Wereldhave and Wereldhave Belgium Acquire Luxembourg Shopping Centers
Deal News | Feb 13, 2025 | Globenewswire
Wereldhave N.V. and its majority-owned subsidiary, Wereldhave Belgium, have finalized the acquisition of two significant shopping centers in Luxembourg. The properties, Knauf Shopping Pommerloch and Knauf Shopping Schmiede, have been acquired from Nextensa N.V. for a total of €167 million, including transaction costs, providing a net initial yield of 8.0%. These acquisitions align with Wereldhave's LifeCentral strategy, aimed at transforming locations into Full Service Centers, and promise strong potential for value creation through reversionary leasing opportunities and ambitious development prospects. With the addition of these shopping centers, Wereldhave anticipates improved direct results per share and raised its financial guidance for the year 2025. The acquisition involves a mix of financing options, including new debt for Wereldhave Belgium and a combination of stock issuance and current credit facilities for Wereldhave N.V. The investment strengthens Wereldhave's strategic position in the Luxembourg retail market.
Sectors
- Real Estate
- Retail
- Finance
Geography
- Luxembourg – The shopping centers acquired are located in Luxembourg.
- Belgium – One of the acquiring companies, Wereldhave Belgium, is based here and has a significant impact on this acquisition.
- Netherlands – Wereldhave N.V., the main acquiring entity, is based in the Netherlands.
Industry
- Real Estate – The acquisition of shopping centers involves real estate investment and management.
- Retail – The shopping centers involved house multiple retail tenants, indicating a focus on retail property management.
- Finance – The transaction details involve financing through debt and equity, signifying a financial sector relevance.
Financials
- €167 million – Total purchase price for the acquisition of the two shopping centers, including transaction costs.
- 8.0% – Net initial yield from the acquisition, exceeding the cost of financing.
- 0.05 – Immediate accretive impact on Wereldhave's direct result per share (DRPS) due to the acquisition.
- €35 million – Partial payment for the acquisition through issuance of new Wereldhave shares.
- €28 million – Drawn from existing credit facilities to partially finance the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Wereldhave N.V. | Acquirer of Knauf Shopping Schmiede | Company | A Dutch-based real estate investment and management company focusing on shopping centers. |
| Wereldhave Belgium | Acquirer of Knauf Shopping Pommerloch | Company | A Belgian subsidiary of Wereldhave N.V., specializing in shopping centers. |
| Nextensa N.V. | Seller | Company | Company from which the shopping centers were acquired. |
| Matthijs Storm | CEO of Wereldhave and Wereldhave Belgium | Person | Instrumental in executing the LifeCentral strategy and overseeing the acquisitions. |