Vesteda, a Dutch residential investor with a portfolio of just over €10bn, is set to develop a liquidity strategy after receiving €4.1bn in redemption requests from investors in the Vesteda Residential Fund.
In a statement earlier this week, the investor said the programme will include the selective disposal of assets as well as opening the fund to new investors. The plan is expected to be submitted to investors for approval in June 2026.
Astrid Schlüter, Vesteda CEO, said: “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.”
Initial requests put the total value of redemptions at €4.1bn, representing 52% of the fund’s equity. Investors have until 20 April to finalise their redemption requests.
“The execution of the redemptions will be carried out in a planned, disciplined and controlled manner, including through asset disposals and the attraction of new investors,” Schlüter added.
Vesteda, which has also secured a €600m multi-purpose bridge facility for the fund from lenders ING and Rabobank, stressed that the redemption requests are not the result of poor financial performance or investor dissatisfaction. Instead, they are driven by strong value appreciation in the residential property market, investors’ strategic portfolio allocation decisions, as well as the impact of several fiscal developments, including real estate transfer tax and changes to the Dutch Fiscal Investment Institution regime for foreign pension funds, which can no longer benefit from the 0% corporate income tax rate.
Rules introduced in January last year mean foreign pension funds and investment vehicles that invest directly in Dutch real estate are no longer eligible for 0% tax rate and must instead pay the standard corporate income tax rate of 25.8%. The fund noted that its investors - largely pension funds and insurers - are only able to review their holdings once every seven years, making this the first opportunity to exit since the tax changes took effect.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| AtNorth data centre platform | corporate | Nordics | CPP, Equinix | Partners Group | eight assets | €3400 | CPP Investments will own an approximate 60% controlling interest and Equinix will own an approximate 40% stake. |
| 33 healthcare properties | living | Germany, The Netherlands | TPG | Northwest Healthcare | 181,000m2 | €400 | The medical office and clinic portfolio, named Project Nightingale, comprises some 30 assets in Germany and the Netherlands. |
| Islazul mall | retail | Madrid | Castellana | Henderson Park, Eurofund | 90,000m2 | €340 | Since acquiring the centre in 2024, Henderson Park and Eurofund Group have invested significantly in materially improving performance and positioning. |
| 75% stake in three hotel assets | hotel | Ibiza and Sicily | Empresas Matutes | Azora | 1,000rooms | €300 | The assets are BLESS Hotel Ibiza, TRS Ibiza Hotel, and Grand Palladium Sicilia Resort & Spa. |
| 83 Avenue Marceau | office | Paris | Hines | Colonial SFL | 10,000m2 | €243 | The property is home to Goldman Sachs’ French HQ. |
| PBSA asset | living | London | Places for London entity | Helical, Places for London | 429beds | £200 (€230) | The forward funding agreement entails the development of a PBSA asset and 44 homes. |
| Park Plaza London Waterloo | hotel | London | PPHE Hotel Group | CBRE Global Investors | 494 rooms | £147.9 (€170) | The hotel group is repurchasing the asset after selling it in 2017. |
| Pipers Way Swindon | office | Swindon, UK | MCR | NA | 187,000sqft | £130 (€150) | The asset is the former UK headquarters of Intel. |
| DC1 Bermuda Park and two other warehouses | logistics | UK | EQT Real Estate | Prologis | NA | £130 (€150) | The properties are let to Continental Tyres, Unipart and Hoover owner Haier. |
| resi portfolio | living | UK | Patron Capital | Home REIT | 706 assets | £123 (€141) | The assets represent the majority of Home REIT’s portfolio. |
| six logistics assets | logistics | Madrid and Barcelona | CapitaLand Ascendas REIT | Mona Lisa Holdco (Spain), B.V. and Thunder (Spain) Propco III, S.L.U. | 98,825m2 | €125 | The properties are fully leased. |
| Avion shopping centre | retail | Umeå, Sweden | Eurocommercial | Ingka Centres | 45,000m2 | €110 | A defining feature of the scheme is its direct internal access to the adjacent 30,000m2 IKEA store. |
| Washington House | office | London | Wendover | Cola Holdings | 40,000sqft | £70 (€80) | The building was originally constructed in the 1920s and was previously used as a private members’ club known as The Conduit. |
| affordable rental home portfolio | living | Madrid | Aurora Homes | Barings | 305 homes | €70 | The turnkey agreement will see the construction of the affordable homes, with delivery planned for 2029. |
| four industrial units | logistics | Kent, UK | Aberdeen | Clearbell | 190,839sqft | £45 (€52) | The price reflects 4.84% net initial yield. |
| three regional offices | office | UK | Martley Capital | Aberdeen, Federated Hermes, Hargreaves | 270,000sqft | £40 (€46) | The assets are Central Square South in Newcastle; Matalan’s headquarters at Knowsley Business Park in Liverpool and One City Place in Chester. |
| logistics/office asset | mixed | Warsaw | Skanska | Bokserska 64 | 3 hectares | €38 (SEK410) | The site, currently comprising industrial warehouses and office facilities, will be redeveloped into a residential complex. |
| last-mile logistics asset | logistics | Belfast | Lysara | NA | 91,000sqft | £25 (€29) | The property is fully let to Amazon UK Services. |
