Wereldhave sells retail park De Mael in Bruges and strengthens balance sheet
Wereldhave N.V. (‘Wereldhave’), through Wereldhave Belgium (70% owned by Wereldhave), announces the sale of retail park De Mael in Bruges (Belgium) to a consortium of private investors. The divestment of this non-core asset is in line with Wereldhave's strategy to reduce leverage while focusing its portfolio on Full Service Centers.
Gross proceeds from the transaction amount to € 49.2 million, excluding transfer tax, reflecting a premium to the asset's latest book value. Proceeds from the sale will further strengthen Wereldhave’s balance sheet, reducing the net loan-to-value (LTV) ratio by approximately 110bps compared with 30 June 2026. Transfer of the asset is scheduled for Q2 2027.
“This divestment reflects our disciplined approach to portfolio management. While our recent acquisitions in Belgium and Luxembourg have been made at net initial yields of 8%+, we have now sold De Mael at a 5.6% net initial yield. This accretive capital rotation strengthens our balance sheet while sharpening our focus on Full Service Centers." said Matthijs Storm, CEO of Wereldhave.
Wereldhave was advised on the transaction by Avenue Real Estate.
About retail park De Mael
De Mael is a modern retail park in Bruges, Belgium, comprising approximately 20,000 m² GLA with excellent accessibility and a strong regional catchment area. Acquired by Wereldhave in 2018, the asset has undergone a comprehensive transformation programme into a future-proof retail destination anchored by a strong mix of retailers, including Albert Heijn XL, Dreamland, MediaMarkt, Brico, HEMA, Pearle, TUI and Medi-Market.
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