Integrated Annual Report 2024
Wereldhave N.V.
Integrated Annual Report 2024
LifeCentral progress:
Showing resilience, gaining momentum
Wereldhave Full Service Centers contribute to a better
everyday life for visitors and better business for tenants.
A one-stop location for groceries, shopping, leisure, relaxation,
sports, health, work and other daily needs – all supported by smart concepts
and digital services. By investing sustainably to meet the needs of customers
and local areas, we enrich communities, while caring for the environment,
and have a positive effect on the way people live, work and shop.
Wereldhave Full Service Centers play a vital role in people’s everyday
lives in leading regional cities in the Netherlands, Belgium and France.
Annual Report 2024
Wereldhave N.V.
I
Wereldhave in 2024 Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction
How this Report is structured
Our Integrated Annual Report comprises two main sections:
• The first describes our business and operating environment, our strategy, performance,
outlook and governance (pages 2-96).
• The second contains our formal disclosures, including our financial statements
(pages 97-174).
Our Supervisory Board Report is included in the Governance section (from page 60).
Detailed sustainability disclosures may be found at the end of this Report (from page 166).
For more information about our approach to reporting, please see the Basis of Preparation
(page 77).
If you have any questions regarding this report or its contents, please contact our Investor
Relations department at investor.relations@wereldhave.com.
Reporting standards used
This Integrated Annual Report has been prepared in accordance with the Integrated
Reporting <IR> Framework, as well as the latest standards issued by the Global Reporting
Initiative (GRI). All financial statements comply with the International Financial Reporting
Standards, as adopted by the European Union (EU-IFRS) and the Dutch Civil Code.
For further information, see page 77.
Electronic reporting format
A European single electronic reporting format (ESEF) version of this Report is also available
on our website www.wereldhave.com/investor-relations/reports-publications/annual-reports/.
It should be noted that, in case of any discrepancies, the ESEF version prevails.
Statement from our Board of Management
As Wereldhave’s Board of Management, we take responsibility for the content and accuracy
of this Integrated Annual Report. We believe this Report provides a fair and balanced picture
of Wereldhave’s business, strategy and performance, and its ability to continue creating
value for both stakeholders and wider society. This Report is intended for all our
stakeholders, particularly providers of financial capital.
About Wereldhave
Established in 1930, Wereldhave is headquartered in Amsterdam where it is registered
as an investment institution. Our shares are listed on Euronext Amsterdam and included
in the AScX index. In Belgium, our investments consist of a 66.72% stake in Wereldhave
Belgium, which is registered as a tax-exempt investment company, listed on Euronext
Brussels. Our remaining investments in France are subject to that country’s SIIC regime
(société d’investissement immobilier cotée). Wereldhave is a member of several leading
industry organizations, including the European Public Real Estate Association (EPRA) and
the Dutch Green Building Council and participant in the Global Real Estate Sustainability
Benchmark (GRESB) and Carbon Disclosure Project (CDP).
Wereldhave’s 2024 Integrated Annual Report provides an overview of the company’s business, strategy, performance and governance during
the year. It also looks at how Wereldhave endeavors to create long-term value for its main stakeholder groups: its tenants, investors, business
partners and employees, as well as the millions of people who visit Wereldhave centers in the Netherlands, Belgium and France every year.
Partner
About this Report
Annual Report 2024
Wereldhave N.V.
2
Wereldhave in 2024 Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction
Introduction
About this Report
Contents
Introduction
About this Report
Message from our CEO
Wereldhave in 2024
Our business
in Review
Our business environment
Our strategy
Our LifeCentral strategy
Value creation
Our value creation model
Our performance and outlook
Financial performance & investors
Direct & Indirect result
Key developments in our markets
- Netherlands
- Belgium
- France
Tenants and visitors
People and partners
A Better Tomorrow
Carbon flow analysis
Outlook
Governance
Governance
Risk management and internal
controls
Supervisory Board report
Statement by the Board of
Management
Additional information
Basis of preparation
Qualifying notes ESG reporting
Materiality
Property portfolio
Alternative performance measures
EPRA performance measures
Five-year performance tables
Share performance
Financial statements
Consolidated financial statement
Notes to the consolidated
financialstatements
Company financial statements
Notes to the company
financial statements
Other information
Auditor’s report
Appendix
List of abbreviations
Contribution to Sustainable
Development Goals
Social indicators
Environmental indicators
Annual Report 2024
Wereldhave N.V.
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Wereldhave in 2024 Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction
Message from our CEO
Wereldhave enjoyed a very decent year of business in
2024, posting € 140m net profit. This result, the strongest
since the Global Financial Crisis in 2008, was driven by the
operational performance and positive revaluations of our
Full Service Centers. Our priority continues to be the roll out
of our LifeCentral strategy, with further transformations of
our centers due for completion over the next three years.
At the same time, we are looking to increase our scale
through acquisitions in our core markets, which should
benefit our general costs and the cost of capital, while
leveraging on a successful retail transformation business
model. This will further improve our strong balance sheet,
which was recognized by Fitch with an upgraded credit
rating to BBB stable in May. Finally, we are glad to report
that we have made progress with our capital reallocation,
selling one Dutch center (Winkelhof), in February 2025.
Operational strength
Our operational teams performed well throughout the year.
We had to deal with several bankruptcies in both Belgium
and the Netherlands, of which Blokker and, recently, Lunch
Garden were the largest. They followed a string of Belgian
bankruptcies during the first quarter. Achieving a 99%
all-time high occupancy rate for Belgian centers, despite
the bankruptcies, reflects our leasing skills while in
The Netherlands, we have already re-leased four out of
seven Blokker locations. We have agreed with the new
owners of Lunch Garden to continue at four locations,
at a higher rent, and to stop at two others, which gives us
the opportunity to continue the implementation of our
LifeCentral transformations at these sites.
For all bankruptcies combined, we forecast an improved
rent compared with the previous lease while tenant quality
will obviously improve.
Wereldhave has had a strong 2024 with a
direct result per share that slightly exceeded
our guidance and in which the core portfolio
also enjoyed a substantial positive revaluation
of 3%. The proposed dividend per share
grew by 4% to € 1.25. Major divestments
and acquisitions, as announced in the
beginning of 2025, were carefully prepared.
“ Our strategy is paying off
as we enhance the
resilience of our portfolio,
with daily life tenants
now making up over 68%
of our floor space”
Annual Report 2024
Wereldhave N.V.
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Wereldhave in 2024 Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction
Message from our CEO
These trends underpin our view that the leasing market
continues to polarize. Post-Covid, several ‘expected’
bankruptcies are being replaced by new entrants or
expanding formulas, now that online retail is losing market
share in our core markets. Our retailers enjoyed 4% growth
in retail sales during 2024. Our Full Service Centers did
particularly well with retail sales increasing 5% and footfall
up by 8%.
LifeCentral strategy momentum building
Although we had no new Full Service Center (FSC)
completions scheduled for 2024, our teams are working
hard on deliveries for 2025 (Phase 1 of our Kronenburg
center in Arnhem and Nivelles in Belgium), while making
significant progress on existing businesses, including
leasing. We are also studying a new project to extend our
current center in Liège, which is set to begin once our
capital and construction costs have fallen sufficiently. In Full
Service Center Presikhaaf, we celebrated the opening of
health & fit, our healthcare cluster, and several new retailers
have signed up for our fresh food concept every.deli in
Hoofddorp and Nieuwegein. In our FSC Vier Meren in
Hoofddorp, we generated a leasing spread of +10%, mainly
driven by new deals with Intertoys and Yellow Gym. Deals
such as these continue to improve the resilience of our
portfolio, with daily life retail now comprising 68% of our
floor space, compared with approximately 50% when the
strategy was launched.
We are glad to report that we have now sold the
Winkelhof shopping center in Leiderdorp around book
value to a Dutch investor. The center had been on our ‘sell’
list since 2022 as it did not make our internal rate of return
(IRR) threshold of 8%, nor could it meet our ambitious
environmental, social and governance (ESG) targets.
On 13 February 2025, Wereldhave reached agreement with
Nextensa N.V. on the acquisition of two shopping centers
in Luxembourg. The transaction was partly financed in
new shares, partly with debt, thus benefiting from our good
access to the capital markets. The acquisition marks the
next step of the LifeCentral strategy growth phase and
perfectly fits Wereldhave’s acquisition criteria, such as
location, value creation opportunities and Full Service
Center transformation potential.
Strong balance sheet acknowledged by rating
agency
The newly assigned BBB credit rating from Fitch recognizes
and rewards all the actions that we have taken in recent
years to strengthen our balance sheet. The new rating has
had an immediate recurring savings effect on interest costs,
via rating triggers in our Revolving Credit Facilities (RCFs).
The disposals executed in 2020 and 2021 truly marked the
financial turnaround and are now enabling us to arrange
new credit facilities at competitive terms. In July 2024, we
reached agreement with several institutions for new US
Private Placements (USPP) totaling € 119m, with a weighted
average term of five years and at an average cost below
5%. During the third quarter, we agreed the refinancing of a
€ 50m unsecured facility - due to mature in 2025 - with one
of our Belgian core banks, increasing the amount by € 30m.
The agreement underscores the banks’ confidence in our
LifeCentral strategy. The all-in cost is sub 4%, which is very
competitive in today’s market.
In 2024 we realized a valuation result of +3.0% on our core
portfolio, which mainly concerned the revaluation of our Full
Service Centers. The revaluation was driven primarily by
estimated rental value (ERV) improvement rather than yield
compression. Our loan-to-value now stands at 41.8% which
is nearing our 35-40% target. We are working hard on our
second Dutch disposal which is now under an exclusivity
clause. French disposals remain a priority in 2025, even
though no significant progress has been made so far.
Our continued focus on cost efficiencies resulted in a
significantly lower EPRA Cost Ratio of 22%, compared with
29% in 2023. We have further optimized our staff and are
starting to reap the efficiency benefits from our investments
in a new ICT infrastructure.
Unfortunately, the Dutch government budget statement in
September (‘Prinsjesdag’), which included the 2025 Tax
Plan, did not contain any unexpected new measures that
would benefit our company. For this reason, we still expect
our annual tax burden - due to the abolition of the Dutch
REIT regime (FBI) status - to remain in the range that we
previously stated, albeit at the higher end.
Annual Report 2024
Wereldhave N.V.
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Wereldhave in 2024 Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction
The growing importance of ESG
We maintained our position as an industry leader in
sustainability, demonstrated in part by our 11th consecutive
annual five-star Global Real Estate Sustainability Benchmark
(GRESB) rating. We also received our ninth consecutive
Gold Award in the annual sustainability Best Practices
Recommendations from the European Public Real Estate
Association (EPRA sBPR). Our ESG program ‘A Better
Tomorrow’ was developed to provide a roadmap from 2020
to 2030, with intermediate targets for 2025. It aligns with
United Nations Sustainable Development Goals (SDGs)
relevant to Wereldhave and includes elements from leading
ESG benchmarks such as GRESB and the Building Research
Establishment Environmental Assessment Method
(BREEAM). In addition, our improved focus on Green Leases
has resulted in their increase from 67% to 74% of our lease
contracts in our core portfolio. Lastly, we are signing an
increasing number of new financing deals with sustainability
linked terms and are increasing capex investments on solar
panels, EV chargers and batteries, as this equipment is
becoming cheaper and generates double-digit unlevered
returns. There is clear financial as well as social momentum
to speed up such investments.
Outlook 2025
We expect 2025 to be a fruitful year for Wereldhave with
a forecasted direct result per share of € 1.70-1.80, even
though we expect to pay € 4m-5m corporate income taxes
in the Netherlands and have disposed of our asset in
Leiderdorp. Due to the accretive acquisition in Luxembourg
in February 2025, we expect to end up at the higher end
of this range. We keep exploring acquisitions in our core
markets (Benelux) which would further increase profits.
Matthijs Storm, CEO
Amsterdam, 28 March 2025
Scan this QR-code to watch our
Wereldhave - Full-year results 2024 highlights video.
Annual Report 2024
Wereldhave N.V.
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Wereldhave in 2024 Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction
Our business
Wereldhave owned and operated in 2024 21 commercial centers across the Netherlands, Belgium and France.
We have transformed nine of them into Full Service Centers (FSCs) – where everyday convenience shopping
meets leisure, relaxation, sports, health, work and other daily needs. FSCs are at the heart of our LifeCentral
strategy, and more Full Service Center transformations are planned for 2025 and the coming years.
Our portfolio
With more than 630,000 m devoted to shopping and other
services, - and over 60,000 m in office space - Wereldhave
welcomed around 98 million visitors to our centers in 2024.
48%
44%
8%
Portfolio by location
(including oces, end 2024)
Netherlands
Belgium
France
€ 2.3 billion
Prime sites in large regional cities are our preferred
locations for investment. We seek sites that have strong
links to the community and local government, are well
connected by public transport, and where we can offer free
parking for visitors. Our 11 Dutch centers include sites
locations in Tilburg, Arnhem, Hoofddorp, Nieuwegein and
Dordrecht. In Belgium our centers include those in Liège,
Genk, Courtrai and Tournai, while our two French centers
can be found in Bordeaux and Argenteuil (Paris). At the end
of 2024, our investments in our centers were worth
approximately € 2.2 billion.
Typically anchored around supermarkets or hypermarkets,
the centers host some of the best-known names in
European retail, including Ahold Delhaize, C&A, Carrefour,
HEMA and H&M. We also provide an extensive range of
stores catering to daily life such as food and groceries,
homeware & household, health & beauty, sports, leisure and
fitness. These daily life tenants make up 68% of our annual
rental income at the end of 2024.
