Wereldhave N.V.:
October 18 2018 - 2:39AM
Wereldhave N.V.:
Wereldhave sells Itis and exits Finland
Wereldhave has reached agreement to sell the Itis shopping
centre in Helsinki to a fund advised by Morgan Stanley Real Estate
Investing (MSREI). With this transaction, Wereldhave has made a
large step in realising its strategic agenda to focus on
convenience centres, whilst improving its risk profile and
strengthening the balance sheet.
The net price for the shopping centre including the deferred tax
liability amounts to € 450m. This reflects a gross price of € 516
million which is 8.5% below the book value at 30 June 2018.
The transaction is scheduled for December 2018, subject to
completion of the Finnkino development project and antitrust
approval. After completion, Wereldhave’s portfolio will be strongly
focused on one asset class, with 29 convenience shopping centres in
Belgium (7), France (6) and the Netherlands (16). As Itis accounted
for 15% of the portfolio, the single asset exposure will decrease
to 7%, which improves the risk profile of the Company.
Once the disposal of Finland is completed, the LTV is expected
to drop by 6%, thus significantly improving the capital structure
of Wereldhave.
As a result of the completion of the transaction and the
associated loss of rental income in December, Wereldhave expects
the direct result for 2018 to be between € 3.30 and € 3.35 per
share (previously € 3.33 and € 3.38). The dividend can and will be
maintained at the current level of € 2.52 in respect of 2018
and 2019.
- press release sale Itis 18 oct
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