Wereldhave Divests De Mael Retail Park in Bruges for €49.2 Million
The Dutch real estate group announced the sale of an asset deemed non-strategic in Belgium, an operation carried out through its subsidiary Wereldhave Belgium and intended to reduce its debt burden.
A Divestment of €49.2 Million with a Premium on Book Value
Wereldhave N.V., through Wereldhave Belgium (70% owned by Wereldhave), announced on September 17, 2026 the sale of the De Mael retail park, located in Bruges (Belgium), to a consortium of private investors. The gross proceeds from the transaction amount to €49.2 million, excluding transfer duties, a sum presented by the group as reflecting a premium compared to the asset's latest book value.
The company qualifies De Mael as a non-strategic asset and frames this divestment within its strategy of debt reduction and portfolio refocus on Full Service Centers.
An Expected Impact on the Debt Ratio and Transfer Scheduled for 2027
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According to the group, the sale proceeds should strengthen its balance sheet by reducing the net loan-to-value (LTV) ratio by approximately 110 basis points compared to June 30, 2026. The asset transfer is scheduled for the second quarter of 2027.
Chief Executive Officer Matthijs Storm indicated that the group's recent acquisitions in Belgium and Luxembourg were carried out at net initial yields exceeding 8%, while De Mael was divested at a net initial yield of 5.6%. Wereldhave was advised on the transaction by Avenue Real Estate.
Forecast FY 2026 direct result per share (DRPS) confirmed at € 1.85-1.95; major steps forward in transformations; positive valuations supported by higher passing rents
Risks mentioned
Exposition de 64 % aux coûts de la vie quotidienne est un risque semblable aux taux d'intérêt plus élevés.
Opportunities identified
Croissance des revenus locatifs de 4,3 % dans notre portefeuille principal.
Renforcement du profil d'échéance de la dette avec l'accord de 60 millions d'euros.
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