Wereldhave NV

Wereldhave N.V., through its 70%-owned Wereldhave Belgium, has agreed to sell the retail park De Mael in Bruges, Belgium, to a consortium of private investors. Gross proceeds from the transaction amount to € 49.2 million, excluding transfer tax, reflecting a premium to the asset's latest book value. The divestment of this non-core asset is in line with Wereldhave's strategy to reduce leverage while focusing its portfolio on Full Service Centers, and the proceeds will reduce the net loan-to-value ratio by approximately 110bps compared with 30 June 2026. CEO Matthijs Storm said the company has sold De Mael at a 5.6% net initial yield, while its recent acquisitions in Belgium and Luxembourg were made at net initial yields of 8%+, calling the capital rotation accretive. Transfer of the asset is scheduled for Q2 2027, and Wereldhave was advised on the transaction by Avenue Real Estate. De Mael comprises approximately 20,000 m² GLA and was acquired by Wereldhave in 2018.

Wereldhave announced its half-year 2026 results, reporting positive valuations in the Netherlands and Belgium mainly supported by higher passing rents. Like-for-like gross rental income growth reached 4.3% in the core portfolio. The company is well protected against higher interest rates through low capital expenditure, completed refinancing, and a 64% daily-life exposure. Major steps forward were made in the transformations of Knauf Shopping Schmiede and Cityplaza with mixed-use additions. A €60 million new 10-year US Private Placement was agreed, further strengthening the debt maturity profile. Fitch reaffirmed Wereldhave’s BBB credit rating with a stable outlook. The May AGM approved all resolutions, strengthening access to new equity. The forecast for the full-year 2026 direct result per share was confirmed at €1.85 to €1.95. An earnings-accretive capital rotation in the Benelux is in the letter-of-intent stage.