Wereldhave Belgium is a public regulated real estate company with a focus on commercial property in Belgium. Wereldhave Belgium targets its new investments on shopping centres. The value of the real estate portfolio, including project developments, amounted to € 961.3 mln on 31 December 2019. On 31 December 2019 the existing operational retail portfolio amounted to € 856.5 mln (around 90% of the total portfolio) and it includes shopping centres in Liège, Nivelles, Tournai, Genk and Kortrijk and retail parks in Brugge, Ghent, Turnhout, Waterloo and Tournai. In addition, the portfolio of real estate investments includes offices in Vilvoorde and Antwerp. As of 31 December 2019 the development portfolio of € 12.6 mln contained land holdings and realised investments that relate to the refurbishment and/or expansion of shopping centres in Waterloo and Liège.
Wereldhave Belgium wants to create value through the active management of shopping centres and the (re)development of shopping centres for its own portfolio. With the help of its own employees, Wereldhave Belgium maintains direct contact with its tenants. This is how Wereldhave is informed at an earlier stage of any issues experienced by the tenants and how it acquires up-to-date market information. The knowledge gained as a result is also used in the context of project (re)development.
Since 27 October 2014, Wereldhave Belgium has been a public regulated real estate company (RREC). The RREC is governed by the provisions in the Royal Decree of 13 July 2014 and the Act of 12 May 2014. The RREC has been authorised by and registered with the Financial Services and Markets Authority since 22 September 2014. Wereldhave Belgium has the tax status of an RREC and therefore does not pay any corporation tax, except for any extraordinary or favourable benefits and rejected expenditure.
Wereldhave Belgium Services N.V., a 100% subsidiary of Wereldhave Belgium, acts as a real estate manager for the real estate investment portfolio.
The Wereldhave Belgium shares are traded on the Euronext stock market in Brussels.
On 31 December 2019, Wereldhave N.V., Schiphol, retained 66.53% of the shares, directly or indirectly.
Evaluation of the real estate
Wereldhave Belgium evaluates its real estate at its fair value. Each quarter, the portfolio of real estate investments is valued externally by independent real estate experts.
With a consolidated level of debt of 29.33% and 70.67% solvency (on 31 December 2019), Wereldhave Belgium is a real estate company with very solid balance sheet ratios.