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 NVWereldhave agreed to sell De Mael retail park for €49.2M at a premium to book value, reducing leverage and LTV by ~110bps as part of its capital rotation strategy.
