Update first quarter 2015

SUMMARY
Compared to the previous year, gross rental income for the first quarter of 2015 rose 56.9%, due to the acquisitions of shopping centres in 2014 in The Netherlands, Belgium and France and development projects that came into operation. Occupancy remained stable at 92.5%. Slight decreases in occupancy in The Netherlands, Belgium and France were offset by an increase in occupancy in Finland. Overall occupancy of the shopping centre portfolio amounts to 93.9%.

There were no significant changes to the investment portfolio during the first quarter. In Belgium the construction of the first phase of the redevelopment in Tournai started in March 2015, with completion scheduled for the first quarter of 2016. The Dutch shopping centre refurbishment program is making good progress and some important leases that were signed with the Blokker retail group underpin that up-to-standard shopping centres still attract increasing footfall and tenants.

There were no changes to the debt portfolio. As at March 31, 2015, the LTV stood at 35.5% and EPRA NAV amounted to € 54.61.

Wereldhave reiterates that for the years 2015 and 2016, a compounded average growth of the direct result per share between 6% and 9% is anticipated.

For full press release, download the pdf below.

Press Release: Update first quarter 2015