| outdoor storage facility | logistics | Hesse, Germany | Realterm | NA | 244,771sqft | NA | The asset, located at Hermesstraße 1, is fully leased. |
| vacant office building | office | Berlin | a&o Hostels | Pimco Prime Real Estate | 31,000m2 | NA | The new owner plans to transform the asset into Europe’s largest hotel. |
| six care homes | living | Sweden | Northern Horizon | Urban Partners | 27,000m2 | NA | The portfolio comprises more than 370 care units across the Stockholm region and southern Sweden. |
| two buildings | office | San Donato Milanese, Italy | Akno Group | Dea Capital, Kervis | 28,000m2 | NA | The acquisitions are part of Akno Group’s expansion strategy |
| Park Center Hungary portfolio | retail | Hungary | Gránit Asset Management | Revetas Capital | 45,000m2 | NA | The portfolio comprises eight retail parks and four single-tenant units. |
| Copyright Building | office | London | Ares | Union Investment | 10,000m2 | NA | The building - Netflix’ London headquarters - is almost fully let. |
| logistics asset | logistics | Berlin | Patron and Inbright | Logtrans Spedition | 10,300m2 | NA | The new owners plan to transform the property into a Grade A logistics asset. |
| Print Hall | living | Bristol | Ottoway Portfolio Holdings | Harrison Street Asset Management | 491beds | NA | The two building asset opened in 2017. |
| Barkarby asset | living | Stockholm | CapMan Residential Fund | Slättö | 17,668m2 | NA | Completed in 2025, the property comprises 409 residential units. |
| Westpoint campus | office | Peterborough, UK | M Core | Eagle Street | 177,000sqft | NA | The property is Thomas Cook’s former headquarters. |
| 2.4 MW data centre facility | data centre | Lisbon | Digital Realty | NA | 2.4MW | NA | The facility is expected to be ready for service in early 2027. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| Piccadilly Circus | office | London | Landsec | NA | £450 (€518) | NA | The office-led asset also provides retail and residential accommodation. |
| City View Paddington | living | London | Union Property Developments | 357beds | £191 (€220) | Knight Frank and Cushman & Wakefield | Development of the asset was financed by a loan provided by Maslow Capital. |
| 3 Chamberlain Square | office | Birmingham | Federated Hermes | 191,000sqft | £123 (€141) | CBRE | The Paradise building is fully leased. |
| Blakeridge Mill Village | living | Batley, UK | Binks Development | 284 apartments | £35 (€40) | NA | The sale reflects an 8.8% yield. |
| Belmont office | office | Uxbridge, UK | London and Regional | 44,986sqft | £32 (€37) | Knight Frank | The asset is fully let. |
| Knightsbrook hotel | hotel | Co Meath, Dublin | Cusack Hotel Group | 134 bedrooms | €20-30 | Savills and Jones Lang LaSalle | The hotel is located on a 185-acre site which includes a golf course. |
| 255 Hammersmith Road | office | London | FORE Partnership | 110,100sqft | NA | Newmark | The building has development consent for 137 residential units. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| ING, Rabobank | Vesteda | Dutch residential portfolio | €600 | The bridge facility was secured after investors submitted €4.1bn in redemption requests, representing 52% of fund’s equity. |
| Goldman Sachs | Kennedy Wilson, CPP Investments | 788 single family rental housing units in the UK | £500 (€573) | The five-year debt finances the purchase of assets from partners including Barratt Redrow, Miller Homes and Wavensmere. |
| Bond investors | Swiss Prime Site | Unsecured | €380 | The green convertible bond allows the refinancing of the firm’s CHF275m loan |
| Natixis CIB | Quintain | Wembley Park scheme | £310 (€357) | The green loan will refinance a duo of built to rent schemes. |
| ABN Amro Bank, ING Bank and Rabobank | Wereldhave | Unsecured | €250 | The multi-tranche syndicated sustainability-linked RCF is for a term of five years, with extension options for up to two years. |
| SHC Capital | Glenmore Group | PBSA portfolio | £60 (€69) | The refinancing enables Glenmore to consolidate part of its portfolio while providing capital to support further investment across its UK development pipeline. |
| Atelier | MCR Property | Kent PBSA scheme | £33 (€38) | The loan will support the refurbishment of a PBSA scheme. |
| Deutsche Hypo – NORD/LB Real Estate Finance | bauwo Grundstücksgesellschaft mbH | Two logistics developments in Germany | NA | The total loan amount for the properties in Dombühl (Middle Franconia) and Rheinau (Baden-Württemberg) is in the hundreds of millions of euros. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Catella and Pictet Alternative Advisors | Resi development JV in Copenhagen | Expanding development activities in the living sector in the Nordics | The two partners will be looking to deliver 205 apartments in Greater Copenhagen |
| Barwood Capital | I&L fund “Growth Fund VI” | Capitalise on the profound industrial, technological, occupational and economic shifts, which has been defined as the UK’s ‘fourth industrial revolution’. | The fund, which has a hard cap of £400m, will be fundraising throughout the year, with a final close planned for the second quarter of 2027. |
| Northern Horizon | Aged Care and Social Infrastructure Fund | Investing in newly purpose-built care properties | The vehicle has raised an additional €140m from MN and from UBS Asset Management. |
| Carlyle and Q-Living | Spanish housing JV | Investing in Spanish affordable homes. | The alliance plans to invest €300 million to create a portfolio of 1,500 rental homes in the Community of Madrid. |
