Dutch Investment Institution Wereldhave has agreed to buy shopping center Polderplein in Hoofddorp, the Netherlands, from DELA Vastgoed for €74 million.
Polderplein, which has a total gross lettable area of c17,000 square meters, opened in 1992 and is fully occupied. Polderplein benefits from its strategic location in the economically advanced Haarlemmermeer catchment area, near Amsterdam, Schiphol Airport and also Leiden.
Shopping center Polderplein is directly connected to Wereldhave-owned Vier Meren center and comprises of c17,000 square meters Gross Leasable Area and also an underground parking garage with 417 parking spaces. Among the 55 tenants are Action, HEMA, Kruidvat, Normal, Only, Rituals and Ziengs, Polderplein.
Shopping center Polderpleinfits within Wereldhave’s strategy and acquisition criteria such as location, value creation opportunities and synergies.
The total purchase price, which is €82 million including transaction costs, reflects a net initial yield of 7.6%. As the transaction is 70% equity financed, the loan-to-value will improve by c30bps.
Matthijs Storm, CEO of Wereldhave says, “This acquisition marks the start of the growth phase of Wereldhave’s LifeCentral strategy and completes a busy and successful year in which we also accessed the US Private Placement market for the first time since 2017, with USD 100 million in new long-term debt, and in which we raised equity for the first time since 2015.”
The transaction is partially settled in 3,605,208 newly issued ordinary shares of Wereldhave N.V. This follows a contribution in kind by DELA to Wereldhave. The remainder is paid in cash.
