Wereldhave (WHA) Investor Update summary

Acquisition overview

• Acquired Knauf Shopping Pommerloch (via Wereldhave Belgium) and Knauf Shopping Schmiede (via Wereldhave NV) in Luxembourg from Nextensa for EUR 167 million, including costs, with no transfer tax and minimal corporate income tax.

• Both centers are 100% owned, including land and parking, and anchored by top Delhaize food stores.

• Net initial yield averages 8%, higher than the current Belgian portfolio's 5.9%.

• No additional employees will be hired; six staff will transfer from Nextensa for operational continuity, and assets will be managed by the current team.

• The deal is tax efficient, aligns with the capital rotation strategy, and is accretive to distributable result per share.

Strategic rationale and market context

• Luxembourg offers high GDP per capita, strong purchasing power, regulated retail supply, and strong housing prices, making it attractive for retail investment and expansion.

• Over 50% of footfall in both centers comes from Belgium, with significant overlap in brands and similar legal frameworks between Belgium and Luxembourg.

• The acquisition aligns with the Life Central strategy, aiming to enhance F&B, leisure, and service offerings, and supports ambitions to become the market leader in Full Service Centers in Benelux.

• Both centers have high occupancy and strong footfall, with Pommerloch at 100% occupancy and 2.4 million annual visitors, and Schmiede at 96% occupancy and 2.1 million annual visitors.

• Both assets have mixed-use components and strong tenant overlap with the existing portfolio.

Asset details and performance

• Pommerloch: 33,000 m², 1,200 parking spaces, 2.4 million annual footfall, 100% occupancy, 6.5-year WALT, 64.1% of rent from daily life tenants.

• Schmiede: 41,000 m², 1,200 parking spaces, 2.1 million annual footfall, 96% occupancy, 3.4-year WALT, 75.4% of rent from daily life tenants.

• Unlevered IRRs projected at 8.9% for Pommerloch and 9.6% for Schmiede, both above the 6% threshold.