Wereldhave

Sole Bookrunner

Van Lanschot Kempen acted as Sole Bookrunner in the €51.8 million sale of Wereldhave shares for DELA Vastgoed via an Accelerated Bookbuild Offering

Transaction highlights

Sale of 3,605,208 shares in Wereldhave via an accelerated bookbuild offering, corresponding to c.9.0% of Wereldhave’s outstanding shares prior to the transaction, at an issue price of €14.37 per share
DELA Vastgoed obtained the Wereldhave shares via a contribution in kind transaction, in which Wereldhave acquired the c.17,000 sqm Polderplein shopping centre in Hoofddorp (the Netherlands) from DELA Vastgoed for €74m, with 70% of the consideration paid in newly issued shares
Van Lanschot Kempen acted as Sole Bookrunner in the immediate sale of the shares, that was launched following a market sounding exercise which resulted in visibility on indications of interest in excess of the total deal size
Van Lanschot Kempen placed the shares with a broad base of institutional investors at a price of €14.37 per share, reflecting a limited 6.6% discount compared to the last closing price
The final order book consisted of both existing shareholders and new investors, with the majority of shares allocated to long-only investors
This transaction marks Van Lanschot Kempen’s fourth Real Estate ECM transaction in the last two months, underpinning the ability of Van Lanschot Kempen to support Real Estate companies across subsectors in raising capital at limited discounts in all market conditions

Company description

Wereldhave is a Dutch listed investor in retail real estate focusing on shopping centres with a mix of international tenants. As of Q3 2023, the real estate portfolio had a market value of €2 billion broken down into retail (95%) and offices (5%). The portfolio is located in the Netherlands (44%), Belgium (47%) and France (9%), with the Belgian portfolio of Wereldhave held through its 66.16% subsidiary Wereldhave Belgium.

Background Van Lanschot Kempen Real Estate

In the last twelve months, Van Lanschot Kempen has successfully completed a large number of transactions in its Real Estate franchise. Recent transactions include:

Joint Global Coordinator & Joint Bookrunner in the €300 million Accelerated Bookbuild Offering of Warehouses De Pauw (WDP)
Joint Global Coordinator & Joint Bookrunner in the €126 million Accelerated Bookbuild Offering of Montea
Sole Financial Adviser in the €260 million secured Green Loan raise of Klépierre
Joint Bookrunner in the €167 million Accelerated Bookbuild Offering of Cofinimmo
Sole Financial Adviser in the €625 million secured Green Debt raise of DHG
Joint Global Coordinator & Joint Bookrunner in the SEK 1,642 million Accelerated Bookbuild Offering of Catena
Sole Financial Adviser in the €65m Secured Term Loan extension of NSI
Sole Financial Adviser in the Joint Venture creation with Redevco for RED Company
Sole Financial Adviser in the €50 million Term Loan amendment and extension of NSI

Contacts

Wereldhave

Transaction highlights

Company description

Background Van Lanschot Kempen Real Estate

Contacts

Thomas ten Hoedt

Birgit Brekelmans

Ronald Evers