Amsterdam,
18
December
2015
|
10:42
Europe/Amsterdam

Vesteda to invest over €20 million extra in boosting sustainability of portfolio

Vesteda’s Meeting of Participants has voted unanimously to approve the motion to invest an additional amount of over €20 million in improving the sustainability of Vesteda’s residential portfolio. Thanks to this extra investment, Vesteda will exceed the covenants laid down in the Dutch government’s Energy agreement in 2020.

Vesteda will use this investment to improve the energy performance of around 1,800 homes. The ambitious package of measures includes building insulation, the replacement of electrical and heating systems with energy-efficient alternatives and the generation of sustainable energy by fitting PV panels. The necessary work will be carried out on a complex by complex basis and in phases in the years 2016 through 2020. In 2020, 80% of Vesteda’s portfolio will have been assigned a green label (minimum of energy label C; Energy Index maximum of 1.8). The remaining 20% of the portfolio will have a minimum of energy label D (Energy Index maximum 2.1).

Along with these additional measures, we increase the sustainability of our portfolio by means of acquisitions, disposals and the regular sustainability measures. At the end of the third quarter of this year, the acquisition pipeline consisted of almost 1,000 homes that will be added to the portfolio in the years ahead, all with an energy label A or higher.

Gertjan van der Baan, CEO Vesteda: "Making a portfolio of this size sustainable will require considerable investment. The unanimous approval for this initiative confirms that investors do actually back the companies in which they invest in the execution of their CSR strategies."

Vesteda invests in residential real estate for a broad group of institutional investors with a long-term vision. The three largest investors are Dutch pension fund ABP, Allianz Real Estate and PGGM.

About Vesteda

Vesteda is an investor with a clear focus on the Dutch residential real estate market. Vesteda invests funds for institutional investors, including pension funds and insurers. Vesteda has total capital of approx. €3.7 billion invested in real estate. The company’s rental portfolio stands at a total of around 23,000 units. Vesteda’s key investment regions are the Randstad urban conurbation and the Noord Brabant province. In 2014, Vesteda generated a net result of €136 million, with more than 200 employees.