AMSTERDAM: Wereldhave N.V., through Wereldhave Belgium, in which it holds a 70% stake, announced the sale of retail park De Mael in Bruges, Belgium, to a consortium of private investors.

The gross proceeds from the transaction amount to €49.2 million, excluding transfer tax, reflecting a premium to the asset’s latest book value. The divestment is in line with Wereldhave’s strategy to reduce leverage while focusing its portfolio on Full Service Centers.

Proceeds from the sale will further strengthen Wereldhave’s balance sheet, reducing the net loan-to-value ratio by approximately 110 basis points compared with June 30, 2026. Transfer of the asset is scheduled for the second quarter of 2027.

“This divestment reflects our disciplined approach to portfolio management,” said Matthijs Storm, CEO of Wereldhave. “While our recent acquisitions in Belgium and Luxembourg have been made at net initial yields of 8%+, we have now sold De Mael at a 5.6% net initial yield. This accretive capital rotation strengthens our balance sheet while sharpening our focus on Full Service Centers.”

Wereldhave was advised on the transaction by Avenue Real Estate.

De Mael is a modern retail park in Bruges comprising approximately 20,000 square meters of gross leasable area, with what the company described as excellent accessibility and a strong regional catchment area. Wereldhave acquired the asset in 2018 and has since completed a comprehensive transformation program into what it called a future-proof retail destination, anchored by a mix of retailers including Albert Heijn XL, Dreamland, MediaMarkt, Brico, HEMA, Pearle, TUI and Medi-Market.