 9 billion euro. The homes are mainly located in economically strong regions and core urban areas in the Netherlands.