Our centers generally comprise between 20,000 and
50,000m
2
in lettable space – our largest centers are
Cityplaza in Nieuwegein, Vier Meren in Hoofddorp (the
combined Vier Meren and Polderplein centers), Kronenburg
in Arnhem and Les Bastions in Tournai. See page 82-83 for
a full list of our locations.
In February 2025, we agreed the sale of Winkelhof
shopping center in Leiderdorp around book value to a
Dutch investor. The rationale for this disposal was that it did
not make our internal rate of return (IRR) threshold of 8%,
nor could it meet our ambitious environmental, social and
governance (ESG) targets.
Also in February 2025, Wereldhave acquired two shopping
centers in Luxembourg from Nextensa N.V., partly financed
in new Wereldhave N.V. shares, partly with debt, thus
benefiting from our good access to the capital markets.
Annual Report 2024
Wereldhave N.V.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
Our business
Leading tenants
(core portfolio by share of annual rental income, 2024)
% of rental income
1. Ahold Delhaize 5.6
2. Jumbo Group 4.6
3. C&A 3.1
4. A.S. Watson Group 3.1
5. Carrefour 2.3
6. Bestseller 2.1
7. The Sting 1.7
8. H&M 1.5
9. A.F. Mulliez (Decathlon, Kiabi) 1.5
10. Ceconomy (Mediamarkt) 1.2
Total top 10 26.7
Our approach to business
At Wereldhave, we believe a long-term approach to
business is the best way to create value for our
stakeholders, whether they are our tenants, business
partners, employees, or our communities and the people
who visit our centers. By actively maintaining, improving
and modernizing our centers we attract visitors – and,
in turn, provide attractive returns for our shareholders.
Our purpose
Our purpose as a company is to contribute to a better
everyday life for visitors and better business for tenants.
Creating centers that go beyond retail and provide
opportunities to also meet friends for a meal or watch
a movie is a way of making that contribution. We recognize
too the importance of respecting the community the
center serves, which is why we also place importance
on protecting the environment and supporting local and
social initiatives.
(% of annual rental income, end 2024)
15
14
9
8
11
11
23
6
3
Tenant mix by sector
*This includes among others: Sport, Fitness, Personal care, Services,
Healthcare, Leisure, Serving the community.
Daily Life:
Other Daily life retail*
Food
Health & beauty
F&B (food & beverage)
Homeware & household
Fashion (discount)
Non-daily life:
Fashion (mainstream)
Shoes
Multimedia & electronics
Total
daily life:
68%
Annual Report 2024
Wereldhave N.V.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
1. Investment
2. Location
4. Returns
3. Rent
. We invest in commercial
centers and office space, mainly in
the Netherlands and Belgium.
. We make sure we have the right
locations to attract tenants and the
right mix of shops and services to
attract visitors to our centers.
. Tenants pay us rent either as a
fixed amount, a share of their
revenues or a combination of both.
We also offer add-on services to our
tenants and invest to improve and
upgrade our locations.
. We expect our centers to
generate a minimum rate of return
– and will divest centers that fail to
meet this rate. From our profits, we
work to provide attractive dividends
to our shareholders.
How our business works
Our
Business
Model
Annual Report 2024
Wereldhave N.V.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
Belgium
• Tournai (Les Bastions
Retail park, Les Bastions
Shopping)
• Genk (Shopping 1,
Stadsplein)
• Bruges Retail park (Bruges)
• Courtrai (Ring Kortrijk)
• Liège (Belle-Île)
• Nivelles (Nivelles Shopping)
• Waterloo (Waterloo)
• Turnhout
• Antwerp (The Sage)
• Vilvoorde (The Sage)
8
21 2
Commercial centers
Office locations
Commercial center surface owned
633,000m
2
France
• Argenteuil (Côté Seine)
• Bordeaux (Mériadeck)
2
Netherlands
• Arnhem (Kronenburg,
Presikhaaf)
• Capelle aan den IJssel
(De Koperwiek)
• Dordrecht (Sterrenburg)
• Purmerend (Eggert)
• Roosendaal (Roselaar)
• Tilburg (City Center Tilburg)
• Heerhugowaard
(Middenwaard)
• Hoofddorp (Vier Meren/
Polderplein)
• Nieuwegein (Cityplaza)
• Leiderdorp (Winkelhof)*
11
* Sold in 2025.
Annual Report 2024
Wereldhave N.V.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
2024 in Review
First quarter
• We sign 40 new lease contract across the Netherlands
and Belgium, including with Danish health and beauty
chain Normal, the fresh food retailer Zuivelhoeve
and in the daily-fashion sector, with KiK and Scapino.
The Belgian deals include a lease for fashion and
household retailer Juttu for our Belle-Île center in
Liège and for fashion retailer Jack & Jones.
• The new food and beverage area in Mériadeck,
Bordeaux is now fully operational.
program, A Better Tomorrow, as well as help prepare
for the changes in sustainability reporting and disclosure
regulations.
• In Belgium, following the bankruptcy of the eyewear
chain Grand Optical, their two units are re-leased to
Pearle. We welcome Chaussea fashion, which takes
1,725m in Tournai, while leases are renewed for ZEB
Fashion and Action, and extended for Rituals. A new
lease is also signed with PREGO! Italian food in Liège.
• In France, Carrefour takes over space vacated by fellow
supermarket operator Casino at our Côté Seine center,
near Paris.
• Our project teams step up preparations for upcoming
changes in sustainability reporting and disclosure
regulations, including the EU’s new Corporate
Sustainability Reporting Directive (CSRD).
• Wereldhave’s Sterrenburg Full Service Center in
Dordrecht wins the Kern annual award for the best retail
and mixed-use development in the Netherlands, marking
a second Kern award win in a row, after Tilburg. Special
mention was made of the investments in sustainability.
Second quarter
• We celebrate the inauguration of the first health & fit
cluster at our Full Service Center Presikhaaf and the
official start of work to transform our Kronenburg center
in Arnhem into a Full Service Center.
• Several major package leasing deals are signed in the
Netherlands, including with fitness company Yellow
Gym for two new gyms in Hoofddorp and Tilburg.
• In May, Fitch upgrades Wereldhave’s Long-Term Issuer
Default Rating (IDR) to BBB, recognizing the actions
we have taken over recent years to strengthen our
balance sheet.
• As well as the Kronenburg center, FSC transformation
work continues at Cityplaza in Nieuwegein, at
Middenwaard in Heerhugowaard and, in Belgium,
at Nivelles Shopping in Nivelles.
• Wereldhave appoints a dedicated technical Sustainability
Project Manager to accelerate progress of our Full
Service centers in the context our 2030 sustainability
Q1
Q2
Annual Report 2024
Wereldhave N.V.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
2024 in Review
Gold Award in the annual Sustainability Best Practices
Recommendations from the European Public Real Estate
Association (EPRA sBPR).
• With the Dutch leasing market gaining momentum,
several key deals are signed. Fashion retailer MS Mode
secures space in Winkelhof, Leiderdorp, while health &
well-being tenants Evitel (medical and care supplies)
and Apotheek Capelle (pharmacy), sign for new locations
in De Koperwiek in Capelle aan den IJssel. Meanwhile,
discount retailer Wibra signs for five locations across
the Netherlands.
• In Belgium, we welcome several new tenants – Jules
fashion expands its floorspace in Belle-Île, Liège, while
global beauty and cosmetics brand Kiko Milano signs for
its first-ever location at a Wereldhave center and fashion
retailer CKS takes over the former Cassis unit in FSC
Ring Kortrijk.
Fourth quarter
• In November, we celebrate an important milestone in
the transformation of the Kronenburg shopping center
in Arnhem with the opening of a new entrance area.
The development forms part of the first phase of what
will be a broader transformation of the center and its
surroundings into a Full Service Center.
• Dutch retailer Blokker, which accounted for 0.7% of
Wereldhave’s consolidated rent roll, requests suspension
of payment. Following the restructuring process,
Wereldhave accelerates its strategic plans for all
Third quarter
• We further strengthen the company’s funding structure
by agreeing a new five-year US Private Placements
(USPP) totaling € 119m, further strengthening the
company’s balance sheet. We also agree the refinancing
of a € 50m unsecured facility - due to mature in 2025 -
with one of our Belgian banks, increasing the amount
to € 80m. The agreement underscores the bank’s
confidence in our LifeCentral strategy.
• For the eleventh consecutive year, Wereldhave retains
its 5-star rating in the Global Real Estate Sustainability
Benchmark (GRESB), the leading global ESG benchmark
for real estate. We receive our ninth consecutive
Blokker locations and by year end, four out of seven
locations had been re-leased.
• In partnership with the charity ‘Stichting Jarige Job’
(Every child deserves a birthday) the December Gifting
Month initiative is launched in all Wereldhave centers
in the Netherlands. Visitors can donate money and gifts
to children in need.
Q3
Q4
Annual Report 2024
Wereldhave N.V.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
Key performance indicators
Operations shopping centers 2024 2023
Like-for-like NRI growth (in %) 3.9 7.9
Occupancy (in %) 97.3 96.6
Visitors (in millions)
1
97.6 92.5
Leasing activities (# leases) 260 285
Proportion of mixed-use Benelux (in m
2
) 14.7% 14.1%
Customer satisfaction Benelux (NPS) 23 24
1 Comparative figures adjusted for integration Polderplein.
Results & finance 2024 2023
Net rental income (in €m) 138.4 126.4
Direct result (in €m) 91.5 84.2
Indirect result (in €m) 48.3 5.1
Total result (in €m) 139.8 89.3
Direct result per share (in €) 1.76 1.73
EPRA Net Tangible Assets (NTA) per share (in €) 23.43 21.90
Dividend paid per share (in €) 1.20 1.16
Investment property (in €m) 2,252 2,162
Shareholders’ equity (in €m) 1,022 964
Net debt (in €m) 935 916
Net Loan-To-Value (LTV) (in %) 41.8 42.7
Outlook 2025
Direct result per share between € 1.70 and € 1.80
Sustainability 2024 2023
Building energy intensity retail (kwh/m
2
/year) 41.3 42.1
Solar energy produced onsite (MWh, like-for-like) 3,391 3,869
Employee engagement 7.7 7.0
Green lease (in %) 73.7 66.5
Society investments (in €m) 2.8 2.1
Annual Report 2024
Wereldhave N.V.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
Our business environment
With inflation falling in 2024, interest rates began to ease, helping to improve the investment climate and take some of the financial pressure off
tenants and consumers. But the lingering effects of high inflation and a difficult business climate continued to be felt. Bankruptcies in Belgium rose
8% on the previous year
1
, particularly in the construction and transport sectors but also among some retailers. Households remained extremely
cost conscious. Despite this, Wereldhave performed strongly during the year, underpinned by our reinforced financial position and the continuing
success of our LifeCentral strategy.
1 Source: Statbel. See: https://statbel.fgov.be/fr/nouvelles/11067-faillites-en-2024-resultats-regionaux-contrastes
2 Wereldhave carries out regular data-driven assessments of tenants and their sales and payment behavior to pre-empt bankruptcies, keeping occupancy rates above 95%.
Economic conditions
Economic growth in the Euro zone resumed at a moderate,
if lackluster, pace in the course of 2024. Concerns over the
cost of living and uncertainty caused by geopolitical tensions
continued to subdue consumer confidence, reinforcing
incentives for households to save rather than spend.
Euro zone inflation at the start of the year was running at
2.8% but had fallen closer to the European Central Bank’s
(ECB ) target rate of 2% by the end of 2024, allowing the
ECB to cut its deposit rate to 3% in December. Although
down from 2023 highs, price rises in the Netherlands and
Belgium remained stubbornly higher than the harmonized
Eurozone average by the end of the year, driven in part by
energy costs.
As Wereldhave’s rents are indexed against inflation, our
rental income continued to grow, but higher inflation also
increased our construction costs. As a result, the continuing
transformation of our sites into Full Service Centers is taking
place in separate phases.
Our actions in recent years to strengthen our balance sheet
enabled us to further secure long-term funding on
advantageous terms.
2023
2024
2023
2024
2023
2024
GDP growth in the Netherlands, Belgium
and France (2024 vs. 2023)
0%
Source: Organisation for Economic Cooperation & Development (OECD),
Economic Outlook 2024 (December 2024).
France
Netherlands
Belgium
2%1%
Tenant impact
Economic conditions have once again had a polarizing
effect on the leasing market, with stronger brands
continuing to expand, resulting in several new entrants at
our centers. Daily life retail, which ranges from supermarkets
to pharmacies, remained a particular bright spot throughout
the year, and has increased its proportion of floorspace
relative to other segments. However, with companies
continuing to face higher costs and rising wages, there
were bankruptcies in the Netherlands, Belgium and France,
including household goods retailer Blokker and the restaurant
chain Lunch Garden. We had previously identified Blokker
as a possible bankruptcy risk and quickly managed to
re-lease four out of seven locations occupied by the retailer.
2
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Wereldhave N.V.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
Our business environment
Cost of living
Consumer sentiment in the Netherlands remained low
throughout 2024, while in Belgium it decreased during the
year, despite lower inflation and further wage growth.
Households remained cautious, with the cost of food and
energy a particular concern. As a result, shoppers tended
to prioritize essential items such as food and basic goods
rather than luxuries or major purchases.
