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Wereldhave Belgium has agreed a conditional private sale of De Mael retail park. The park is located in Sint-Kruis, Bruges.
The buyer is a consortium of private investors. The sale price is €49.2 million, excluding transfer tax. This exceeds the asset's latest book value. It reflects a net initial yield of 5.6 percent.
The transfer is expected in the second quarter of 2027. The deal has no impact on the group's previously communicated 2026 outlook.
A Multi-Year Transformation
Wereldhave Belgium acquired the site in 2018. At the time, part of it was occupied by a partially vacant hypermarket. The company then carried out a methodical transformation.
Retail units were renovated. Capital was directed toward sustainability and mobility. The tenant mix was rebuilt around key anchors.
- Albert Heijn XL, DreamLand, and MediaMarkt
- Brico, HEMA, and Jysk
- Pearle, TUI, and Medi-Market
This repositioning turned a struggling, partly empty site into what the company now calls a sustainable retail destination for the wider Bruges catchment area.
What Wereldhave's Deputy CEO Said
Nicolas Rosiers is Deputy CEO of Wereldhave Belgium. He said the sale reflects the extensive transformation the company's teams delivered over recent years.
He added that the site has been successfully repositioned into an attractive, sustainable, and high-performing retail park.
He said the sale price reflects the value created through this approach. He noted the transaction strengthens the company's financial position and provides capacity to invest in further growth and new opportunities.
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Strategic Reasoning Behind the Sale
Rather than holding a stabilised, cash-generative asset indefinitely, Wereldhave Belgium is selling at the point of peak value creation.
The company plans to redeploy the capital into dominant mid-sized shopping centres across Belgium and Luxembourg. This has been its strategic focus since 2025.
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About De Mael and Wereldhave Belgium
De Mael comprises approximately 20,000 sqm of gross lettable area. The total site spans approximately 46,531 sqm. It offers easy access and serves visitors from Bruges and the surrounding region.
Avenue Real Estate advised Wereldhave Belgium on the transaction.
Wereldhave Belgium manages a real estate portfolio worth more than €1.2 billion. This is up 1.7 percent since December 31, 2025. The portfolio comprises eight shopping centres, four retail parks, and two office parks across Belgium and Luxembourg.
It welcomes more than 30 million visitors annually, with an EPRA occupancy rate of 97.9 percent.
The De Mael sale adds to a string of recent transactions as the company continues refining its portfolio strategy across both markets.
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