VESTEDA AFFORDABLE HOUSING II

Promoter – Financial Intermediary

VESTEDA INVESTMENT MANAGEMENT BV

Location

• The Netherlands

Description

The operation will finance the construction of new rental housing and highly energy efficient retrofitting of existing housing.

Additionality and Impact

The operation will help to accelerate the supply of rented social and affordable housing for low and moderate-income households in urban agglomerations with very tense residential markets in the Netherlands, and to reduce the energy consumption of existing residential buildings. 

The Project meets UN Sustainable Development Goals, various EU Sustainable Urban Development goals and Energy Efficiency targets, and municipal housing objectives. It addresses a number of externalities and sub-optimal investment flows. The Project will increase the supply of social and affordable housing for rent and contribute towards improving the social mix and social inclusion. The modernisation of the existing housing units will substantially decrease energy consumption and improve the resident's living conditions and quality of life. More widely, the Project will contribute to urban regeneration with improvements to the quality and attractiveness of the built environment.

This loan will increase the affordability of the borrower's substantial investment programme by helping it to optimise its funding diversification. The Bank's financing will also offer further important benefits such as a long loan maturity and flexibility with respect to availability period, interest rate arrangements and drawdowns, which will enable an optimal alignment with the implementation modalities of the Project.

Objectives

The aim is to increase the supply of affordable housing for medium income households in the Netherlands. The investments will also contribute to urban regeneration and renewal. Part of the investment programme will contribute to new highly energy efficient affordable rental housing.

Comments

This is a repeat operation from 2019-0153 VESTEDA AFFORDABLE HOUSING.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

EUR 150 million

Total cost (Approximate amount)

EUR 351 million

Environmental aspects

National environmental legislation has been harmonised in line with the relevant Environmental Impact Assessment (EIA) Directives 2011/92/EU Directive and Strategic Environmental Assessment (SEA) Directive 2001/42/EC. The EIB's appraisal will focus on the promoter's environmental management capacity to properly apply the EU SEA Directive 2001/42/EC, the EU EIA Directive 2011/92/EU, as well as the requirements of the EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC, where appropriate. The applicable energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU, as well as the status of any environmental studies and public consultations related to the housing investments will also be reviewed during project appraisal.

Procurement

Based on the information available to the Bank, the Promoter is a private company not subject to EU rules on public procurement or concessions.

Status

Signed - 20/12/2022