€730 million deal in the Netherlands

Wereldhave makes a defining move on the Dutch market with the acquisition of nine shopping centers from Klépierre.

On June 24, Wereldhave N.V. took an important step in its Dutch market and a major leap in realizing its strategy of becoming the leading specialist in mid-sized shopping centers in northwestern Continental Europe. The company announced that it has entered into a conditional agreement with Klépierre Management Nederland B.V. pursuant to which Wereldhave intends to acquire nine shopping centers in the Netherlands and a development project for the extension of one of these centers for a total consideration of €730 million, excluding transaction costs. Adding these assets to Wereldhave’s ten existing malls creates the single largest portfolio of mid-sized shopping centers in the Netherlands.

The target portfolio is being acquired at a yield of c. 6%. Wereldhave intends to finance the acquisition via an equity offering of up to 5.25 million new ordinary shares and existing debt facilities, with asset disposals targeted over the next 18 months. Completion of the Transaction is envisaged to take place before the end of 2015.

Increased portfolio size provides new opportunities

Dirk Anbeek, CEO of Wereldhave, said: “This is a unique opportunity and a transaction that definitely shapes the landscape in our sector. The acquisition immediately positions us as the leading specialist in mid-sized shopping centers in the Netherlands. We believe this is an opportune time to increase exposure to the Dutch retail market, given the improving macro fundamentals and attractive investment environment. In addition, we are convinced that we can add value to the portfolio by leveraging on our strong retail expertise and local knowledge. The performance of our own shopping center portfolio clearly shows that pro-active and hands-on leasing and shopping center management pays off. The increased size of the portfolio will enable us to leverage the excellent relations we have with our largest tenants. The presence of these retail chains in some of the new shopping centers is below the levels one could expect. On the other hand, we also will add several new large tenants to our tenant base.”

Laurent Morel, Chairman of Klépierre’s Executive Board. Image: Klépierre
Laurent Morel, Chairman of Klépierre’s Executive Board. Image: Klépierre

Laurent Morel, Chairman of the Executive Board at Klépierre, commented: “This transaction is a clear delivery on our asset rotation strategy post-merger with Corio and demonstrates the liquidity and value of our portfolio. It immediately refocuses Klépierre’s Dutch portfolio on two of the most dynamic cities in the Netherlands, Rotterdam and Utrecht, which will become more attractive with the ambitious re-development of Hoog Catharijne. The disposal of this portfolio releases additional financial capacity to fund future growth in our preferred regions of Continental Europe, through the development of our quality pipeline and selective opportunistic acquisitions of prime shopping destinations.”

The target portfolio

The nine operational shopping centers have an average size of 24,541 sq m of GLA and an average footfall of 4 million visitors per year. These are:

  • Cityplaza I and II in Nieuwegein
  • Middenwaard in Heerhugowaard
  • City Center Tilburg in Tilburg
  • In de Bogaard in Rijswijk
  • Emiclaer in Amersfoort
  • Presikhaaf in Arnheim
  • Sterrenburg in Dordrecht
  • Oosterheem in Zoetermeer
  • Stadshagen in Zwolle
Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Investment MORE

MPC Properties buys Delta City shopping center in Belgrade

MPC Properties acquired Delta City shopping center (open since 2007), expanding its portfolio to five regional retail assets with the latest, BEO Shopping Center opening in June 2020.

Defama buys two retail properties for €4.4 million in Cologne and near Dortmund

Deutsche Fachmarkt AG (Defama) has purchased two properties in North Rhine-Westphalia: a retail park near Dortmund and a REWE store in Cologne-Rondorf.

Bradford AM buys retail park in France for €35.5 million from Commerz Real

Commerz Real has sold the Orange les Vignes retail park in southern France to Bradford Asset Management for €35.5 million for its RPCI fund. It had been in the portfolio of the Hausinvest open-ended real estate fund since its completion in 2010.

UK-based Evolve acquires retail parade in Coulby Newham

Evolve Estates Ltd has added a new retail parade to its portfolio through acquiring Parkway Shopping Center in Middlesbrough.

Ingka Centers plans first IKEA anchored meeting place in India

Ingka Centers revealed plans for a major new IKEA anchored mixed-use development in Gurugram, a city southwest of New Delhi, in the state of Haryana.

LCP expands retail portfolio with Russel Street Retail Park acquisition in Darlington

LCP has added a Darlington (UK) retail park to its portfolio, situated on St Cuthberts Way ring road, which is close to the town center, for £1.8 million.