Wereldhave Belgium has announced today that it has reached an agreement with Nextensa NV to acquire all shares in the company that owns Knauf Shopping Pommerloch. This acquisition marks the first step in the LifeCentral strategy growth phase since 2018 and aligns perfectly with Wereldhave Belgium’s acquisition criteria, which include location, value creation opportunities, and potential for Full Service Centre transformation. The total purchase price is €103m, including transaction costs, which reflects a net initial yield of 7.2%, well above Wereldhave Belgium's current internal threshold. This transaction is expected to positively impact Wereldhave Belgium’s annualized direct result per share.
On February 13, 2025, Wereldhave Belgium successfully acquired all shares of the company owning Knauf Shopping in Pommerloch, Luxembourg. This acquisition includes parking and development land, with a total gross leasable area of 33,000m². To finance this acquisition, Wereldhave Belgium raised €100 million in unsecured loans and used existing credit lines for the remainder. Consequently, the company's loan-to-value ratio will increase by 6.5 percentage points, still allowing for further growth opportunities. The transaction is projected to have an accretive annualized impact on the direct result per share (DRPS) of €0.38, enabling Wereldhave Belgium to raise its previously announced DRPS for 2025 to €5.35-5.45.
Furthermore, on the same date, Wereldhave Belgium's reference shareholder, Wereldhave N.V., acquired all shares of the company owning Knauf Shopping in Schmiede, Luxembourg, which includes parking and development land with a total gross leasable area of 41,000m². To take advantage of economies of scale and enhance its presence in the Luxembourg market, Wereldhave Belgium has agreed that the local teams will manage both assets, supported by Wereldhave Belgium’s shopping centre management platform. This approach aims to enhance the value of both properties through the implementation of the Life Central Strategy.
Nicolas Rosiers, Deputy CEO of Wereldhave Belgium, commented: “We are delighted to announce the successful acquisition of Knauf Shopping Pommerloch in Luxembourg, a key market for Wereldhave Belgium. This transaction, the first significant one since 2018, marks an important milestone in the expansion of our retail portfolio and reinforces our strategic growth ambitions. Knauf Shopping Pommerloch aligns perfectly with our stringent acquisition criteria, promising earnings growth while offering substantial long-term value creation opportunities. Additionally, Knauf Shopping Schmiede, acquired separately today by our reference shareholder, will be managed along with Knauf Shopping Pommerloch by our local teams and our highly experienced Wereldhave Belgium team. By leveraging their expertise and operational excellence, we will focus on optimizing the performance of both assets, ensuring their sustained growth and success in the years to come.”
Image source - Wereldhave Belgium.
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