Vastned

Sole Financial Adviser

Van Lanschot Kempen is acting as Sole Financial Adviser to Vastned Retail in the proposed €1.3 billion reverse merger with Vastned Belgium

Transaction highlights

On 16 May 2024, Vastned Retail (listed on Euronext Amsterdam) and Vastned Belgium (listed on Euronext Brussels) announced their intention to merge Vastned Retail into its 65.5% subsidiary Vastned Belgium
Vastned Retail shareholders are envisaged to receive 0.839 shares in Vastned Belgium for each outstanding share in Vastned Retail, based on the adjusted rolled-forward EPRA NTAs per share as of year-end 2024
Vastned Belgium shareholders have received a special dividend of €1.00 per share, to mitigate temporary EPS dilution for Vastned Belgium shareholders as a result of different yield profiles of both companies
The proposed merger is the result of the strategic reorientation initiated by Vastned Retail in 2023 in light of changing market conditions and the abolishment of the Dutch FII regime, and is expected to decrease overall costs and resolve Vastned’s sub-optimal corporate structure with two listed entities
The merger is unanimously supported by the Supervisory Board and Executive Board of Vastned Retail as well as the Independent Directors of Vastned Belgium
Vastned Retail and Vastned Belgium shareholders approved the proposed merger during their respective EGMs, with significant majorities of 99.9% and 100% respectively. The proposed merger is envisaged to become effective on 1 January 2025
Van Lanschot Kempen is acting as Sole Financial Advisor to Vastned Retail

Company description

Vastned is a listed European retail property company with assets in the Netherlands, France, Spain and Belgium. The company focuses 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, with a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. Vastned’s property portfolio has a value of € 1.3 billion as of the announcement of the transaction.

Background Van Lanschot Kempen European Real Estate

Van Lanschot Kempen has advised on more than €105 billion in real estate transactions across 15 different countries in Europe in the last 10 years
Since 2020 to date, Van Lanschot Kempen advised on more than 110 transactions across different countries, representing a total deal value of over €30 billion in a challenging and unprecedented environment
Van Lanschot Kempen is the most active Dutch investment bank in public transactions, advising on six transactions in the Netherlands since 2019
The transaction underpins Van Lanschot Kempen’s unique position in Belgian real estate and retail property, having advised on transactions of more than €4 billion with Belgian real estate companies and more than €2 billion with retail property companies since 2020

Contact

Thomas ten Hoedt

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Mark van Laere

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