Dutch Fund Sees €4.1 Billion Redemption Calls After Tax Change

Dutch real estate fund Vesteda Residential said almost all its investors are planning to reduce or sell their holding, after a change in the law left foreign investors facing higher taxes on real estate investments.

Vesteda, the Netherlands’ largest institutional real estate investor, has so far received redemption requests totaling €4.1 billion, 52% of the fund’s assets, it said in a statement Monday.

The redemption requests are driven by the impact of “several fiscal developments, including real estate transfer tax and changes” to the tax regime for foreign pension funds, alongside rising residential property values, Vesteda said. The fund has ...