Vastned strategy update
Vastned optimises and concentrates city centre portfolio; Reinier Walta nominated as new CEO
Amsterdam, 11 February 2021 – Vastned will optimise its portfolio and concentrate on mixed-use properties in historic city centres where shopping, working, living and leisure meet. The focus will be on retail properties that attract different types of tenants and where there is potential to create apartments or offices above the shops. Where possible, Vastned aims to create clusters of properties in the various cities. That is the essence of the strategy update presented today by Vastned's new nomination for CEO, Reinier Walta. The Supervisory Board has decided to nominate Reinier Walta, interim CEO since 1 December 2020, as the new CEO at the Annual General Meeting of shareholders on 15 April 2021.
Vastned expects a strong preference for city centre retail properties in a select number of locations, due to market developments such as online shopping and changing consumer behaviour, coupled with the ongoing trend of urbanisation. In addition, there is a growing demand for housing and offices above the shops, combined with a decreasing popularity of multi-floor shops. By optimising and concentrating its city centre portfolio, Vastned is responding to this.
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Vastned is a European publicly listed property company (Euronext Amsterdam: VASTN) focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned's property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The property portfolio had a size of approximately € 1.5 billion as at year-end 2020.