Retail sales volume grew modestly in France
1
and the
Netherlands
2
in 2024 compared with the previous year, but
was slightly lower in Belgium.
3
Overall, non-essential goods
like fashion and electronics saw weaker sales volume
growth, while grocery sales, especially in discount stores,
remained firm.
For Wereldhave, the number of daily life tenants continued
to grow, now accounting for about 68% of total rental
income – a 2-percentage point increase year-on-year.
These tenants are less exposed to economic fluctuations,
with consumers prioritizing their goods over other ‘non-
essentials’, bringing a degree of resilience to our centers.
1 Source: Institut national de la statistique et des études économiques (INSEE): https://www.insee.fr/fr/statistiques/8308486
2 Source: Centraal Bureau voor de Statistiek: https://www.cbs.nl/en-gb/news/2025/02/retail-turnover-up-by-over-2-percent-in-november
3 Source: Statbel: https://statbel.fgov.be/en/themes/indicators/turnover/retail-trade-turnover#news
4 We have developed a scorecard to assess whether our locations qualify as Full Service Centers. See page 23 for further detail.
5 See: https://ecommercenews.eu/dutch-ecommerce-in-first-half-of-2024-17-5-billion-euros/
6 Those with FBI status in the Netherlands are exempt from paying corporation tax on their Dutch income.
Operational conditions
Omnichannel strategies combining physical stores and
online sales are an essential feature of the retail sector.
However, some retailers are beginning to reallocate
resources back to physical stores due to thin online margins
– a trend which supports our Full Service Center strategy as
it combines leisure, shopping and healthcare in one space.
4
Although nearly one third of all retail spending in the
Netherlands now occurs online, purchases of e-commerce
products (as opposed to services, which expanded sharply)
showed only modest annual growth of 1% in the first half of
2024. The categories Shoes & Personal lifestyle and Food
saw an online sales decline of 11%.
5
For retail real estate investors, the investment market has
become challenging with, in the Netherlands, the financial
landscape changing due to the increase of the Dutch
transfer tax to 10.4% and, from 2025, the government’s
decision to exclude direct investments in real estate from
the fiscal investment institution (Fiscale Beleggingsinstelling
- FBI)
6
tax regime. Combined with a lack of attractive and
available assets in the region, investors are increasingly
looking at other options, including markets outside the
Netherlands and Belgium, as well as other asset classes.
Sustainability
We are investing more in sustainability, driven by both the
society around us, which places more emphasis on
inclusion and diversity, and by evolving regulation,
particularly in reducing environmental impact. But the
need to be more sustainable is also driven from within our
company. Our centers play a connecting role in their local
communities. As people increasingly opt to work, socialize
and shop more locally, the centers bring people together
as well as meet their needs.
There is continued scrutiny on companies’ social and
environmental performance from governments and
regulators, with companies expected to be transparent
about the potentially adverse effects of their activities on
society – and how they mitigate those effects. Moreover,
social attitudes among the wider public are changing, with
many wanting more from the brands they buy and services
they use. Our centers must stand up to this scrutiny and
reflect these changing attitudes – by supporting the
transition to sustainable energy and working with tenants
that align with transformed social attitudes toward climate,
diversity, and human rights.
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
Inflation in the Netherlands and Belgium
(annual rate of consumer price inflation)
(in %)
January 2023 December 2024
Source: Centraal Bureau voor de Statistiek, Statbel.
Netherlands Belgium
-5
0
5
10
15
Moderate growth in household spending
in the Netherlands
(% year-on-year change)
Source: Centraal Bureau voor de Statistiek.
January 2023 December 2024
-1
0
1
2
3
4
5
6
Belgian consumer confidence
falls in 2024
(% consumer confidence indicator)
Source: National Bank of Belgium.
January 2023 December 2024
-20
-15
-10
-5
0
5
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Our strategy Our performance and outlook Governance Additional information
Financial statements
Introduction Wereldhave in 2024
Launched in 2020, our LifeCentral strategy has resulted in the transformation of nine of our assets
into Full Service Centers. In the upcoming years this number will grow to at least 13. The transformed
Full Service Centers in the Netherlands and Belgium show continued success and momentum,
outperforming the rest of our portfolio and underlining the strength of our strategy.
Our LifeCentral strategy
Full Service Center transformations
After delivering an exceptional four new Full Service Centers
in 2023, we paused new openings in 2024 in order to
spread capital expenditure and avoid high construction
costs. In 2024, we did, however, continue work on phase
1 of our transformation of Kronenburg in Arnhem, as well as
at Cityplaza in Nieuwegein and have started transformations
at Middenwaard in Heerhugowaard and Nivelles Shopping
in Nivelles. This keeps us on track to transform 13 of our
17 traditional shopping centers from our core portfolio into
Full Service Centers by 2026.
Full Service Centers represent our new concept for retail
real estate, where daily life shops providing consumers
with basic needs, are combined with ‘mixed-use’ tenants,
including restaurants, healthcare, gyms and cinemas.
The mix of shopping and leisure caters to visitors’ everyday
life and as a result, builds resilience into our centers in
case the economy worsens and consumers move away
from purchases deemed to be non-essential, such as
fashion. This LifeCentral strategy is the bedrock of our future
and we aim to occupy at least 18% of our centers with
mixed use tenants.
Full Service Center transformations (status, end 2024)
Location Lettable area 2024 2025 2026 2027
Cityplaza, Nieuwegein
(The Netherlands)
50,921m
2
Middenwaard,
Heerhugowaard
(The Netherlands)
35,771m
2
Nivelles Shopping,
Nivelles
(Belgium)
28,141m
2
Kronenburg, Arnhem
(The Netherlands)
40,657m
2
(phase 1 only)
Please note: this table contains committed projects only. Work may take place in several
phases. For simplicity, these phases may be shown together. The table does not show
phases yet to be confirmed.
During 2024, we further increased the proportion of daily life
tenants such as in food and in health and beauty, while the
percentage of space leased by mainstream fashion shops
has fallen to 23% from 34% in 2019, the year our LifeCentral
strategy was first launched.
Phase two of LifeCentral: growth
Our improved credit profile has put us in a position to
acquire new centers. As part of our growth plans, we will
look for assets primarily in, but not limited to, our core
markets. This is a necessary step for Wereldhave. By the
end of 2024, we had invested almost 70% of our earmarked
LifeCentral capex in Full Service Center transformations,
meaning we must now scale to ensure future growth and
improve our cost of capital.
We will review the different options to rotate capital out of
the Netherlands – for example, through joint ventures –
and may decide to acquire assets in a third country outside
the Netherlands or Belgium. We are open to this because
of the lack of sufficient viable assets in our core markets
and the abolition from this year of the tax advantages of the
Dutch FIB (Fiscale Beleggingsinstelling) regime for real
estate investments. Losing these advantages, when
combined with increased commercial property transfer
taxes, could prevent us from reaching our 8% unlevered
internal rate of return (IRR) threshold in our existing markets.
We will transform any asset we acquire into a Full Service
Center as part of our LifeCentral strategy, and continue
to apply our disciplined IRR framework to every new
acquisition to protect the strong balance sheet rebuilt
over recent years.
Annual Report 2024
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Wereldhave in 2024 Our performance and outlook Governance Additional information
Financial statements
Introduction Our strategy
Our LifeCentral strategy
A new Kronenburg Full Service
Center is taking shape
When the first phase development completes and
the center opens at the end of 2025, the Kronenburg
Full Service Center in Arnhem will provide a wide
variety of visiting reasons for customers. Not just to
shop, but also to meet friends for a drink or enjoy
a meal. As a Full Service Center, we believe it can
contribute to a better everyday life for visitors and
will drive better business for our tenants.
At the heart of the center, a renewed area of daily-life
fashion, homeware and household retailers has
already taken shape with shops such as Xenos,
Specsavers, vanHaren, Nelson and Holland & Barrett.
By 2026, the center will feature a completely new
eat&meet square with outdoor terraces and a third
supermarket. In partnership with real estate developer
Amvest, we are also building 156 apartments in
Kronenburg, due to be completed in 2026.
Meeting consumer needs
At our Full Service Centers, consumers should find their
core daily needs under one roof. These needs, we believe,
fall into four main categories:
1. Fixing the basics - shopping for groceries and other
everyday essentials
2. Self-expression - looking good and making the right
impression, through fashion, home decoration and
health & beauty
3. Enjoying life - being able to spend leisure time with
friends and family in bars, restaurants and cinemas etc.
4. Well-being - looking after your health and well-being
through healthcare, fitness, and personal development
As part of LifeCentral, we continuously look to roll out
new services to our centers to meet these needs,
including our health cluster health & fit and food and
beverage clusters every.deli and eat&meet, as well as
our service hub the point.
We combine these new services with more traditional
retail and daily life stores, which continue to perform better
than expected since the launch of LifeCentral. It’s a winning
combination that enables us to further meet consumer
needs, while a diverse tenant mix makes our centers
more resilient if the economy worsens and consumers
move away from purchases deemed to be non-essential,
such as clothing.
benchmark
Our Full Service Center
Scorecard
All our Full Service Centers are benchmarked against a
Wereldhave scorecard, rolled out in 2022, which helps
us assess how centers perform against five criteria:
•
How much lettable space is devoted to mixed-use
tenants.
•
Which commercial clusters, proven combinations
of tenants, have been introduced: every.deli,
eat&meet or health and wellbeing.
•
What consumer services and facilities the center
offers its visitors, including the point, play & relax,
home delivery or fast charging for electric
vehicles.
•
What services are provided to tenants, including
UpNext, our Flow By Wereldhave digital platform
and our Tenant Support Program.
•
Whether the center offers the right ‘basics’ –
restrooms, parking and public seating, as well as
good environmental management
1
and support
for local environmental and social initiatives.
To qualify as a Full Service Center, locations must
achieve a minimum score, but we allow flexibility in
how that score is made up, so that individual centers
can fit with the needs of local consumers.
1 As part of environmental management, Wereldhave’s Full Service Centers should
have a minimum ‘Very Good’ rating from BREEAM and a Paris-proof roadmap to limit
impact on climate change. BREEAM refers to the Building Research Establishment
Environmental Assessment Method, widely used in the real estate industry to
measure environmental performance. See page 54 for further details. For further
details of our clusters, facilities and services for tenants, please see pages 43-45.
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Wereldhave in 2024 Our performance and outlook Governance Additional information
Financial statements
Introduction Our strategy
Financing and capital expenditure
Maintaining our strong balance sheet remains an important
strategic objective within LifeCentral. The upgraded credit
rating assigned to Wereldhave by Fitch in May was
recognition of the actions we have taken over recent years
to strengthen our finances. Fitch’s newly assigned Long-
Term Issuer Default Rating (IDR) of BBB, with an outlook of
stable, led to immediate recurring savings on interest costs,
via rating triggers in our Revolving Credit Facilities (RCFs).
In 2024, we further strengthened our financial position with
an agreement with several institutions for new US Private
Placements (USPP) totaling € 119 million. These new USPPs
have a weighted average term of five years at an average
cost below 5%. Along with this, we also agreed the
refinancing of a € 50 million unsecured facility, due
originally to mature in 2025, with one of our Belgian core
banks, increasing the amount by a further € 30 million.
Sustainability is a key factor in our financing. Wereldhave
currently has three sustainability-linked loans in place.
Under our Green Finance Framework, proceeds are
mapped to three of our strategic UN Sustainable
Development Goals (SDGs 7, 11 and 13).
Since the launch of LifeCentral, we have spent € 226 million
of the just over € 290 million we planned to invest in our
strategy, leaving € 65 million to complete our transformation
program. To date, we have been able to complete all our
Full Service Centers within budget, despite rising construction
costs. Work usually takes place in controlled phases, so we
can reassess progress and make adjustments to financing
or building plans, where necessary.
Furthermore, in 2024, all but two of our centers either met
or was close to meeting our 8% (unlevered) minimum rate
of return. We decided in 2023 to increase our threshold for
the (unlevered) internal rate of return (IRR) from 7% to 8%,
driven by higher inflation and interest rates.
In 2025, we sold our Winkelhof center in Leiderdorp in the
Netherlands around book value to a Dutch investor. It had
been on our sell list for the past two years as it had failed
to make the 8% internal rate of return (IRR) threshold.
We intend to sell our two remaining centers in France - at
Bordeaux and Argenteuil, which were not disposed of when
we sold four centers in 2021. Due to our strong financial
position, we are under no pressure to sell quickly and can
wait for the right opportunity.
Reducing costs
In 2024 we continued to streamline our organization to
help execute LifeCentral more effectively. We integrated
the management for Wereldhave Holding and Wereldhave
Netherlands and merged the Executive Team and the
Management team. As a result, we dissolved the separate
Management Team for the Dutch market, aligning overheads
with the size of our portfolio.
Annual Report 2024
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Wereldhave in 2024 Our performance and outlook Governance Additional information
Financial statements
Introduction Our strategy
Residential property
We still see an opportunity to develop new residential
properties at our locations as part of our LifeCentral
strategy, with the housing shortages in both the Netherlands
and Belgium continuing throughout 2024. We are working
on adding residential apartments at seven of our locations.
We do not develop these ourselves. We work together with
residential development specialists; our income consists
primarily of the proceeds from the sale of building rights.
A Better Tomorrow
As the company grows, so does our responsibility
to operate sustainably, which is why sustainability
is an integral part of our LifeCentral strategy.
