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Wereldhave N.V. (‘Wereldhave’) and Wereldhave Belgium (67% owned by Wereldhave) have reached agreement with Nextensa N.V. on the acquisition of two shopping centers in Luxembourg. Wereldhave Belgium acquires Knauf Shopping Pommerloch and Wereldhave acquires Knauf Shopping Schmiede. The acquisition marks the next step of the LifeCentral strategy growth phase and perfectly fits Wereldhave’s acquisition criteria, such as location, value creation opportunities and Full Service Center transformation potential. The total purchase price for the two centers amounts to € 167m, including transaction costs, reflecting a net initial yield of 8.0%, well above the cost of financing. The transaction has an immediate accretive impact on Wereldhave's direct result per share (DRPS).
Acquisition of Knauf Shopping Pommerloch by Wereldhave Belgium
Wereldhave Belgium acquires Knauf Shopping in Pommerloch, Luxembourg, including parking and development land with a total gross leasable area of approx. 33,000 m². Wereldhave Belgium fully financed the acquisition with newly raised unsecured debt.
Acquisition of Knauf Shopping Schmiede by Wereldhave N.V.
Wereldhave acquires Knauf Shopping in Schmiede, Luxembourg, including parking and development land with a total gross leasable area of approx. 41,000 m². The transaction was partially paid (56%) by issuance of € 35m in 2,206,838 new ordinary Wereldhave shares via a contribution in kind and partially with € 28m drawn from existing credit facilities.
The transaction has an immediate accretive annualized impact on Wereldhave’s DRPS of
€ 0.05. Therefore, Wereldhave raises its full-year 2025 DRPS guidance to the higher end of the range of € 1.70-1.80. The acquisition has a limited effect on financial leverage (EPRA LTV).
Both transactions were completed on 13 February 2025.
Matthijs Storm, CEO of Wereldhave and Wereldhave Belgium, commented: “This acquisition of two key centers in Luxembourg, a core market for Wereldhave, marks an important step in the growth phase of our LifeCentral strategy. Both assets meet our strict acquisition criteria and will deliver earnings accretion. Also, Knauf Schmiede and Knauf Pommerloch strengthen our Full Service Center portfolio and offer strong potential for value creation such as reversionary potential in leasing as well as transformation and development opportunities. The centers will be fully owned by Wereldhave and Wereldhave Belgium and are anchored by top five Delhaize stores in the Benelux. With our existing and experienced Belgium team managing the assets, we are well-positioned to enhance their performance and long-term success.”