Highlights
• Vastned continues to deliver a solid operational performance
• Occupancy continues at high level of 98.0% (98.6% in Q2 2023)
• 44 New leases signed in 2024, representing € 5.1 million rental income (7.1% of total)
• Vastned has realised its strategic objectives; nearly unanimous (>99.9%) support for intended merger
• Natural moment to halt the active divestment program; € 132.6 million divestments above book value
• Outlook full year 2024: Vastned reiterates expected direct result of € 1.75 to € 1.85 per share
Hoofddorp, 24 October 2024 - Vastned, the listed European retail property company delivered solid operational results, with a continued high occupancy rate. At the same time, the company has realised its strategic objectives, having successfully completed its divestment program and aligned the loan-to-value ratio with its long-term target. Vastned is well on track with the intended reverse cross-border merger with and into Vastned Belgium that will bring a new simplified and cost efficient structure for Vastned.
"During the first nine months of 2024 we have successfully delivered on our strategic objectives. With the outcome of the EGMs held in September of this year, which gave us a clear support for the intended merger of Vastned Retail with and into Vastned Belgium, we have taken another important step in shaping the future organisation.
The divestment of approximately 10% of our portfolio, including Rokin Plaza, has strengthened the balance sheet of Vastned and ensures that our financial ratios meet our long-term goals. As we see improving market conditions, also driven by the lower market interest rates, Vastned has decided to halt the process of actively divesting additional assets. The current portfolio of diversified and unique assets will provide the merged company a very solid basis for the future.
In the coming period, the management will continue to work together to take the last steps for the intended merger effective 1 January 2025. We look forward to working with the current teams, though we acknowledge the personal impact on some colleagues who have contributed significantly to our strategic reorientation. We are confident that, under Sven Bosman and Barbara Gheysen's leadership, Vastned's heritage will be in good hands."
Reinier Walta, CEO Vastned
Vastned is a European publicly listed property company (Euronext Amsterdam: VASTN) focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned's property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The property portfolio had a size of approximately € 1,236 million as at 30 June 2024.
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https://press.vastned.com/download/7033946d-0e4f-465b-a99c-96874d8e9cbd/2024.10.24vastned9mtradingupdate2024final.pdf
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