The Belgian arm of Dutch listed group Wereldhave has unveiled plans to take control of the Shopping I retail complex as well as the commercial part of the Stads- en Sint-Martinusplein development scheme in Genk, Belgium.
The Belgian arm of Dutch listed group Wereldhave has unveiled plans to take control of the Shopping I retail complex as well as the commercial part of the Stads- en Sint-Martinusplein development scheme in Genk, Belgium.
The operation, which is part of the group's strategy to focus on the redevelopment of existing shopping centres, envisages the transfer by the landlord, Dutch private property group Redevco of its shares in the properties in exchange for newly-issued shares in Wereldhave Belgium. The deal amounts to around EUR 69 mln.
Wereldhave said it intends to maintain its current stake in Wereldhave Belgium, at around 70%. The transaction is slated for vote by the companies' shareholders in April.
Dutch listed property investor Wereldhave said earlier this month that it was planning to focus on Western Europe and to divest its US real estate assets. In terms of acquisitions, Wereldhave concentrates on existing, dominant shopping centres offering extension opportunities, with a view to lifting the share of retail assets in its portfolio to some 60-80%, from 54% at end-November 2011.
Offices will represent 15-30% of the portfolio in the future, from 41% at end-November, while the development portfolio will be reduced to 5-10%.
