SOURCE: Wereldhave NV

December 13, 2010 02:01 ET

Wereldhave - Acquisition in Poole, UK

THE HAGUE, THE NETHERLANDS--(Marketwire - December 13, 2010) -




Wereldhave acquires Dolphin Shopping Centre, Poole, UK

Wereldhave has reached agreement to acquire the Dolphin Shopping Centre
in Poole, Dorset, England. This asset comprises an existing mid-sized,
mainly covered two level, shopping centre in one of the south coast's
major urban areas. The investment volume extends to some EUR 101 mln
(GBP85 million) (including costs) reflecting a net initial yield of 6%.


Poole is an affluent town on the south coast of England boasting
Europe's largest natural harbour. The town is a popular tourist
destination with approximately 2.3 million "day visitors" per annum.
Some 11.5 million persons visit the shopping centre on an annual basis.
The centre has a primary catchment area of 190,000 with strong
potential to expand.


Constructed in 1969 and refurbished in the 1980's and again in 2004 the
shopping centre extends to some 49,200 sq m net lettable retail area
(530,000 sq ft). There is significant potential to further modernise
the centre and undertake development expanding the offer and dominance
of the scheme. This would incorporate adjoining Local Authority land
from whom the centre is held on a long lease.


The centre dominates the retail provision within the town providing
just over 100 shops and restaurants over two levels: these include such
major international brands as Marks & Spencer, Primark, British Home
Stores, New Look, River Island, Boots the Chemist, Next and the
Arcadia brands; including TopShop, Burton and Dorothy Perkins. The
centre provides a "community" facility incorporating the town main
library and other recreational facilities and adjoins the town's main
railway station. It incorporates the bus terminal and a greater
proportion of the car parking facilities are either above or adjoin the
centre.

Hans Pars, CEO of Wereldhave N.V., comments:"This investment fits well with
our strategy of focusing our UK
operations on mid-sized shopping centre acquisitions in strong
locations, which are dominant in their catchments. We are happy that we
are acquiring an asset off low base rents so that, with good asset and
development management, this can become a more regional centre and thus
benefit from greater trade and rental growth. We see an attractive
opportunity for further development to add to the existing retail offer
to create a sustainable and successful shopping facility."

The Hague, 13 December 2010 Board of Management Wereldhave N.V.

For further information:

Wereldhave N.V.

Richard W. Beentjes

Tel.  + 31 70 346 93 25



Information for analysts:

Wereldhave N.V.

Charles F. Bloema

Tel.  + 31 70 346 93 25

www.wereldhave.com



                    This information is provided by RNS
          The company news service from the London Stock Exchange

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