DGAP-News: Wereldhave acquires shopping centre Vier Meren in Hoofddorp, The Netherlands

DGAP-News: Wereldhave acquires shopping centre Vier Meren in Hoofddorp, The 
Netherlands

DGAP-News: Wereldhave /
Wereldhave acquires shopping centre Vier Meren in Hoofddorp, The
Netherlands

15.01.2014 / 09:22

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Schiphol, 2014-01-15 09:22 CET (GLOBE NEWSWIRE) --
Wereldhave has reached agreement with Unibail-Rodamco on the acquisition of
shopping centre Vier Meren in Hoofddorp, The Netherlands. The total purchase
price amounts to [Eur] 147.5m, including transaction costs, reflecting a net
initial yield of 5.8%. 

Vier Meren is a regionally dominant shopping centre in the city centre of
Hoofddorp, approximately 20 km south-west of Amsterdam. The shopping centre was
first opened in 2005 and forms part of a larger 74,000m2 inner city retail
offer, serving a growing catchment area of 144,000 people - with an
above-average income profile - within a ten minutes' drive. Visitor numbers are
rising and currently stand at around 6 million annually. The shopping centre is
fully occupied. Vier Meren provides 27,000 m2 n.l.a. retail, 3,700 m2 of office
space and a 71% stake in an underground parking garage of 1,037 spaces. The
centre contains over 60 shops, including a.o. C&A, Saturn, WE, Esprit, Mango,
Blokker, Miss Etam, Douglas, ICI Paris XL, and an Albert Heijn XL hypermarket.
The offices are fully let to the Municipality. 

The transaction also includes a V&D department store of 5,900 m(2) with an
adjoining building, providing future development potential for 2,500 m(2) retail
expansion. 

The Vier Meren shopping centre has a proven track record and offers a stable
cash flow. It fully matches Wereldhave's strategic investment criteria (90% of
shopping needs, top of mind in its catchment area, a catchment area of at least
100,000 inhabitants within 10 minutes drive time, easy accessibility, strong
national and international brands with local heroes, fully embedded food and
beverage and entertainment functions) and therefore fits well into its strategy
of investing in high quality, medium-sized shopping centres in north-west
Europe. The acquisition adds to Wereldhave's position in the Dutch retail
market. 

The transaction is scheduled for completion at the end of January 2014 and will
generate a net initial yield of 5.8%. The impact on the LTV will be limited to
approximately 1%, since the acquisition will be funded largely with proceeds
from the disposal of the Joinville office building in Paris, also scheduled to
be completed at the end of January 2014. 


         Information for the press:
         Richard W. Beentjes
         E richard.beentjes@wereldhave.com
         T + 31 20 702 78 33
         
         Information for analysts:
         Jaap-Jan Fit
         E jaapjan.fit@wereldhave.com
         T + 31 20 702 78 43

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associated documents

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News Source: NASDAQ OMX


End of Corporate News

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Language:    English      
Company:     Wereldhave   
 
 
             Netherlands  
 
 
End of News    DGAP News-Service  
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248073 15.01.2014