Retail real estate firm Wereldhave managed to sizeably increase its profit in 2015. Net profit nearly quadrupled, partially because of higher rental income, while its occupancy rate also increased.
“Specialized operator of shopping centers”
In 2015, Wereldhave managed to record a €104 million net profit, compared to €27 million the year before. Its occupancy rate grew from 92.5 % to 93.8 %, thanks to a better occupancy of its offices. Shopping malls' occupancy rate nearly reached 94 %, drawing level with the year before.
Wereldhave finalized a successful three-year transformation in 2015, which meant it sold off the majority of its office portfolio, replacing it with shopping centers. This means that 97 % of company's portfolio now consists of shopping centers.
It integrated 6 new shopping centers in France, while it acquired another 9 shopping centers in the Netherlands. France's occupancy rate reached 91 % while it did even better in the Netherlands with 91.4 % where like-for-like rental income also grew despite issues with parties like V&D, Macintosh and La Place. Wereldhave's Belgian numbers were also excellent.
"It is good to see that our strategy is paying off. Following the two big acquisitions, in France and The Netherlands, as well as the divestment of the Paris office portfolio, we can now claim to be a specialised operator of convenience shopping centers. This focus and our developing knowledge of the retail environment translates into a strong performance despite adverse conditions for retailers."