2016 should focus on improving occupancy
04 Feb 16
GRI stood at €207m, a jump from €126m in FY14, mainly coming from massive acquisitions: a portfolio of 6 shopping centres in France (from Unibail end-2014) and 9 additional shopping centres acquired from Klepierre in the Netherlands in 2015. Net profit increased to €27m and EPS at €3.23 gained 9% yoy and the dividend proposed at €3.01 per share is up 5% and exceeds our expected €2.87. Wereldhave also exited the office segment in France, with the disposal of the three remaining assets for €401m. The proceeds - coupled with a capital increase — partially funded the acquisition of the Dutch retail portfolio, bringing down the LTV to 37.5% from 40% at Q3 15 and maintaining the cost of debt stable at 2.2%. For 2016, management plans to focus on operations. EPS growth is expected at 6-9% and dividend at 4-6%, while the LTV is expected to be maintained below the 40% threshold.
Increasing scale in the Netherlands
29 Jun 15
Wereldhave has announced the acquisition of a 9 shopping centre Dutch portfolio from Klepierre for €730m, consisting of €687m for operational properties and €43m for the development (in the CityPlaza). The assets acquired at a 6.2% yield are expected to contribute as much as €45.1m to NRI from 2016. 25 professionals will be joining Wereldhave from Klépierre (o/w 15 entirely dedicated to the new portfolio). The transaction is expected to be EPS accretive as soon as 2016. To finance the acquisition, Wereldhave raised €275m in an equity issue (5,250,000 new shares) and plans to fund the remaining by debt c.€500m, through cash and debt facilities (in the short term), but also plans on disposing assets of €350-450m to repay additional debt and maintain a targeted LTV of 35-40% in the medium term. Management also confirms the guidance of a direct result CAGR (prior to the share issue) of 6-9% over 2014 to 2016.