Dutch listed mall developer Wereldhave has bought out fellow developer Van der Vorm Vastgoed’s share of the Koperwiek shopping centre in Capelle aan den IJssel near Rotterdam.
Dutch listed mall developer Wereldhave has bought out fellow developer Van der Vorm Vastgoed’s share of the Koperwiek shopping centre in Capelle aan den IJssel near Rotterdam.
The €60.1 mln purchase (which includes all fees and €3 mln for development) gives Wereldhave 100% ownership of the mall. The deal reflects a net initial yield of 6.1%.
Wereldhave plans to create bigger units for existing stores and to bring in new tenants by increasing the retail space with a 5,000m2 extension.
The deal includes Van der Vorm Vastgoed’s 26 residential units above the shopping centre and 16,000m2 of retail space.
The Koperwiek mall has a net leasable area of 25,000m2 and a catchment of 110,000 residents within a 2 km radius. The transaction is due to complete in early March and will be funded by existing credit lines.
Separately, Wereldhave announced that it plans to improve its anti-takeover measures by issuing protective preference shares and abolishing its priority shares.
The move comes ahead of a change in Dutch law planned for 22 July, under which the authority to issue and repurchase shares is expected to move from the board of management to the shareholders’ AGM.
