Vastned Retail and its Belgian listed subsidiary, Vastned Belgium have announced that they have agreed on the Merger Protocol for the implementation of a reverse cross-border legal merger. This merger involves Vastned Retail merging with and into Vastned Belgium, along with the payment of certain dividends in connection with the Merger. The combined company will be named ‘Vastned’ and will be headquartered in Belgium. The Vastned Group will continue its activities in the Netherlands, Belgium, France, and Spain, with a total gross rental income of €72.1m (reported consolidated gross rental income in 2023).
Reinier Walta, CEO and sole member of the Executive Board of Vastned Retail: “This transformational transaction marks an important milestone in the conclusion of our strategic reorientation that we announced in 2023 in the context of the rising interest rates, increasing yields on retail real estate properties and the abolishment of the FII regime. Since announcement, we have made very good progress on the strategic divestments with sales of c. €126m around book values, and I am pleased with today’s announcement of the contemplated merger of Vastned Retail and Vastned Belgium. Following the transaction, Vastned will offer all shareholders a more attractive investment proposition going forward.”
Jaap Blokhuis, chair of the Supervisory Board of Vastned Retail: “Vastned Retail’s supervisory board is convinced that the intended merger is in the best interest of Vastned and its stakeholders and that it will deliver value for both the shareholders of Vastned Retail and Vastned Belgium. I would like to thank Reinier Walta and his team for their hard work and contributions in delivering on our strategic ambitions. With a more simplified organizational structure and a solid real estate portfolio, Vastned is well positioned to deliver stable returns.”
Lieven Cuvelier, chair of the board of directors of Vastned Belgium: “The combined Vastned entity will give shareholders a lean platform for high-quality real estate investment in the centre of Europe, developing a prudent growth strategy that can offer attractive dividend returns based on a well-managed asset portfolio.”
Sven Bosman, operational managing director of Vastned Belgium: “Vastned is an extraordinary company with a unique asset portfolio, a solid foundation, and a team of highly qualified professionals. Together with the whole Vastned team, I’m looking forward guiding the new organization in order to create sustainable value for all Vastned shareholders and other stakeholders. The merger is also an important milestone for Vastned Belgium in a year where the company celebrates its 25th anniversary on Euronext Brussels.”
Image provided by Vastned.
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