Dutch listed property investor Wereldhave has unveiled plans to sell off its entire EUR 800 mln property portfolio in the US as part of a strategic re-focus on Western Europe.
Dutch listed property investor Wereldhave has unveiled plans to sell off its entire EUR 800 mln property portfolio in the US as part of a strategic re-focus on Western Europe.
In a statement on Tuesday, the company said that proceeds will be used to finance its development pipeline as well as new acquisitions in its target markets of the Netherlands, Belgium, Finland, the UK, Paris and Madrid.
'We are already working on some sales in the US, and we estimate that the whole sale process will take two to three years,' CEO Hans Pars said. The company may package the assets in a number of sub-portfolios, instead of selling them in one block, with a view to getting the best value, he added.
Wereldhave has been active in the US since 1978 but its portfolio lacks scale, being spread across three regions, Washington DC, Texas and San Diego. In total, the company plans to divest EUR 1.1 bn of assets by 2015, including EUR 300 mln of non-strategic properties in Europe.
In terms of acquisitions, Wereldhave will focus 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%.