We believe we can continue to grow while limiting
our environmental impact and protecting our centers
and the communities they’re part of. We regard
sustainability as part of our value proposition to
tenants, by helping them to adopt more sustainable
working practices, for example, cutting emissions,
reducing waste going to landfill and phasing out
single-use plastics. We do this through our A Better
Tomorrow program, which is based on three pillars:
•
Better footprint - reducing our impact on the
environment and bringing our business in line
with the 2015 Paris Climate Agreement.
•
Better nature - making sure we adapt our centers
to the effects of climate change, particularly
heavy rainfall and extreme heat.
•
Better living - supporting our local communities,
and maintaining high standards of health and
safety in our centers.
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Wereldhave in 2024 Our performance and outlook Governance Additional information
Financial statements
Introduction Our strategy
Opportunities
Create attractive
centers with the right mix
of stores and services
There were no new Full Service Center deliveries in 2024 but significant
progress was made on ongoing transformation projects, including the start
of work at our Kronenburg center in Arnhem. Operating results from our
completed Full Service Centers continued to outperform other centers on
major metrics including footfall and retail sales.
See page 34-35.
Increase profits
and improve returns
for shareholders
Total result amounted to € 140m (2023: € 89m) of which:
Direct result: € 91m (2023: € 84m)
Indirect result: € 48m (2023: € 5m)
Total dividend payments to shareholders: € 65m (2023: € 59m)
See page 30-32.
Reduce reliance on
more volatile sectors
like fashion and shoes
In recent years, we have managed to increase the share of mixed-use
within our centers. In 2024, mixed-use accounted for 14.7%, putting us
on course to reach our long-term Blueprint target of 18%. We have also
managed to increase the share of daily life tenants to 68%, while reducing
fashion (mainstream) and shoe retailers by 2 percentage points.
See page 43-45.
Improve market
valuations for
leading locations
Since the start of our strategy, we have seen generally lower yields for
locations either under development or already converted to Full Service
Centers, reflecting investors’ increased confidence in our assets.
See page 30-32.
Risks
Failure to attract
the right tenants to
our centers
Leasing activity proved strong again in 2024, despite economic concerns.
Thanks to strong demand, we have been able to attract new tenants to our
centers ranging from daily-life retailers to mixed-use sectors, such as F&B,
fitness and healthcare. Retailer bankruptcies (e.g. Blokker, Lunch Garden)
proved to bring commercial opportunities rather than risks.
See page 34-35.
Economic slowdown,
putting squeeze on
consumer spending
Leasing activity has so far proved resilient to the continued squeeze on
consumer spending by the high cost of living. The retail sector may, however,
begin to be affected if pressure on households persists long term.
See page 17-19.
Rising interest rates
leading to higher
financing costs
Falling interest rates in 2024 reduced financing costs, which, together with
our strong credit profile, enabled us to secure new financing with competitive
margins. Further easing of Euro zone interest rates is expected in 2025, given
the more benign inflation outlook, so reducing risk. A rise in costs due to higher
rates would in any case be offset, to some degree, by higher rental income
from indexation.
See page 30-32.
Increased construction
costs from price inflation,
leading to possible delays
or overruns
By slowing down ongoing construction projects in 2024 we have to some
extent been able to avoid increased construction costs and spread capital
expenditure more evenly.
See page 22-25.
Opportunities and risks
We understand that our LifeCentral strategy – and the clear choices we have made – involve both opportunities and risks.
We take action to manage these and ensure we continue to create long-term value for stakeholders:
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Wereldhave in 2024 Our performance and outlook Governance Additional information
Financial statements
Introduction Our strategy
Value creation
Our approach to value creation
We create value for our stakeholders and society at large
through our business activities. This value is often financial
– for example, in shareholder dividends, employee salaries
or payments to suppliers. We can also create social or
environmental value too, in the way our centers provide
access to shopping, services and social space for local
communities.
However, we make trade-offs in carrying out our business
activities which may deplete value. For example, our centers
and our tenants consume energy and resources, and are
part of wider value chains that may cause social and
environmental harm. We take this seriously and have shaped
our LifeCentral strategy in a way that helps minimize adverse
impacts – by reducing our energy use, managing waste,
and upholding strict standards for suppliers and other
business partners.
1 This model is based on the Integrated Reporting <IR> Framework.
Our stakeholders
We define our stakeholders as: individuals or organizations
who may affect our business, strategy and performance
or who, in turn, may be affected by the decisions we take as
a company. Our aim is to maximize the value we create for
these groups. We realize that, ultimately, our social license
to operate depends on creating long-term value for our
main stakeholder groups:
•
Tenants and visitors
•
Investors (including both shareholders and creditors)
•
Business partners, suppliers and employees
•
Society and community
Our value creation model
From left to right, our value creation model
1
shows the
resources we need to operate our business, our business
model and outcomes for our stakeholders – i.e., the value
created or lost for each stakeholder group during the
past year.
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Wereldhave in 2024 Our performance and outlook Governance Additional information
Financial statements
Introduction Our strategy
Value creation
Investment
Location
Returns
Rent
Our
business
model
Our value creation model
Tenants & visitors
Customer experience numbers remained more or less
unchanged compared with the previous year. In 2023,
we delivered four Full Service Centers and in 2024,
we focused on ongoing transformations projects and
further expanded lettable area devoted to mixed-use.
Investors
In 2024, our financial performance again improved.
We proposed an increase in dividends for shareholders and
reported a direct result per share above our guidance.
Business partners, suppliers and employees
Payments to suppliers and sub-contractors decreased
during 2024. Salaries and benefits increased due to
severance payments following organizational changes.
We took a cautious approach to new capital expenditure,
proceeding step-by-step to minimize price risks.
Society and community
During 2024, we further reduced emissions. We continued
to design Paris-Proofing in blueprints for our Full Service
Centers, and support to social initiatives.
Resources Value created for stakeholders
Financial resources
Including equity and debt financing, rents and other forms
of income
Our locations
Including commercial centers and offices in the Netherlands,
Belgium and France
Internal processes and systems
Including IT and data management systems, procurement,
leasing and facilities management
Human capital
Including time, skills and personal engagement of employees,
temporary staff and outside suppliers and contractors
Business relationships
Including relationships with tenants, visitors, business
partners, governments and local communities
Use of natural resources
Including energy, water and building materials needed to cool,
heat and maintain our centers
Gross Rental Income: € 167m
Net debt: € 935m
Shareholders’ equity: € 1,022m
Total lettable area: 694,791m
2
Value of portfolio: € 2,252m
Total capital expenditure: € 36m
Total purchases: € 2m
New leases processed during
the year: 265
Number of centers using
Flow by Wereldhave: 21
General expenses: € 14m
Total spent on training and
development: € 0.3m
Total number of employees (FTE): 118
Total number of current leases: 1,780
Total number of visitors to
centers: 98m
Number of suppliers and
contractors: 1,944
Grid energy consumption: 40,574 MWh
Energy production: 3,736 MWh
Water use: 160,981 m
3
Customer experience (NPS):
+23 (vs. +24)
1
Lettable area devoted to mixed-use:
14.7% (vs. 14.1%)
Number of Full Service Centers in
operation: 9 (vs. 9)
Total dividend payments to
shareholders: € 65m (vs. € 59m)
Direct result: € 91m (vs. € 84m)
Indirect result: € 48m (vs. € 5m)
Payments made to suppliers and
other sub-contractors: € 102m
(vs. € 143m)
Salaries, pensions and other
benefits paid to employees: € 17m
(vs. € 17m)
Carbon emissions: 1,628 tons
(vs. 1,883 tons)
2
Waste going to landfill: 66 metric
tons (vs. 68 tons)
Contributions to social initiatives:
€ 2.8m (vs. € 2.1m)
1 NPS - Net Promoter Score. Please note NPS covers centers in the Netherlands and Belgium only. See page 43 for further details.
2 Scopes 1 and 2 only.
Note: All figures above relate to . Where relevant, comparable figures are provided in parentheses (to show value created or lost during the year). Tons refers to metric tons. Resources on the left are based
on the Integrated Reporting Framework’s six capitals (financial, manufactured, intellectual, human, social & relationship and natural). The right side of the model shows value created by stakeholder group.
Annual Report 2024
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Wereldhave in 2024 Our performance and outlook Governance Additional information
Financial statements
Introduction Our strategy
Our value creation model
Financial performance & investors
Direct & Indirect result
Key developments in our markets
- Netherlands
- Belgium
- France
Tenants and visitors
People and partners
A Better Tomorrow
Carbon flow analysis
Outlook
Our performance and outlook
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Our performance and outlook
Our financial performance
Total result
Wereldhave’s total result for 2024 amounts to € 139.8 million
(2023: € 89.3 million). The increase compared to the previous
year was driven by the solid operating results, reflected in our
direct result, and significant positive revaluations in our real
estate portfolio, included in the indirect result.
Direct result
(in €m) 2024 2023
Net rental income 138.4 126.4
General costs -10.5 -10.9
Other income and expense 0.4 -
Net interest -36.6 -31.0
Taxes on result -0.3 -0.3
Total direct result 91.5 84.2
Our direct result for 2024 totaled € 91.5m, representing a
direct result per share (DRPS) of € 1.76. Gross rental income
amounted to € 166.9m, up from € 158.0 in 2023, which,
besides indexation, was largely the result of the acquisition
of the Polderplein center in Hoofddorp in December 2023.
Our European Real Estate Association (EPRA) cost ratio has
decreased significantly from 29.4% in 2023 to 22.4%, a result
of improved operational efficiency. Despite the growth of
the portfolio, property expenses fell to € 21.8m from € 23.3
in 2023, due primarily to a net release of provisions for
bad debts. In 2023, bad debts were a net expense.
Direct general costs amounted to € 10.5m, down from
€ 10.9m in 2023, so maintaining the savings that have been
initiated in recent years.
Net interest expense increased to € 36.6m in 2024, from
€ 31.0m in 2023. This was due to higher benchmark interest
rates, which affected the cost of the variable floating rate
portion of our debt portfolio, the refinancing of maturing
debt, and the funding cost of the net cashflow related to
dividend pay-out, the capital expenditure and the debt
financed part of the of the Polderplein center acquisition.
Indirect result
(in €m) 2024 2023
Valuation result 52.9 17.5
Result on disposal -0.1 -0.1
General costs -3.7 -7.7
Other income and expense -4.7 -4.6
Taxes 3.9 -
Total indirect result 48.3 5.1
Our indirect result for 2024 amounted to € 48.3m, due
primarily to the significant upward revaluation of € 52.9m in
our property portfolio, of which € 31.5m was related to the
Belgian portfolio. The indirect result also includes negative
fair value adjustments of derivatives of € 4.3m, reorganization
costs of € 1.4m and various project-related and other
indirect costs of € 2.7m. These were partly offset by a
deferred tax income relating to recoverable fiscal losses.
The revaluation of our properties in 2024 represented 2.4%
of the portfolio’s total like-for-like value, driven mainly by an
increase in the estimated rental value (ERV) component in
the valuations. Underpinning our strategy, we saw continuing
yield compression in our Full Service Centers. By the end of
2024, our portfolio’s average EPRA Net Initial Yield (NIY)
stood at 6.1% compared with 6.3% a year earlier.
Capital & financing
Our disciplined capital allocation framework is focused
on maintaining a strong balance sheet, delivering
outperforming long-term value growth for shareholders
through investments and returning appropriate dividends
to shareholders. We are continuing to target an LTV ratio
of between 35-40%, by disposing of our remaining two
French assets and through selected Dutch disposals.
To maintain acceptable leverage and long-term growth, our
management’s policy is to allocate our Company’s recurring
income in part to finance the investments needed under the
LifeCentral strategy, and in part in dividends to
shareholders.
Current debt position
As at 31 December 2024, interest-bearing debt totaled
€ 953.1m, which, together with a cash balance of € 18.3m,
resulted in a net debt position of € 934.8m. Undrawn
borrowing capacity increased to € 263m, following the
various refinancing activities.
Financial performance & investors
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Financial performance & investors
Our net loan-to-value (LTV) ratio improved to 41.8%,
compared with 42.7% at year-end 2023, due largely to
positive asset revaluations. As at 31 December 2024,
Wereldhave’s gross LTV stood at 42.7%, 1.2 percentage
point lower than at year-end 2023 and well below our
bank covenant limit of 60%. The entire debt portfolio is
unencumbered.
Debt position as at 31 December
(in €m unless otherwise stated) 2024 2023
Interest-bearing debt 953.1 941.4
Cash position 18.3 25.5
Net debt 934.8 915.9
Undrawn borrowing capacity 263.0 127.0
Net Loan-to-Value in % 41.8% 42.7%
Financing & credit facilities
We continued our funding activities in 2024, significantly
improving our debt maturity profile. In January, a new,
well-established bank, agreed to an initial participation of
€ 25m in our corporate syndicated Revolving Credit Facility.
In July, we agreed new US Private Placements (USPP) with
four institutions, totaling € 119m, with a weighted average
tenor of five years and a weighted average cost below 5%.
Wereldhave Belgium extended a total of € 65m in credit
facilities with a Belgian bank, comprising € 30m maturing
in 2028 and € 35m in 2029. Also in Belgium, a credit
facility of € 50m, set to expire in 2025, was refinanced and
extended by two term loans of € 40m with maturity dates
in 2028 and 2029.
In May, Fitch upgraded Wereldhave’s credit rating to BBB.
The rating, which recognizes the actions we have taken
in recent years to strengthen our balance sheet, had an
immediate recurring savings effect on interest costs, via
rating triggers in our Revolving Credit Facilities (RCFs).
