Wereldhave inks Dutch shopping centre deal at 7.6%

Listed Dutch property group Wereldhave has acquired a shopping centre in Hoofddorp near Amsterdam for €74 mln, reflecting a net initial yield of 7.6%.

The asset was acquired from Dela Vastgoed, the real estate arm of insurer Dela. Including transaction costs, the purchase price amounts to €82 mln.

Wereldhave said the 17,000 m2 Polderplein mall including underground parking garage fits with its acquisition criteria such as location and value creation opportunities.

Polderplein is connected to the recently delivered Vier Meren mall in Hoofddorp, also owned by Wereldhave. The property dates from 1992, has 55 tenants and is fully occupied. Combined, Vier Meren and Polderplein will create ‘one dominant full-service centre’ with 49,100 m² lettable area and 105 shops, the company said.

Matthijs Storm, CEO of Wereldhave commented: ‘This acquisition marks the start of the growth phase of Wereldhave’s LifeCentral strategy and completes a busy and successful year in which we also accessed the US Private Placement market for the first time since 2017, with USD 100 million in new long-term debt, and in which we raised equity for the first time since 2015.’

The transaction is being financed with 70% equity, which will improve the loan-to-value by c30bps, the company said.

Wereldhave is issuing 3,605,208 new ordinary shares to part-finance the deal, which are expected to be admitted to trading on the regulated market of Euronext Amsterdam. The remaining sum will be paid in cash.

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