Vastned divests non-strategic assets in Belgium for about €26 million
Vastned, the listed European property company focusing on venues for premium shopping, has divested eleven non-strategic assets in Belgium for approximately €26 million.
The divestment concerns a portfolio of 'baanwinkels' and high street shops in Borgloon, Froyennes, Grivegnée, Hasselt, Heusden-Zolder, La Louvière, Mortsel, Overpelt, Sint-Niklaas, Tienen and Vilvoorde. In total, Vastned sold approx. 20,000 square metres of retail space with an annual rental income of about €1.9 million. The net sales price was 4% below book value at 31 December 2014. Through divestments of non-strategic assets and acquisitions of premium city high street shops Vastned enhances the quality of the portfolio with the aim to generate more stable and predictable results.
Cushman & Wakefield advised Vastned on this transaction.
I am proud of the quality improvement our Belgian team has realised in the portfolio in the past year. We have been able to make acquisitions in the popular shopping streets of Antwerp for about €27 million and have sold non-strategic assets in various smaller towns for approximately €31 million.
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 Istanbul, 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 € 1.7 billion.