Equity & net asset value
As at 31 December 2024, shareholders’ equity – including
non-controlling interests – amounted to € 1,264.5m
(compared with € 1,199.2m as at 31 December 2023).
During 2024, the number of outstanding shares remained
unchanged at 43,876,129 ordinary shares. A total of
256,164 treasury shares were held by the Company.
As at 31 December 2024, our EPRA net tangible assets
(NTA) stood at € 23.43 per share, an increase of 7.0%
compared with 2023. Our NTA benefited from our positive
direct and indirect result, offset by the dividend of € 1.20
per share paid to shareholders in May 2024. Our total
return for 2024 therefore came in at € 2.73 per share.
Dividend payment to investors
Wereldhave will propose to the Company’s Annual
General Meeting a dividend for 2024 of € 1.25 per share,
an increase of 4.2% compared to previous year.
Payment of annual dividends
2024 proposed2020 2021 2022 2023
(€ /share)
1.25
0.50
1.10
1.16
1.20
Charts shows dividends for each financial year. Please note that, in 2020, because of
the outbreak of the Covid-19 pandemic, Wereldhave decided to cancel its final dividend
for 2019 (payable in 2020) and suspend interim payments for 2020. Dividend payments
were resumed in May 2021.
Share price performance
During 2024, our share price decreased by 4.8%. Total
shareholder return for the year however – including the
€ 1.20 per share dividend – came to 3.5%. By comparison,
our benchmark – the FTSE EPRA Nareit Developed Europe
Index – decreased 2.7% during 2024.
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Communications with investors
The trust of our investors is imperative to us, which is why
we have a transparent process of capital allocation. During
the year, we were able to meet with equity and US Private
Placement investors more than 60 times, in a mixture of
one-to-one and group meetings, face-to-face and online.
We hosted webcasts following the publication of our
full-year and half-year results and also spoke at industry
conferences to present our financial results and strategy.
Presentations and results webcast replays are available
on our website www.wereldhave.com.
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Direct & Indirect result
2024 2023
(in € 1,000) direct result indirect result direct result indirect result
Gross rental income 166,897 - 157,960 -
Service costs charged 25,224 - 26,198 -
Total revenues 192,121 - 184,158 -
Service costs paid -31,875 - -34,475 -
Property expenses -21,830 - -23,265 -
Total expenses -53,705 - -57,740 -
Net rental income 138,416 - 126,418 -
Valuation results - 52,902 - 17,459
Results on disposals - -97 - -137
General costs -10,486 -3,688 -10,918 -7,723
Other income and expense 380 -453 - -641
Operational result 128,310 48,664 115,500 8,958
Interest charges -36,860 - -31,021 -
Interest income 276 - - -
Net interest -36,584 - -31,021 -
Other financial income and expense - -4,266 - -3,848
Result before tax 91,726 44,398 84,479 5,110
Income tax -263 3,903 -280 -
Result 91,463 48,301 84,199 5,110
Profit attributable to:
Shareholders 76,693 39,147 69,726 9,694
Non-controlling interest 14,770 9,154 14,473 -4,584
Result 91,463 48,301 84,199 5,110
Basic earnings per share (€) 1.76 0.90 1.73 0.24
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Direct & Indirect result
Market overview
Visitor footfall at our Full Service Centers grew 5% year-on-
year with sales growth of 8% despite the squeeze on
consumer spending. Across all centers in our core portfolio
retail sales climbed 4% in 2024. Cost pressures on retailers
also continued unabated and the year saw a number of
retailer bankruptcies. Tenant demand nevertheless remained
strong, which has allowed us to fill vacated space promptly
and at the same time pursue our strategy of increasing the
proportion of mixed-use retailers.
Our portfolio is being further strengthened by continued
polarization in the retail market with, on one side,
bankruptcies in certain retail segments in both Belgium
and the Netherlands, and on the other, a number of
successful chains opening new locations, expanding
existing stores and extending leases.
Occupancy rates among retail tenants has risen to more
than 97% in 2024 while new leases in our core portfolio
were signed at 8% above estimated rental values (ERVs).
Like-for like Net Rental Income for our core portfolio
grew during the year by 4%. Despite some bankruptcies,
the occupancy rate for our Belgian centers reached a
record 99%.
Occupancy rates
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Belgium 98.2% 97.1% 96.6% 97.5% 99.0%
Netherlands 95.5% 95.3% 95.2% 95.4% 96.2%
Core portfolio 96.6% 96.0% 95.8% 96.3% 97.3%
France 96.6% 94.6% 94.6% 95.3% 96.9%
Shopping centers 96.6% 95.9% 95.7% 96.2% 97.3%
Offices (Belgium) 84.7% 85.5% 84.0% 85.8% 85.4%
Total portfolio 95.8% 95.3% 94.9% 95.6% 96.6%
Operational performance (2024, shopping centers only)
Country # of contracts Leasing volume MGR vs ERV MGR uplift Occupancy rate LFL NRI growth
Shopping Centers
Belgium 56 9.6% 10.2% 7.8% 99.0% 1.2%
Netherlands 188 18.7% 6.8% -3.2% 96.2% 6.7%
Core portfolio 244 15.0% 7.7% -0.5% 97.3% 4.1%
France 16 10.4% -16.2% -36.1% 96.9% 2.1%
Total Shopping Centers 260 14.7% 6.1% -2.0% 97.3% 3.9%
Key developments in our markets
Our centers performed well in 2024 despite an uncertain economic climate, continuing cost pressures on shoppers and
several bankruptcies among tenants. Visitor numbers and occupancy rates were up and leasing demand was strong.
Our Full Service Centers outperformed the overall Benelux market and, although we delivered no new Full Service Center
transformations in 2024, execution of our LifeCentral strategy remains according to plan and within budget.
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Key developments in our markets
Footfall growth (year-on-year change on like-for-like basis, shopping centers only)
Shopping centers Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Belgium 3.6% 4.4% 4.5% 3.0% 4.0%
Netherlands 6.6% 6.6% 4.2% 6.3% 5.0%
Core portfolio 5.9% 5.4% 4.3% 5.5% 4.7%
France 5.5% 10.0% 5.0% 6.7% 9.9%
Overall 5.8% 6.5% 4.4% 5.6% 5.4%
Full Service Center Performance
In line with our LifeCentral strategy, we are continuing
to transform our shopping centers into Full Service
Centers (FSCs). Nine of our locations already qualify as
Full Service Centers, with four more currently in transformation.
We track the performance of our centers according to
their transformation status: ‘Full Service Center’ is used
to refer to centers that have already been transformed;
‘In Transformation’ for those undergoing transformation
works and ‘Traditional Shopping Center’ for the
remaining locations.
The results show significant positive performance for
our Full Service Centers, especially on the leasing side,
with new leases signed in line with previous rents, on
top of indexation (MGR - minimum guaranteed rent - Uplift),
and significantly above the properties’ estimated rental
value (ERV).
Total property return from these nine Full Service Centers
was 11.3% in 2024.
Full Service Center Performance
KPI Core portfolio (excluding retail parks) Full Service Center In Transformation
Traditional
Shopping Center
2
Centers in Belgium and Netherlands excluding retail parks 9 4 3
Mixed Use Percentage 17.4% 14.7% 8.2%
MGR Uplift 0.0% -1.2% -0.8%
MGR vs. ERV 8.5% 8.5% 2.7%
Tenant Sales vs. 2023 4.9% 2.8% -0.3%
Footfall vs. 2023 7.9% 2.8% -3.5%
Direct Result 6.5% 6.4% 6.4%
Valuation Result 4.8% 2.4% 5.3%
Total Property Return 11.3% 8.8% 11.7%
1 According to MSCI definition.
2 Excludes assets which are in disposal process.
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Key economic data (The Netherlands)
2023 2024E 2025E 2026E
GDP growth, yoy 0.1% 0.9% 1.6% 1.6%
Harmonized index of
consumer prices, yoy 4.1% 3.2% 2.7% 2.5%
Unemployment 3.5% 3.7% 3.8% 3.9%
Private consumption, yoy 0.8% 0.8% 2.0% 1.7%
1 E = estimated
Source: Organization for Economic Cooperation and Development (OECD), Economic
Outlook December 2024.
Progress with LifeCentral strategy
The year saw important developments, including a
strengthening of our portfolio and dynamic leasing activity
as we rapidly moved on from a series of bankruptcies.
Solid progress was made in our ongoing Full Service Center
transformations. The opening of the new entrance area
at the 40,600m
2
Kronenburg Center in Arnhem was an
important milestone for the first phase of the work,
scheduled to be completed in 2025.
New tenants who joined our centers during the year reflect
our continuing emphasis on ensuring a good mix of shops
and activities for our visitors, in keeping with the LifeCentral
strategy. In addition to the 3,500m Jumbo supermarket,
a new grocery anchor for Kronenburg, we signed leases,
for example, with Yellow Gym and discount retailer Wibra.
Heerhugowaard
Purmerend
Hoofddorp
Leiderdorp
1
Capelle a/d IJssel
Dordrecht
Roosendaal
Tilburg
Nieuwegein
Arnhem
Top 10 tenants
1
Ahold Delhaize
2
Jumbo Group
3
A.S. Watson Group
4
C&A
5
The Sting
6
Deichmann
7
Bestseller
8
Nelson
9
Ceconomy
10
Dirk van den Broek
369,100
Lettable space (m
2
)
64.7m
Footfall (total visitors)
11
Number of centers
Key developments
Netherlands
Centers
Completed Full Service Centers
1 Asset sold in 2025.
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
- Netherlands
Since it opened as a Full Service Center 2023, Sterrenburg
has notched up a number of successes, including full
occupancy by the summer of 2024 with the arrival of family
fashion chain terStal and an expansion of the existing health
and beauty retailer Kruidvat. Earlier in the year Sterrenburg
won the annual Kern Award for the best shopping center
development in the Netherlands. Special mention was
made for measures taken to improve sustainability.
Key data shopping center operations
2024 2023
Net rental income (in €m) 72.9 63.0
Occupancy 96.2% 95.5%
Investment properties in operations (in €m) 1,082.9 1,033.5
Investment properties under construction (in €m) - 0.3
Acquisitions (in €m) 1.1 85.2
Disposals (in €m) - 2.4
EPRA NIY 6.3% 6.3%
1 Including lease incentives.
Major market and operational developments
The Dutch leasing market is gaining momentum, with
sectors such as food & beverage (F&B), fashion, and
discount retail driving increased demand for retail spaces.
The positive market trend, underpinned by proactive key
account management and our strong relationships with
business partners, is reflected in the variety of package
deals signed in 2024. Among the key deals were new and
extended leases with Normal, Wibra, Yellow Gym, Fat Phill’s
Diner, Rousseau Chocolates and ANWB, the Dutch
Automobile Association.
Household products store Normal has committed to
four new leases, in Arnhem, Capelle aan den IJssel,
Heerhugowaard, and Nieuwegein. Wibra, a strong and
expansive discount player, signed new and extended lease
agreements for a total of nine Wereldhave centers, giving
the discount retailer stores at all 11 of our locations.
Food & beverage brand Fat Phill’s Diner secured three
new locations in Nieuwegein, Capelle aan den IJssel, and
Heerhugowaard. Footwear retailer vanHaren is set to open
stores in Purmerend and Leiderdorp, while ANWB renewed
and extended leases for all their stores with Wereldhave,
including Tilburg, Middenwaard, Purmerend, Arnhem, and
Hoofddorp. Rousseau Chocolates is set to open new stores
in Capelle aan den IJssel, Nieuwegein and Purmerend.
Beyond retail, Wereldhave expanded its mixed-use offering,
welcoming new tenants such as fitness chain Yellow Gym,
which will open gyms in Hoofddorp and Tilburg. The medical
and care suppliers, Evitel, present at the FSC Presikhaaf
in Arnhem, and Pharmacy Capelle signed new leases in
De Koperwiek, Capelle aan den IJssel. The various health-
related tenants making up the ‘Roerdomp’ cluster, will
relocate to a new medical center in Cityplaza Nieuwegein
by mid-2025.
Following the bankruptcy of Dutch retail chain Blokker
in November, Wereldhave successfully re-leased four of
their seven former locations by the end of 2024, with
negotiations for the remaining three units expected to
close in Q1 2025.
In 2024, Wereldhave signed 188 new lease agreements
in the Netherlands at an average of 6.8% above market
rent (ERV). The combined leasing activities resulted in a
significant increase in occupancy to 96.2%. Footfall in 2024
was up 5.5% on the previous year. Tenants reported 4%
higher sales in 2024 compared with 2023.
Although no new Full Service Centers were delivered in
2024, several development projects are worth mentioning.
Sterrenburg in Dordrecht, opened in 2023, was awarded
the annual Kern 2024 development award for the best
shopping center in the Netherlands. The center is now
fully let, with a mixed-use percentage of around 20%, and
tenants including Basic-Fit, Jumbo Foodmarkt, RegioBank
and an every.deli cluster with a variety of artisanal fresh
food shops. In June, we celebrated the inauguration of
the first health & fit cluster at FSC Presikhaaf (Arnhem),
reinforcing our commitment to mixed-use innovation.
In collaboration with the municipality and development
partners, we marked the official start of the FSC
transformation of Kronenburg in Arnhem. The first phase
of this ambitious project will include a new entrance, an
inviting eat&meet square, and a 3,500m Jumbo supermarket.
Results & valuations
Boosted by the acquisition of the Polderplein center in
December 2023, net rental income in the Netherlands went
up to € 72.9m (2023: € 63.0m).
