DGAP-News: Wereldhave /
Wereldhave acquires full ownership of shopping centre De Koperwiek in
Capelle a/d IJssel, the Netherlands

28.02.2014 / 07:45

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Schiphol, the Netherlands, 2014-02-28 07:45 CET (GLOBE NEWSWIRE) --
Wereldhave has reached agreement with Van der Vorm Vastgoed on the acquisition
of their part of shopping centre Koperwiek in Capelle aan den IJssel, The
Netherlands, thereby increasing Wereldhave's ownership to 100%. The purchase
price including transactions costs amounts to [Eur] 60.1m (including [Eur] 3m
for 
developments), reflecting a net initial yield of 6.1%. 

Having full ownership offers Wereldhave the opportunity to improve the
connection between both parts of the centre, create bigger units, accommodate
new tenants and realize cost synergies in asset management. Occupancy of the
Wereldhave part has consistently been > 99%, whereas some retailers have asked
to expand (Jumbo), enter the centre (Eko Plaza, Big Bazar) or expressed
interest to enter (Action, C&A). These interests can now be accommodated. 

De Koperwiek is a locally dominant shopping centre in the city centre of
Capelle aan den IJssel, five km east of Rotterdam. With a total n.l.a. of
25,000m2, the centre serves a primary catchment of 66,000 inhabitants in
Capelle, increasing to >110,000 within a two-kilometer radius. The catchment is
forecasted to show modest growth and the income profile is slightly above the
national average. With its location next to the town hall, public library,
theater and metro station, the centre serves as the central heart of the city
since the first phase opened in 1966. It has had several extensions since and
now comprises more than 100 shops. The centre is anchored by two supermarkets,
Albert Heijn and Jumbo, and several (inter)national chains: H&M, Rituals,
Douglas, Ici Paris, Coolcat, a.o. 

The transaction consists of 16,000m2 of retail space, 26 residential units
located above the centre and the development of a 4,000m2 extension. 

Including a 1,000m2 extension in the part Wereldhave currently owns, the centre
will be reconfigured, refreshed and expanded by 5,000m2 in a development plan
which runs from 2014-2016. The total investment volume will amount to
approximately [Eur] 21m and produce a net yield on cost of 6.5-7.0%. The
redevelopment, which includes improved routing, a central F&B square and
additional parking space, will further strengthen the position of De Koperwiek. 

De Koperwiek has a proven track record of steadily increasing cash flow. The
shopping centre matches all of Wereldhave's investment criteria and therefore
fits well into its strategy of investing in high quality, medium-sized shopping
centres in North-west Europe. 

The transaction is scheduled for completion on 11 March and will be fully
funded by existing credit facilities. 


         Information for the press:
         Richard W. Beentjes
         E richard.beentjes@wereldhave.com
         T + 31 20 702 78 33
         
         Information for analysts:
         Jaap-Jan Fit
         E jaapjan.fit@wereldhave.com
         T + 31 20 702 78 43

Click on, or paste the following link into your web browser, to view the
associated documents 

https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmen
tId=461997 

News Source: NASDAQ OMX


End of Corporate News

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Language:    English      
Company:     Wereldhave   
 
 
             Netherlands  
 
 
End of News    DGAP News-Service  
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254952 28.02.2014