Wereldhave Belgium contemplates a transaction with Redevco Retail Belgium by which the latter would contribute its real property rights in the shopping center 'Shopping I' and in the commercial part of the complex 'Stads- en Sint-Martinusplein', located in Genk, against new shares issued by Wereldhave Belgium.
This transaction would amount to approximately 69 million.
A partial demerger proposal will be filed today at the Clerk's Office of the Tribunal of Commerce of Brussels with a view of being submitted to the vote of the respective shareholders of the SCA Wereldhave Belgium Comm.VA. and of the SCS Redevco Retail Belgium Comm.V. at the Extraordinary General Assembly of Shareholders to be held on April 11, 2012 (for the full text of the demerger proposal, please check the website of Wereldhave Belgium - Investors and Media / Shareholders' meeting).
Wereldhave NV intends to keep its (direct and indirect) stake in Wereldhave Belgium at a similar level.
This transaction fits into the strategy of Wereldhave Belgium to concentrate its activities on (the redevelopment of) shopping centers.
Source: Wereldhave Belgium