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
The +2.5% revaluation of properties was driven primarily
by increased market rents and, to a lesser extent, by yield
compression.
At the end of 2024, the average EPRA Net Initial Yield
on the Dutch portfolio stood at 6.3% (unchanged
compared to 2023). The total portfolio was valued at
€ 1,083m on 31 December 2024 (2023: € 1,034m).
(% of annual rental income, end 2024)
19
6
2
20
11
9
14
8
11
Tenant mix in the Netherlands
Food
Fashion (mainstream)
Health & Beauty
Food & Beverage
Homeware & Household
Fashion (discount)
Other Daily Life Retail
Shoes
Multimedia & Electronics
Daily Life:
Non-daily Life:
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Wereldhave in 2024 Our strategy Governance Additional information
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Introduction Our performance and outlook
Key economic parameters
2023 2024E 2025E 2026E
GDP growth, yoy 1.3% 0.9% 1.2% 1.4%
Harmonized index of
consumer prices, yoy 2.3% 4.3% 2.9% 2.1%
Unemployment 5.5% 5.6% 5.9% 5.8%
Private consumption, yoy 0.6% 1.3% 1.3% 1.8%
1 E = estimated
Source: Organization for Economic Cooperation and Development (OECD), Economic
Outlook December 2024.
Progress with LifeCentral strategy
The Full Service Centers at Ring Shopping in Kortrijk and
Shopping 1 in Genk continue to perform well with a growth
in footfall of more than 10% compared to pre-Covid levels.
The transformation of our center in Nivelles is on track and
within budget, although we are waiting for the permit to
adapt the entrance to the Delhaize supermarket and the
construction of outdoor terraces for the catering business.
The opening is scheduled for 2025 but developments
there are already attracting higher numbers of visitors.
The opening of a relocated and enlarged the point,
providing a parcel pick up and return service, is a good
example. A new enlarged the point will also open in 2025
at Full Service Center Shopping Les Bastions in Tournai.
The year has also been marked by good results from
specialty leasing associated with pop-up rentals and
animations, which enhance the appeal of the centers
by providing a variety of activities. Eco-Days, for instance,
have been organized at centers to raise awareness of
sustainability.
Waterloo
Genk
Liège
Nivelles
Tournai
Vilvoorde
Court rai
Antwerp
Key developments
Belgium
Top 10 tenants
1
Carrefour
2
Ahold Delhaize
3
C&A
4
A.F. Mulliez
5
Bestseller
6
A.S. Watson Group
7
Lunch Garden
8
H&M
9
Claes Retail Group
10
Brico
282,000
Lettable space (m
2
)
20.5m
Footfall (total visitors)
2
Number of office locations
Centers
Offices
Completed Full Service Centers
8
Number of centers
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
- Belgium
Key data shopping center operations
2024 2023
Net rental income (in €m) 50.9 50.9
Occupancy 99.0% 98.2%
Investment properties in operations (in €m) 885.2 836.1
Investment properties under construction (in €m) 7.0 14.3
Acquisitions (in €m) 0.4 0.5
Disposals (in €m) - 7.5
EPRA NIY 6.0% 6.4%
1 Including lease incentives.
Major market and operational developments
Leasing activity in the Belgian market has shown resilience
and growth despite a more challenging environment with
a number of bankruptcies. The leasing achievements of
retail and office spaces across our portfolio demonstrated
remarkable dynamism throughout 2024, with new lease
agreements signed on average at terms significantly above
both market value (ERV) and previous rents (MGR uplift).
In 2024, Wereldhave Belgium successfully concluded
56 new leases and renewals for shopping centers, at an
average of 10.2% above market rent (ERV). Overall, shopping
center occupancy in Belgium peaked to a solid 99.0%.
Footfall was up 4.0% compared with 2023 while tenants
reported 4% higher sales in 2024 compared with the
previous year.
Following several bankruptcies in the retail portfolio, the
signing and opening of new high-quality brands has added
real value for customers in our centers. New or expanded
stores of established brands such as CKS Fashion, New
Yorker, Häagen-Dazs, Kiko Milano, Courir, Galler, Rituals,
and Prego have opened or are set to open soon.
As a result of proactive key account management,
health & beauty retailer Douglas chose our center
in Stadsplein, Genk for its second store in Belgium.
These strong commercial results reflect the ongoing
confidence of retailers in the quality of our portfolio.
Following the recent bankruptcy of Lunch Garden in Belgium,
four out of their six locations have already been re-let (at
higher rents) as part of the relaunch of the restaurant chain,
while the other two locations in Bruges and Courtrai will
be included in our LifeCentral transformation program.
The office portfolio at The Sage Antwerp underwent several
changes over the past year. Unfortunately, some tenants,
including Eschercloud, which rented 3,261m, and Game
Mania (535m), were lost due to bankruptcy, resulting in
periods when office spaces were vacant. However, these
developments also created opportunities to diversify the
portfolio and attract new tenants.
We are pleased to welcome Rhenus Logistics which is
occupying 2,534m of office space, Odoo (1,094m),
Buro Nexus (230m) and Siemens Healthineers (90m).
These new lease agreements highlight our ability to offer
attractive spaces with extensive facilities that meet market
needs. Several existing tenants chose to renew or relocate
within the same office building, including Gevers (588m)
and DESelect (230m). These commitments further
demonstrate tenant confidence in the quality and flexibility
of the facilities Wereldhave offers.
Results & valuation
Net rental income in Belgium was supported by indexation
and amounted to € 57.2m (2023: € 55.3m) of which € 50.9m
is derived from shopping centers.
The upward revaluation of properties was driven primarily
by increased market rents (only partly offset by yield shifts).
This resulted in a revaluation of the shopping centers
of +3.7%.
At the end of 2024, the average EPRA Net Initial Yield on
the Belgian shopping center portfolio stood at 5.9% and
on the office portfolio at 7.4%. The total portfolio was valued
at € 995m on 31 December 2024 (2023: € 952m).
(% of annual rental income, end 2024)
Tenant mix in Belgium
12
6
4
25
10
12
13
11
7
Food
Fashion (mainstream)
Health & Beauty
Food & Beverage
Homeware & Household
Fashion (discount)
Other Daily Life Retail
Shoes
Multimedia & Electronics
Daily Life:
Non-daily Life:
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Key economic data (France)
2023 2024E 2025E 2026E
GDP growth, yoy 1.1% 1.1% 0.9% 1.0%
Harmonized index of
consumer prices, yoy 5.7% 2.4% 1.6% 1.8%
Unemployment 7.3% 7.4% 7.7% 7.6%
Private consumption, yoy 0.9% 0.8% 1.2% 1.5%
1 E = estimated
Source: Organization for Economic Cooperation and Development (OECD), Economic
Outlook December 2024.
Major market and operational developments
In 2024, Wereldhave successfully secured 16 new lease
agreements across its two centers in France. Highlights
include lease extensions for New Yorker and Chaussea
at Mériadeck in Bordeaux, a renewal with Foot Locker and
the refurbishment of mobile operator Free at Côté Seine
in Paris.
The combined occupancy rate of the shopping centers
in France increased to a solid 96.9% at the end of 2024.
Visitor numbers in France were 6.9% higher than in 2023,
boosted by the full operation of the new F&B area in
Mériadeck, and the replacement of the Casino hypermarket
by Carrefour in Côté Seine, Paris. For comparison, the
French market showed only a 1.1% increase in visitors.
Tenant sales for 2024 were relatively stable (-1%) versus
the same period last year.
Finally, we have finalized the pre-letting of our kiosks
project in Côté Seine, Paris. During the second quarter of
2025, we will be opening six new kiosks on the first floor -
four will be for food and beverages (F&B) and two will be
services-oriented. The visibility of surrounding tenants will
also be improved.
Argenteuil (Paris)
Bordeaux
Top 10 tenants
1
A.F. Mulliez
2
Sephora
3
Grandvision
4
Jumbo Group
5
Yves Rocher
6
Basic Fit
7
SFR
8
Normal
9
Foot Locker
10
NewYorker
43,700
Lettable space (m
2
)
12.4m
Footfall (total visitors)
2
Number of centers
Key developments
France
Centers
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
- France
Key data shopping center operations
2024 2023
Net rental income (in €m) 8.3 8.1
Occupancy 96.9% 96.6%
Investment properties in operations (in €m) 174.7 176.2
Investment properties under construction (in
€m) - -
Acquisitions (in €m) - -
Disposals (in €m) - -
EPRA NIY 5.1% 4.8%
1 Including lease incentives.
Results & valuation
Net rental income in France amounted to € 8.3m
(2023: € 8.1m).
Commercial real estate valuations in France were
mainly influenced by higher yields, which resulted
in a revaluation of our French portfolio of -2.7%.
At the end of 2024, the average EPRA Net Initial
Yield of the French portfolio stood at 5.1%.
(% of annual rental income, end 2024)
Tenant mix in France
12
6
4
12
12
5
27
10
12
Food
Fashion (mainstream)
Health & Beauty
Food & Beverage
Homeware & Household
Fashion (discount)
Other Daily Life Retail
Shoes
Multimedia & Electronics
Daily Life:
Non-daily Life:
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Tenants and visitors
Having the right combination of tenants is crucial to the success of LifeCentral. Through our strategy of increasing
the share of mixed-use tenants we aim to ensure visitors to our centers continue to have a positive experience.
Our centers are changing to meet evolving consumer habits.
We believe people want more than just the chance to
shop when they visit a retail center. The opportunity to
have a drink or a meal, meet friends, work-out at a gym
or be entertained are just as important as purely shopping
for daily needs. As we transform our sites to Full Service
Centers, we are increasing the percentage of space devoted
to non-shopping activities and continuing to roll out our
commercial clusters and concepts. The aim is to offer
visitors a multitude of visiting reasons to increase footfall,
and ensure both customers and tenants are satisfied.
Mixed-use and daily life growth
In 2024, daily life retailers in the Netherlands and Belgium
again performed well as shoppers remained cost conscious,
tending to prioritize everyday items over non-essential
goods such fashion clothing. A fall in the rate of online
shopping growth in our markets also supported solid visitor
numbers to our centers.
Daily life stores now make up over two-thirds of our rent-
roll. Our Full Service Center approach is to replace vacated
retail units with non-retail companies. In 2024, our mixed-
use share increased by 0.6 percentage point year-on-year
to 14.7% compared with 14.1% in 2023.
Food & beverage (F&B) continues to drive the strong
performance of mixed-use tenants. F&B sales increased
by 4% year-on-year in Belgium, despite the demise of
Lunch Garden, and 8% in the Netherlands.
Tenant Support Program
Our relationship with our tenants goes beyond merely
leasing space. Our tenant support program aims to drive
footfall and sales while helping businesses, particularly
small enterprises, launch new stores in our centers.
We also collaborate on marketing and communications.
We also work closely with all tenants in developing
our responsible environmental, social and governance
(ESG) policies and in meeting our Paris Accord emission
commitments (see page 50 for more details of our A Better
Tomorrow program).
Improving customer experience
To assess the impact of our improvements, we measure the
experience of visitors twice per year using the Net Promoter
Score (NPS). The results influence our business planning
process, tenant mix, center look and feel, ambience, and
new concepts and services. NPS scores have improved
fairly consistently at our Belgian centers while factors
influencing some weakening of the NPS score over the past
year in the Netherlands are being looked at with a view to
improving customer satisfaction in 2025.
As part of being a customer-centric company, all Wereldhave
employees also conducted ‘Customer Talks’ surveys on
specific elements of our centers. For example our teams
have interviewed visitors to evaluate the customer
experience at gyms, at our clusters play & relax, eat&meet,
every.deli and the point and to understand visitors’
motivations to visit our centers. To improve the welcoming
atmosphere and ambiance of our centers, we have
developed and implemented our own fragrance concept
in various centers.
Annual Report 2024
Wereldhave N.V.
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Tenants and visitors
Net Promoter Score since launch
of our LifeCentral strategy
Q2 Q3 Q4 Q2 Q3 Q4Q1 Q2 Q3 Q4Q1
Q2
Q3 Q4Q1 Q2 Q3 Q4Q1
Net Promoter Score
2020 2021 2022 2023 2024
-15
-10
-5
0
5
10
15
20
25
30
The chart shows combined NPS for our centers in the Netherlands and Belgium. NPS
measures the likelihood that visitors would recommend Wereldhave centers to others.
Visitors rate their response on a scale of 0 to 10 (with 10 being extremely likely). NPS is
calculated by subtracting the percentage of detractors (those scoring 6 or below) from
promoters (those scoring 9 or above).
% mixed use
(m
2
at Wereldhave centers in Netherlands and Belgium)
2021 2022 2023 2024 2025
(target)
Blueprint
0
5
10
15
20
25
Blueprint composition of mixed-use space
Netherlands
42%
8%
20%
7%
12%
6%
4%
Total area: 55,000m
2
Food & beverage
Leisure & entertainment
Fitness & wellness
Healthcare
Co-working
Servicing community
Services - Mixed Use
Blueprint composition of mixed-use space
Belgium
52%
27%
10%
2%
3%
7%
Total area: 34,000m
2
Food & beverage
Leisure & entertainment
Fitness & wellness
Healthcare
Co-working
Services - Mixed Use
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Our customer
experience principles
Every decision we make when it comes to Full
Service Centers is guided by four basic principle;
these set out what tenants and visitors should
experience at our centers:
Convenience We make your everyday life
as easy as possible.
Hospitality We make sure you enjoy
spending time with us.
