Wereldhave sells entire Spanish Portfolio and exits Spain

Wereldhave announces that it has decided to exit Spain.

Agreement has been reached with Axia real estate on the disposal of the portfolio for € 99.5m gross, which reflects a result on the disposal of 4% after municipality taxes and fees (book value at 30 June 2014 amounted to € 91.8m and at 31 December 2013 to €92,3m).

The agreement includes an additional earn out/profit share mechanism based on the performance of the portfolio, that could provide a further upside between € 0 - € 2.5m (another 0 - 3% on the book value per 30 June 2014), to materialise in 2014/2015.

The transaction will be completed in September 2014 and the management office in Madrid will subsequently be closed in 2014. The closing costs will amount to approx. €1.0m.

This transaction enables Wereldhave to further focus on midsized shopping centres in Finland, Belgium and the Netherlands and sustainable offices in Paris.

Wereldhave was advised in this transaction by CBRE Spain.

For full press release, download the pdf below.

Press Release: Wereldhave exits Spain