The “acquisition of two key centers in Luxembourg, a core market for Wereldhave, marks an important step in the growth phase of our LifeCentral strategy,” commented the CEO of Wereldhave and Wereldhave Belgium, Matthijs Storm, on 13 February 2025. “Both assets meet our strict acquisition criteria and will deliver earnings accretion. Also, Knauf Schmiede and Knauf Pommerloch strengthen our Full Service Center portfolio and offer strong potential for value creation such as reversionary potential in leasing as well as transformation and development opportunities. The centers will be fully owned by Wereldhave and Wereldhave Belgium and are anchored by top five Delhaize stores in the Benelux. With our existing and experienced Belgium team managing the assets, we are well-positioned to enhance their performance and long-term success.”

The total purchase price for the two centres is €167m including transaction costs, reflecting a net initial yield of 8.0%, well above the cost of financing. The acquisition of the Knauf Shopping Pommerloch shopping centre by Wereldhave Belgium, including the building plot, was financed by debt and that of Knauf Shopping Schmiede by Wereldhave NV (41,000m2) partly (56%) by the issue of 2.2 million new Wereldhave ordinary shares to the value of €35m by a contribution in kind and partly by a drawdown of €28m on existing credit facilities.

The Knauf Pommerloch shopping centre, built in 2002 and renovated in 2020, is home to around 70 tenants in the fashion, services, food, beauty, decoration, jewellery, leisure, multimedia and other categories. These include Delhaize, New Yorker, C&A, H&M, Q8, La Varenne Group and Sportsdirect. The second Knauf Schmiede, built in 1995 and completely renovated and extended in 2022, has around 55 shops, on the border between Luxembourg, Belgium and Germany, including Delhaize, Brico, H&M, Q8, La Varenne Group, Sportsdirect, Arkadium and Tom & Co.

Read the original French-language version of this news report /