Better together We are better together
every day.
Local impact We have a positive impact
on our communities.
Commercial clusters and concepts
During 2024, we continued to invest in improving and
expanding our commercial clusters. These clusters
bring together food, healthcare and other services and
act as a space for visitors to come together, socialize and
enjoy themselves. In 2024, we carried out the following
major updates:
•
every.deli (fresh food): Several retailers signed up
in Hoofddorp and Nieuwegein. Seven tenants now
comprises every.deli in Sterrenburg.
•
eat&meet (F&B): Part of Kronenburg FSC transformation
phase 1.
•
health & fit (health & well-being): First cluster opened
in Presikhaaf Arnhem. A second health & wellbeing
cluster is signed and set to open in Cityplaza,
Nieuwegein by mid 2025. Fitness chain Yellow Gym
signed two new leases for Full Service Centers
Vier Meren in Hoofddorp and City-Center Tilburg.
•
the point (service hub): A new enlarged the point
will open in 2025 at FSC Shopping Les Bastions.
•
Other facilities and services: Various play & relax,
home delivery and fast charging for electric vehicles
projects are in progress.
Staying healthy
A key aspect of our mixed-use concept is the growth
of healthcare and fitness space at our centers.
These clusters can keep both visitors and footfall
numbers healthy. With gyms, for instance, which
are proving popular with the public, we have
been able to quickly replace vacant and more
difficult- to-let spaces.
The expansion of the gym chain Basic-Fit at our
centers is a good example of the benefits of cross-
border partnerships, allowing faster roll-out. From
an initial deal in 2019 in the Netherlands, Basic-Fit
now rent seven location across our three markets.
A further four sites are being considered – two in
the Netherlands and two in Belgium.
Also in 2024, we signed a package deal with
another sports operator – Yellow Gym – for two new
locations in recent FSC completions, in Hoofddorp
and Tilburg.
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
People and partners
Our workforce
Wereldhave employed 124 people at the end of 2024.
Of these, 22.6% were part-time. Of all our employees,
93.6% had a permanent contract. We also employed
5 interns in the Netherlands and Belgium. We also rely on
suppliers and sub-contractors to support our operations,
mainly in maintenance, cleaning and security.
We aim to attract talent – through salaries, benefits,
career development and by providing an attractive working
environment. All employees are bound by our Code of
Conduct and business integrity policies, including temporary
hires. Compliance and effectiveness of the Code of Conduct
remain periodic topics with the Supervisory Board. There is
also an employee handbook, covering pay, development,
culture, and health & safety in the workplace, which we
update when necessary.
We offer employees the opportunity to work remotely,
with flexible hours. We have offices in Vilvoorde in Belgium,
as well as a new headoffice in Amsterdam, which opened
in 2023.
Every employee spends half a day annually in a
shopping center to interact with customers directly.
We believe this hands-on approach is valuable for
the individual personally while also providing valuable
insights for policy adjustments.
Collective bargaining and works council
We have no collective bargaining agreements, given
our small number of employees:
•
In the Netherlands, Wereldhave does have a Works
Council, representing all employees in our Dutch
businesses. During the year, the Works Council
discussed various topics with the company’s Board of
Management, including how Wereldhave can position
itself as an attractive employer by implementing
workplace flexibility and improving communications.
•
In Belgium, we have had a union delegation and
separate Committee for Prevention and Protection at
Work since elections in mid-2024. The union delegation
represents employees on labor-related matters, while
the Prevention Committee focuses on workplace safety,
well-being, and health.
Employee engagement and working environment
To promote stronger employee engagement, we regularly
conduct surveys to gather feedback from our workforce.
The results are carefully reviewed by management and used
to shape working conditions, strengthen employee-employer
relations, and address areas for improvement. Our latest
survey, conducted in Q2 2024, achieved a participation rate
of 78% among employees across the Netherlands and
Belgium. The survey revealed high levels of job satisfaction
and pride in working for Wereldhave, indicating a strong
connection between employees and the company. The
survey showed an overall engagement score of 7.7 in 2024,
an improvement from 7.0 in 2023, surpassing our long-term
target of 7.5.
Learning and development
We provide employees with access to a variety of learning
opportunities tailored to their roles and ambitions:
•
Training programs: We offer a range of internal and
external training sessions, focusing on both technical
skills and personal development.
•
Leadership development: Dedicated programs are
available to help current and future leaders build
the skills they need to succeed.
At Wereldhave we have a small but dynamic workforce, focused on creating value for our stakeholders and pursuing our
LifeCentral strategy. Engagement by all our employees is a crucial factor to how successful we are. Recognition that more needed
to be done to reinforce employee engagement led to the provision of more learning and development opportunities in 2024 and to
implement a new diversity, equity and inclusion policy. The latest employee surveys show that our efforts appear to be paying off.
2. Assets 3. Vastgoed
ecosysteem
4. Stakeholders 5. KPI’s en feiten 6/7. Sustainability 8/9. Annual &
financial reports
9. Extra1. Landen
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
People and partners
•
E-learning platforms: In Belgium, we invested in the
e-learning platform GoodHabitz, which provides
employees with access to an extensive library of
courses covering topics such as time management,
communication, personal effectiveness, and mental
well-being. This initiative supports self-directed learning,
allowing employees to develop new skills at their
own pace.
•
Workshops and seminars: covering topics such as
sustainability, innovation, and operational excellence,
aligned with the company’s LifeCentral strategy.
•
Talent Retention: annual career development plans
and coaching together with flexible working policies
and well-being programs are key to our policy of
keeping talented individuals at the company.
These initiatives have contributed to strong employee
engagement and satisfaction scores, as well as a high
retention rate among top performers.
Graduate inflow
To attract young talent, Wereldhave actively engages
with students and recent graduates through internship
programs, entry level positions for young professionals and
mentorship opportunities to support career development.
Health and well-being
We recognize our responsibility to ensure a safe and
healthy working environment for all employees. Promoting
well-being is a key priority, and we support this through
a range of initiatives. Our vitality program, open to both
temporary and permanent employees, includes healthy
lunches, fresh fruit at work, bicycle leasing options
for commuting, and subsidized sports memberships.
Additionally, we organize sports activities and offer
voluntary health checkups to further support our
employees’ well-being.
Diversity, equality and inclusion
Strong diversity, equality and inclusion practices make us
a more responsible company. This supports recruitment,
retention and development, improves decision-making
within the business and, ultimately, brings us closer to the
communities we serve.
We value a diverse workforce. We remain committed
to advancing gender diversity at leadership levels and
acknowledge that further progress is needed to achieve
equal female representation in the Executive Team (target:
33%). Across the organization, women currently make up
49.2% of our workforce.
The Wereldhave Diversity and Inclusion Policy can be
found on our website. The purpose of this policy is, among
others, to promote diversity in our workforce to reflect the
composition of the broader society, to provide equal pay for
equal work and to address questions that employees have
on this subject.
51%
49%
Gender diversity at Company level
Men
Women
71%
29%
Gender diversity at Executive Team level
Men
Women
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Our suppliers and sub-contractors
Our work requires external support, usually in maintenance,
cleaning and security. In 2024, we spent € 102 million on
goods and services, compared with € 143 million in 2023,
a year of increased expenditure because of the number of
Full Service Center transformations.
All our suppliers are governed by our Sustainable
Supplier Code.
For contracts worth € 10,000 or more, we require specific
sign-off from suppliers. Standards in the Code cover the
following:
•
Compliance with relevant laws and regulations
•
Human and labor rights (child labor, forced labor,
discrimination, freedom of association & collective
bargaining)
•
Health & safety
•
Corruption
•
Environment (environmentally friendly alternatives,
transportation, materials & waste)
•
Maintenance and product requirements
The Sustainable Supplier Code part of our Better Tomorrow
program (see page 50) – is based on the UN Global
Compact, in-use requirements under BREEAM (Building
Research Establishment Environmental Assessment
Method), and the conventions of the International Labor
Organization (ILO). The Code’s standards apply across our
entire value chain, including second tier suppliers and
sub-contractors, as well as employees and agency workers.
Supplier Sustainability Monitor
In 2024, Wereldhave has further analyzed the survey results
of 2023 and invited suppliers for topic-specific interviews
with the aim of minimizing ESG risks in our supply chain.
In our ongoing commitment to sustainable and ethical
business practices, Wereldhave has taken proactive steps
to assess potential human rights impacts within our value
chain (Human Rights Due Diligence). The assessment
process involved a collaborative workshop facilitated by an
independent third party, to identify potential human rights
risks across the value chain. The assessment focused on
three key areas of potential risk within the value chain:
•
Contracting
•
Procurement of services
•
Procurement of goods
For each of these areas, the impact on human rights was
evaluated for potential and actual human right risks based
on their severity and likelihood. In developing our Human
Rights Policy and developing our due diligence process, we
recognize that establishing a practical, risk-based approach
is essential for ensuring meaningful impact. Our focus is on
creating a robust yet realistic framework that addresses our
most relevant human rights risks, without necessarily aiming
to be industry-leading in every dimension. Our approach
aligns with the expectations set out in the UN Guiding
Principles on Business and Human Rights, OECD Guidelines,
EU Taxonomy (Minimum Safeguards) and CSRD, which
emphasize the importance of proactively identifying and
addressing potential human rights impacts across the entire
value chain.
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Addressing human rights risks
in our solar PV supply chain
We deepened our engagement with one of our key
solar panel suppliers to address potential human
rights risks, particularly concerning the Uyghur
population. Recognizing the growing concerns
surrounding forced labor in the solar PV supply
chain, we initiated a dialogue with our supplier
to assess their sourcing practices, labor policies,
and overall supply chain transparency. Our primary
objective is to ensure that the supply chain remains
free from forced labor, and aligns with international
human rights principles.
The most significant risks in the solar PV value chain
stem from the production of photovoltaic (PV)
panels and batteries, with exposure in the extraction
and processing of raw materials. Supply chain
transparency and oversight present additional
challenges, especially in non-European markets,
with China being a key area of concern.
To address these concerns, our solar panel supplier
has implemented several risk-mitigation measures.
These include conducting on-site inspections of
production facilities in China to assess working
conditions and ensure compliance with ethical
labor standards. Additionally, the supplier prioritizes
the procurement of Tier 1 panels, as certified by
Bloomberg, which evaluates sustainability practices
and labor conditions.
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
A Better Tomorrow
In 2024 Wereldhave retained its 5-star rating from GRESB,
the Global Real Estate Sustainability Benchmark, for the
11
th
consecutive year in recognition of our continued
commitment and achievements in aligning with the relevant
UN Sustainability Development Goals.
Our LifeCentral CSR program, A Better Tomorrow, is divided
into three pillars, each containing clear ambitions and
specific goals.
2. Assets 3. Vastgoed
ecosysteem
4. Stakeholders 5. KPI’s en feiten 6/7. Sustainability 8/9. Annual &
financial reports
9. Extra1. Landen
Wereldhave is committed to sustainability and has set out a roadmap to 2030 under its environmental, social and governance
(ESG) program. In 2024, Wereldhave has made significant progress in implementing the Corporate Sustainability Reporting
Directive (CSRD) and the EU Taxonomy. The CSRD sets stricter requirements for transparent and detailed sustainability reporting
across the entire value chain. In 2024 we also progressed further down the road of decarbonization. All centers have developed
Paris Proof roadmaps and started the implementation of projects to reduce greenhouse gas emissions by improving energy
efficiency and switching to renewable sources.
BETTER FOOTPRINT BETTER NATURE BETTER LIVING
Better Footprint Better nature
Better living
To reduce our scope 1 and 2 carbon
emissions by 30% by 2030 and make
our business Paris proof by 2045.
To maintain our five-star Global Real
Estate Sustainability Benchmark
(GRESB) rating, the most widely
used sustainability benchmark in the
industry.
To improve the climate resilience
of our centers. By 2030, all assets
have action plans to mitigate physical
effects of climate change and
doubled the surface of vegetation
roofs and green spaces.
To increase our positive impact on
local communities by contributing at
least 1% of our Net Rental Income at
each center to socio-economic and
social inclusion initiatives.
The EU Omnibus package
On 26 February 2025, The European Commission launched
its Omnibus sustainability rules simplification package. This is
the first step of an ambitious simplification agenda to enhance
European economic competitiveness. It aims to reduce
administrative and reporting burdens on companies and
unlocking businesses’ investment potential. The European
Commission expects this effort to boost European companies’
competitiveness while maintaining climate and
decarbonization goals of the Green Deal. The Omnibus
package proposes amendments to several sustainability laws.
These include the CSRD and the EU Taxonomy for
sustainable activities. The Omnibus package, once
approved by the European Parliament and Council, is
expected to impact Wereldhave’s scope and timeline
toward the implementation of CSRD and EU Taxonomy.
Wereldhave closely monitors the developments regarding
the adoption of this package and may adjust its approach
to implementation of CSRD and EU Taxonomy accordingly.
The EU Omnibus package does not affect Wereldhave’s
ESG ambitions as defined in its A Better Tomorrow program.
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
A Better Tomorrow
Double Materiality Assessment (CSRD)
In 2023, Wereldhave conducted a double materiality
assessment in collaboration with an external advisory firm,
in alignment with the Corporate Sustainability Reporting
Directive (CSRD). The assessment evaluated (1) the impact
of Wereldhave’s operations on environmental, social, and
governance (ESG) matters and (2) the financial risks and
opportunities these ESG issues present to the company.
