Vastned Retail has suspended efforts to sell part or all of its EUR 2bn portfolio of European retail property assets. The Netherlands-listed property company said discussions over the last month with a number of third parties had not led to a definitive agreement on a sale of the total portfolio at 'attractive conditions'.
Vastned Retail has suspended efforts to sell part or all of its EUR 2bn portfolio of European retail property assets. The Netherlands-listed property company said discussions over the last month with a number of third parties had not led to a definitive agreement on a sale of the total portfolio at 'attractive conditions'.
'Based on the conducted transaction process, in which a large number of parties was approached, and current market conditions, Vastned Retail therefore deems the chance that the total property portfolio can be sold at attractive conditions in the foreseeable future to be small,' the company said in a statement released on Friday after trading.
Vastned said it intends to continue operating as normal, with the management 'more fully focused' on managing the company's property portfolio. 'The board of management believes that Vastned Retail has excellent prospects,' the company said.
However, Vastned Retail indicated it has not abandoned the idea of a sell-off completely. 'Vastned Retail reiterates that it continues to be open to attractive offers, provided they accurately reflect the value of the company and that they meet the minimum conditions for financing and other aspects of transaction security'.
Late last year, Vastned Retail turned down as too low a hostile EUR 1.15 bn bid from IEF Capital, a joint venture of Bouwfonds Asset Management and Inflation Exchange Fund (IEF). The IEF bid led to Vastned opening its books to other interested parties. Vastned Retail's property portfolio is concentrated in the Netherlands (35%), Spain (27%), France (22%) and Belgium (14%). The company also has smaller holdings in Turkey (1%) and Portugal (1%).
