Wereldhave Belgium has signed an agreement with the issuer of the real estate certificate 'Kortrijk Ring Shopping Center' to acquire the leasehold rights of the part of the centre (22.000 m²) that is property of the real estate certificate. At the end of September Wereldhave Belgium had already acquired a part of the centre from Redevco (11.000 m²). The latest transaction brings the total acquisition price for the entire centre to 108.1 mln, including transaction costs, reflecting a net initial yield of 6.1 %. Hence, the shopping centre will now have one single owner, which will enable an efficient management.
The shopping centre is located at the ring road of Kortrijk, accessibility and visibility are excellent and it offers free parking facilities for approximately 2.000 vehicles.
The shopping centre has a diversified tenant portfolio, including C&A, Esprit, Albert Heijn, H&M, Sergent Major, Sports Direct, Miss Etam, Ici Paris XL, Coolcat, etc. The shopping centre is for 92% occupied, what offers opportunities for improvement and optimisation. Visitor numbers currently stand around 3 mln annually.
Kortrijk Ring Shopping Center has a proven track record and offers a stable cash flow.
The transaction fully matches with Wereldhave Belgium's strategic investment criteria to invest in shopping centres embedded in a strong and sizable catchment area.
The closing of the transaction is foreseen for January 2015.
Vilvoorde, 18 December, 2014
Statutory Management Company - NV Wereldhave Belgium SA
For further information: L. Plasman / E. De Landtsheer
+32 2 732 19 00
investor.relations@wereldhavebelgium.com
