Vastned Retail and Vastned Belgium announce intention to merge

16 May 2024 07:00 CEST

• Vastned Retail and Vastned Belgium intend to merge Vastned Retail into Vastned Belgium, to be named “Vastned”

• The Merger aims to generate value for Vastned and its stakeholders, including:

   o Simplification of organizational and governance structure, while continuing current successful strategy;

   o Expected future recurring annual operational cost synergies of approx. EUR 2.0 - 2.5 million;

   o Optimized debt financing;

   o Increased free float and liquidity;

   o One single listed platform under Belgium’s REIT regime;

   o More portfolio diversification;

   o Future ability to pursue accretive growth

• One listed organization with trading on Euronext Brussels and Euronext Amsterdam, with an expected increase in free float and liquidity for shareholders and a more interesting profile for equity analyst coverage

• Vastned will be headquartered in Belgium with a board of directors comprised of five individuals, chaired by Lieven Cuvelier

• Sven Bosman will become CEO of Vastned

• The Merger is expected to become effective on 1 January 2025, following shareholder approval and satisfaction of other customary conditions

• At completion, Vastned Retail shareholders will receive 0.839 Vastned Belgium share for each outstanding Vastned Retail share

• To mitigate the immediate impact on the cash dividend for shareholders of Vastned Belgium in light of the different yield profile of Vastned Retail compared to Vastned Belgium, Vastned Belgium will declare an additional dividend of 1.00 per share, to be paid to its pre-merger shareholders in January 2025

• Vastned Retail will declare and pay an interim dividend of EUR 1.70 per share in December 2024 (with no interim dividend to be declared and paid by Vastned Retail in August 2024)

• Vastned Belgium will declare and pay an interim dividend of EUR 2.30 per share in December 2024

• The Vastned Retail Boards as well as the independent directors of Vastned Belgium unanimously support and recommend the Merger

• Vastned Retail shareholders, being entities controlled by Messrs. Van Herk, Meulman, De Jonge and Niessen and ICAMAP Real Estate Securities Fund, representing, in the aggregate, more than 42% of the voting rights in Vastned Retail support the simplification and strategic restructuring of the group into one listed organization and have committed to vote in favor of the Merger

Full press release:

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• Vastned Retail and Vastned Belgium announce intention to merge