Vastned Retail and Vastned Belgium have declared their intention to merge, forming a single entity that will operate under the name Vastned. This merger aims to simplify the organizational and governance structure while continuing their current successful strategy, yielding expected future annual operational cost synergies of approximately EUR 2.0 to 2.5 million. Additional benefits include optimized debt financing, an increased free float and liquidity, more portfolio diversification, and the potential for accretive growth. The newly formed entity will be headquartered in Belgium, with trading on both Euronext Brussels and Euronext Amsterdam. The board of directors will comprise five members, led by Lieven Cuvelier with Sven Bosman as CEO. At completion, shareholders of Vastned Retail will receive 0.839 shares of Vastned Belgium for each of their Vastned Retail shares. To mitigate immediate dividend impact, Vastned Belgium will issue an additional dividend of EUR 1.00 per share to its pre-merger shareholders, and both companies have declared interim dividends to be paid in December 2024. The merger is anticipated to take effect on January 1, 2025, subject to shareholder approval and satisfaction of customary conditions. The merger has unanimous support from both companies’ boards and a strong endorsement from key shareholders representing over 42% of voting rights in Vastned Retail.

Real Estate Investment Trusts (REIT), Financial Services,Belgium, Netherlands, European Union

https://www.globenewswire.com/news-release/2024/05/16/2883083/0/en/Vastned-Retail-and-Vastned-Belgium-announce-intention-to-merge.html