Vastned divests €35.6 million in non-core property in Belgium
FURTHER PORTFOLIO QUALITY IMPROVEMENT
Vastned, the listed European retail property company focusing on venues for premium shopping, has sold €35.6 million in non-core property.
The divestment concerns 14 retail units, including shopping centre Julianus in Tongres, several baanwinkels, and individual shops in smaller towns like Vilvoorde, Hoboken, Bree, Chênée, and Sint-Pieters-Leeuw. In total, Vastned has sold approximately 33,000 square metres of retail space with a gross annual rental income of about €3.2 million. The average occupancy rate of the properties was 92.3%.
The quality of the Belgian property portfolio will improve significantly. The share of premium city high street shops in Belgium will rise from 40% to 49% and the average occupancy rate will increase from 96.0% to 97.9%. The disposals were made at 3.5% below the book value as at 30 September 2014.
Cushman & Wakefield advised Vastned on this transaction.
Over the past year, Vastned has set a number of steps in the further roll-out of its strategy with acquisitions in premium cities like Ghent, Lyon and Amsterdam, and with divestments of non-core property. This divestment will contribute to the quality improvement that Vastned is striving for, and is perfectly in line with our premium city high street strategy.
Vastned is a listed (NYSE Euronext Amsterdam) European retail property company focusing on venues for premium shopping. Vastned invests in selected cities in Europe and Turkey, with a clear focus on the best retail property in the most popular shopping streets in the bigger cities (high streets). Vastned's tenants are strong and leading international and national retail brands. The property portfolio has a size of approximately € 1.5 billion.