Wereldhave, through its 70%-owned Wereldhave Belgium subsidiary, has agreed to sell retail park De Mael in Bruges, Belgium, to a consortium of private investors for gross proceeds of €49.2 million, excluding transfer tax.
The real estate company said the transaction reflects a premium to De Mael’s latest book value and supports its strategy of reducing leverage while concentrating its portfolio around Full Service Centers.
Proceeds from the divestiture are expected to strengthen Wereldhave’s balance sheet and reduce its net loan-to-value ratio by approximately 110 basis points compared with June 30, 2026. Transfer of the property is scheduled for the second quarter of 2027.
The transaction also represents a capital rotation between recent acquisitions and the sale of a non-core property.
Wereldhave said its recent acquisitions in Belgium and Luxembourg were completed at net initial yields above 8%, while De Mael is being sold at a 5.6% net initial yield.
De Mael is a modern retail park comprising approximately 20,000 square meters of gross leasable area in Bruges. Wereldhave acquired the property in 2018 and subsequently completed a broad transformation program intended to reposition it as a modern retail destination.
The tenant roster includes Albert Heijn XL, Dreamland, MediaMarkt, Brico, HEMA, Pearle, TUI and Medi-Market.
Following the sale, Wereldhave plans to continue focusing capital and management attention on its Full Service Center strategy while using the proceeds to further reduce leverage.
Avenue Real Estate advised Wereldhave on the transaction.
KEY QUOTES:
“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.”
Matthijs Storm, CEO of Wereldhave
