Wereldhave N.V. (NL)Company
Wereldhave Belgium-Redevco: Transaction Genk Stadsplein and Shopping I (BE)
Thursday 12 April 2012
The Extraordinary Shareholders’ meeting of Wereldhave Belgium has approved the contribution by Redevco Retail Belgium, by means of a partial demerger, against new shares issued by Wereldhave Belgium, of the real property rights in the shopping center ‘Shopping I’ and in the commercial part of the complex ‘Stads- en Sint-Martinusplein’, located in Genk.
This transaction amounts to approximately €69 million against the issuance of 976,251 new shares at net asset value, minus the gross dividend for the financial year ended on
December 31, 2011. The new shares are entitled to dividend as from January 1, 2012 and will be listed on NYSE Euronext Brussels.

Wereldhave NV has acquired 70% (683,375) of the new shares in order to keep its (direct and indirect) stake in Wereldhave Belgium at a similar level. Although the shareholders of Redevco have not committed to hold their participation in Wereldhave Belgium, they have no intention to transfer their participation a ratio of 4.6% (approximately 292,000 shares) in the capital of Wereldhave Belgium to a third party as this fits into their current investment strategy.

This transaction fits into the strategy of Wereldhave Belgium to concentrate its activities on (the redevelopment of) shopping centers.

Genk Shopping I
Genk Shopping I is located in the center of Genk and is Belgium’s oldest shopping center. The most important tenants are Carrefour, Sportsdirect, MS Mode, WE, America Today, Lunch Garden.

The shopping center will be fully renovated and extended. The plans in this respect, including those of the extension of 11,500 m², are established. All permits were delivered, thereby implying that the construction works can be started this year. After completion, the total lettable area will amount to 27,100 m².

Stads- en Sint Martinusplein
This mixed-used, inner-city development dates back to 2007/2008. The commercial part, of which Wereldhave Belgium becomes the owner, comprises about 30 commercial units including Delhaize, C&A, H&M, ZARA, JBC, Hema, with a total lettable area of approximately 15,600 m².

Through coordinated management of both shopping complexes, an attractive and balanced offer can be provided for within the city center of Genk.

Redeveloping a shopping center such as Genk Shopping I is to be carried out by experts and for such a complex operation, it is better to have only one leader in charge, according to Eric Van Dyck, COO Redevco BV.

Wereldhave Belgium has in this respect more than proven to have sufficient expertise in house. Recently, a comparable project has been delivered with the renovation and extension of the shopping center in Nivelles.

Redevco specializes in the (re)development of integrated retail parks and commercial real estate situated in high streets top locations. As investor, Redevco also holds participations in a number of shopping centers such as Waasland, Westland and Ring Shopping. Wereldhave Belgium primarily focuses on shopping centers. From this angle and given their track record a participation in the real estate investment fund Wereldhave Belgium is considered as fitting their actual investment stategy.

Source: Thomson Reuters
Print   Send to a friend   Rate   Write comment No ratings for this article
More News
Related companies, people, projectsArticles in related categories
  • Real Estate Investment
latest news
The Norwegian Property Federation joins EPF (NO/BE) The European Property Federation (EPF) has announced the Norwegian Property Federation (NPF) as a... 18/9/12 11:15
Atenor signs sales agreement with the European Parliament for sale of Trebel building (BE) ATENOR GROUP and the European Parliament signed an agreement on June 27, 2012 on the sale of the... 28/6/12 10:30
Union Investment invests in shopping center in Mons/Belgium (DE/BE) Union Investment is investing around €69.7 million in extending the Les Grands Prés shopping center... 25/6/12 08:40
Montea puts its growth strategy into practice by expanding its property portfolio (BE/FR) MONTEA (NYSE Euronext/MONT/MONTP) has announced the expansion of its property portfolio by 25% in... 21/6/12 08:25
Sale of office building at UP-site project (BE) Atenor Group has reached an agreement on the sale of the 'UP36' building, one of the four office... 20/6/12 08:00
EPRA: EU plans to boost growth and slash energy use should prioritize listed property (EU) The EU may be able to achieve the biggest pay-offs in its key twin policy goals of boosting growth... 12/6/12 08:30
Aberdeen European Balanced Property Fund acquires Olen Shopping Park in Belgium (BE) The Aberdeen European Balanced Property Fund has announced the acquisition of the newly built... 8/6/12 08:15
MG Tower handed over in Flanders (BE) Developed by De Paepe Group and designed by Jaspers-Eyers Architects, the 119 m MG Tower, Flanders’... 4/6/12 08:45
Belgium's REALTY 2012 sees leap in number of international investors attending (BE) The number of international property investors attending the REALTY real estate trade fair in... 4/6/12 08:00
Intervest Offices & Warehouses acquires second distribution center in Oevel (BE) Intervest Offices & Warehouses has expanded its real estate portfolio and invested €7.9 million in... 30/5/12 08:30
Global sites: Amsterdam · Belgium · Emirates · Europe · Germany · Holland · Recruiter · Retail · Rotterdam · Turkey · UK
© 2000 - 2013 Europe Real Estate Publishers. All rights reserved. Contact us. Info.
 
-