Hans Pars has stepped down as CEO of Amsterdam-listed Wereldhave. The company did not give a reason for his departure, but the move coincides with disappointing second-quarter results following writedowns on the US and UK portfolios. Dirk Anbeek will take over his executive duties and he will be temporarily replaced on the management board by supervisory board member Herman van Everdingen
Hans Pars has stepped down as CEO of Amsterdam-listed Wereldhave. The company did not give a reason for his departure, but the move coincides with disappointing second-quarter results following writedowns on the US and UK portfolios. Dirk Anbeek will take over his executive duties and he will be temporarily replaced on the management board by supervisory board member Herman van Everdingen
In a provisional earnings announcement on Monday, Wereldhave reported that the indirect result for the second quarter of 2012 will be negative, mainly due to a EUR 128 mln writedown on the US portfolio and a EUR 37 mln writedown on the UK shopping centre assets.
The problems in the US are linked to the slower than expected letting pace of apartments during the second quarter and the delay in completion and continuing start-up costs of the hotel section of the Eilan development project. In addition, Wereldhave has recentlly received offers for individual properties of its US portfolio which were below the book value.
The negative revaluation on the UK porfolio reflects lower than expected operational results at the shopping centres which were acquired in 2010 and 2011.
As a result of the disappointing performance, Wereldhave has downwardly adjusted its full-year dividend forecast from EUR 4.70 to EUR 3.20-3.40 per share.