It covered operations in the Netherlands, Belgium, and
France, considering shared regulatory and operational
contexts while incorporating country-specific benchmarks
and stakeholder perspectives.
Relevant ESG topics were identified through internal
and external analyses, including peer benchmarking,
supplier assessments, and alignment with the
European Sustainability Reporting Standards (ESRS).
Key stakeholders—investors, tenants, employees, and
suppliers—were engaged through structured interviews
to determine material issues across the value chain.
Topics were assessed for impact materiality (severity,
scope, and likelihood of ESG effects) and financial
materiality (potential financial magnitude and probability
of occurrence). A scoring system determined material
topics, ensuring a structured and transparent process.
The assessment was conducted under the supervision
of Wereldhave’s ESG manager and formally approved
by the executive management and the Supervisory Board
to ensure robustness and regulatory alignment.
In 2024, dedicated project teams were established for
each material topic to prepare for upcoming sustainability
reporting requirements under CSRD and the EU Taxonomy.
These teams have undergone workshops and training
and are actively developing and implementing action plans
to enhance sustainability performance and regulatory
compliance. To validate the company’s alignment with
evolving regulations, an independent readiness evaluation
was conducted by BDO. The findings confirmed Wereldhave’s
preparedness and provided key recommendations to
further refine the double materiality assessment process
and sustainability strategy in 2025.
Better footprint
We are updating our 2030 scope 1 and 2 carbon emissions
reduction targets after having hit our previously set
objectives in 2023. We aim to renew our science-based
carbon reduction objective in 2025 focusing on reducing
scope 1, 2 and 3 emissions. How we proceed will be guided
by our climate roadmaps, which set out clear priorities to
reduce our carbon footprint, in alignment with our 2030
Science Based Targets initiative-compliant targets (SBTi)
and our Paris-proof commitment.
In 2024 Wereldhave has further reduced its carbon footprint
by implementing the Paris Proof action plans at asset level.
The results are beginning to make their mark: an impressive
42% of our assets are labeled A. These accomplishments
reflect a positive trajectory, though we are still far from the
finish line. In 2025 Wereldhave aims to renew its SBTi target
aligned with 1.5 degrees. In 2024 scope 1 and 2 emissions
have reduced by 22%, mainly due to gas reductions across
the portfolio. Shopping Center Kronenburg is currently
undergoing a comprehensive renovation that includes
insulating floors, roofs, and walls, as well as installing LED
lighting in the F&B area. Additionally, a new air handling unit
featuring integrated heat recovery and CO control has
been implemented in the F&B area.
343
Building-related scope 1 & 2 CO
2
emissions
2019-2024
(1,000 t CO
2
e, market-based energy related)
full portfolio
0
600
1200
1800
2400
3000
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
LEGEND
Under 85 t CO
2
-eq
COUNTRY
(35,146 t CO
2
-eq)
SCOPE
(35,146 t CO
2
-eq)
EMISSION CATEGORIES
(35,146 t CO
2
-eq)
Belgium
12,031
France
1,094
SCOPE 1 & 2
2,155
SCOPE 3
32,991
R
efrigeran
ts
340
Energy
1,814
3.1
Pu
rchased Goods & Servic
es
2,630
3.13
D
ownstream Leased Ass
ets
22,937
3.2
Capi
t
al Goods
5,871
3.5
Waste Generated in Operations
479
3.6
Business
Trave
l
32
3.7
E
mployee Commu
ting
56
Netherlands
22,021
3.3
Fuel & Energy-related
activities not in S1 or S2
985
1.4
1 Scope 1 refers to direct emissions from the company’s own energy sources, scope 2 to indirect emissions resulting from purchased energy and scope 3 to all other indirect emissions
occurring in the value chain, upstream and downstream, as a result of the company’s activities. In 2023, we have recalculated our carbon inventory for 2021 and 2023,
making sure to align with the latest developments in carbon accounting. See the Qualifying notes ESG reporting section on page 78 for details of changes to our methodology.
Our carbon flow analysis shows most emissions
(94%) come from our broader value chain (scope 3)
– generated as a consequence of our business
relations with suppliers, contractors and tenants.
Only around 6% comes from our own operations.
According to our analysis, the Netherlands
accounts for more than 63% of total emissions,
Belgium 34% and France just under 3%
.
Carbon flow analysis, scope 1, 2 and 3 emissions per country
Annual Report 2024
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Carbon flow analysis
Building-related scope 3 emissions
Our total building-related scope 3 emissions (on a like-for-
like basis) have decreased since 2018. The reduction is
divided over several scope 3 categories, and was 24% in
2024. Main reasons for this reduction are lower spendings
and improved data accuracy on tenant’s electricity
consumption and waste. In 2024, scope 3 emission data
have been fully third party verified. Our most significant
building-related scope 3 emissions categories are:
Downstream leased assets: emissions generated by
tenants, in particular through energy consumption and
waste generation.
Purchased goods and services: including emissions
associated with the production and transportation of goods
and services purchased by Wereldhave, such as construction
materials, furniture and maintenance services.
Capital goods: emissions generated during the construction
phase and the extraction and manufacturing of building
materials, used at our centers.
Building-related scope 3 emissions
(x 1,000 t CO
2
e)
2023
2024
.
Downstream
Leased Assets
.
Capital Goods
.
Purchased
Goods & Services
.
Fuel & Energy
Related
Activities
not in S or S
.
Waste
Generated
in Operations
.
Business Travel
.
Employee
Commuting
Reducing CO
2
emissions in our value chain
We are constantly aiming to reduce our indirect scope 3
emissions resulting from our value chain. We also started
conversations with our tenants on the procurement of
readily available solar energy produced at our assets.
We will further target reducing emissions in capital goods
and purchased goods and services as these are one of
our largest greenhouse gas emissions sources.
In the coming years we will increasingly engage with our
suppliers on these topics, mainly through our updated
procurement manual. This manual will support our
employees in making environmentally friendly decisions
over materials and installations.
Finally, we aim to gain a better understanding of emissions
from our tenants. Our priority in the next years is to further
close the data gaps for our Belgian centers. By improving
tenant data, we can work closer with them to build smarter
and lower electricity and gas usage – helping them cut
costs and emissions at the same time.
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Wereldhave in 2024 Our strategy Governance Additional information
Financial statements
Introduction Our performance and outlook
Better nature
The central aim of our Better nature pillar is to improve the
resilience of our centers in the Netherlands, Belgium and
France against our principal climate risks, which are flash
floods, heavy rainfall and heat stress. To mitigate these risks,
we have climate resilience plans built-in as part of our
Paris-proof roadmaps.
We are working to bring all our leases into compliance
with green environmental criteria and continue with a
tenant data project to analyze performance at a unit level.
We have also started to monitor material inflow and outflow
data from our suppliers.
To ensure our plans are sufficient, we incorporate
physical climate risk into our regular risk assessments,
which we conduct using two methods: BREEAM In-Use
and the Carbon Risk Real Estate Monitor (CRREM).
15
70
6
9
BREEAM
1
certifications FSCs
(as % of total gross floor area)
Excellent
Very good
Good
Not certified
1 All our Full Service Centers should have a minimum ‘very good’ rating. Currently one
center does not meet that requirement, measures are taken internally to improve this
score in the next recertification. Some assets are not certified as they do not apply to
the BREEAM certification scope, those are left out of this overview.
Better living
Our centers connect communities. They provide access
to services, and – by offering a welcoming environment
and hosting events – help combat loneliness and social
exclusion. We look to boost local community engagement
through our Better living goals. Our Better living goal
requires centers to allocate at least 1% of their annual Net
Rental Income to support good causes.
Good causes we supported in 2024 included:
Too Good to Go
We continued to promote the Too Good to Go app at our
centers, which offers users discounts at grocery stores and
restaurants to prevent excess food from going to waste.
Visitors can access offers at almost 100 shops across our
Dutch and Belgian centers. The app provides our communities
with access to affordable and healthy food, while helping us
reduce scope 3 emissions in the waste category.
Little things do make differences
Beyond supporting and assisting the organizations
mentioned above, the employees of the Company actively
roll up their sleeves to help people facing social difficulties.
A wonderful example of this is the Shopping Team in Nivelles,
which recently created a ‘moment of happiness’ for mothers
and children in challenging home situations.
They organized a heartwarming afternoon in a welcoming,
neutral space, where they hosted an interactive baking
workshop. This initiative fostered a sense of connection and
joy, bringing smiles to many faces. Through this thoughtful
gesture, the Company helped create a meaningful moment
of happiness and togetherness.
This beautifully demonstrates how small efforts can make
a significant difference in the lives of others.
Stichting Jarige Job
In November, 15 colleagues from Wereldhave participated
in the gift wrapping day of Stichting Jarige Job. During this
day, our colleagues packed as many birthday-boxes as
possible. By doing so, we contribute to a beautiful mission:
ensuring that more children in the Netherlands can celebrate
their birthdays. A special moment that many take for granted,
but unfortunately isn’t possible for everyone. Also, in our
11 centers in the Netherlands we raised awareness and
donations for this important cause as part of our December
Cadeaumaand marketing campaign.
Attractive environments
We aim to create safe and healthy environments at our
centers as part of Better living. More than 77% of our centers
have regular health and safety assessments, which involve
surveys with visitors and other users of our assets, an
assessment of the conditions within our centers, such as
air quality, temperature, hygiene and health and safety.
External benchmarks and certifications
In 2024, we received several awards related to the ‘A Better
Tomorrow’ program. With a score of 92/100, we retained
our 5-star rating from GRESB for the eleventh consecutive
year, a significant achievement given the ever-increasing
benchmark requirements and strong peer performance.
Wereldhave also received its ninth consecutive Gold Award
in the annual Sustainability Best Practices Recommendations
from the European Public Real Estate Association (EPRA sBPR).
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Financial statements
Introduction Our performance and outlook
This continued recognition of benchmarks such as GRESB
and EPRA reinforces our belief that we are on the right track
and validates our ongoing investments in, and commitment
to, sustainability. GRESB enables us to benchmark our
sustainability performance against industry peers and
provides further guidance for our strategic direction and
goal setting. ‘A Better Tomorrow,’ provides a clear strategic
roadmap for our company and operations.
Wereldhave’s climate change strategy was awarded an
A- rating by CDP (Carbon Disclosure Project), recognizing
our leadership, measurable impact, and full integration of
1 BREEAM (Building Research Establishment Environmental Assessment Method) rating relates to buildings’, environmental performance and climate resilience.
climate strategy across our value chain. This improved
rating reflects our continued commitment to climate change
mitigation, particularly as CDP has introduced a more
stringent questionnaire and scoring methodology.
Receiving a higher score than last year’s B rating
underscores our progress in emission reductions and
transparency. This achievement aligns with our long-term
sustainability goal to achieve an A- score in 2025.
The table below shows performance against our main
external ratings and benchmarks:
External benchmarks and certifications
2024 2023
GRESB 5 stars (92 points) 5 stars (92 points)
BREEAM (centers rating ‘very good’ or excellent)
1
85% 82%
CDP A- rating B rating
EPRA Gold award Gold award
Institutional Shareholder Services (ISS) ESG corporate rating Prime Prime
MSCI ESG BBB BB
Sustainalytics 13.0 Low risk 13.1 Low risk
Energy Performance Certificates (EPC) (gross lettable area with A-grade EPCs) 42% 18%
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Introduction Our performance and outlook
Please note that ‘A Better Tomorrow’ – our CSR program – is tied directly to a number of underlying SDG targets:
7.2, 7.3, 8.8, 11.5, 11.6, 11.7, 11.B, 12.2, 12.5, 13.1, and 17.16. For more information, see: https://sdgs.un.org/goals
SDGs 7, 11, and 13 link directly to the EU’s new taxonomy for sustainable activities (to the taxonomy’s Climate Change
Mitigation objective and to three designated economic activities: construction of new buildings, 26.2; renovation of
existing buildings, 26.3; and acquisition and ownership of buildings, 26.5). For more information on the EU’s taxonomy,
see: https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en.
Affordable and clean energy
We use renewable energy where possible; we also
produce solar energy from panels at our centers.
Our strategic
Sustainable Development
Goals (SDGs)
Decent work and economic growth
We have high standards of health and safety at our
centers – and work with tenants and sub-contractors to
maintain them.
Sustainable cities and communities
We are improving climate resilience at our centers – and
providing public access to green spaces. We also support
local community initiatives.
Responsible consumption and production
We are working to cut back waste generation, increase
recycling and use circular solutions in our development
projects.
Climate action
We are reducing our carbon footprint – and aiming for
Paris-Proof by 2045.
Partnerships for the Goals
We are working closely with tenants and visitors to reduce
emissions and waste across our value chain.
UN Sustainable Development Goals (SDGs)
As part of A Better Tomorrow, we’ve linked our ambitions directly to the
UN Sustainable Development Goals (SDGs). We’ve chosen six SDGs as
strategic ambitions, where we believe Wereldhave can contribute the
most to the international development agenda. Through our Full Service
Center transformations, SDGs are also tied directly to our LifeCentral
strategy. In addition, use of proceeds under our Green Finance Framework
are mapped to three of our strategic SDGs (SDGs 7, 11 and 13).
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Introduction Our performance and outlook
Better footprint
Relevant SDGs Priorities Ambitions Performance in 2024
Energy &
carbon
• Reduce carbon emissions
by 30% by 2030
• Carbon emissions (CO
2
equivalent, scopes 1 and 2, market-based):
1.628 metric tons (-62% vs. 2018)
• Onsite solar energy production: 3,736 MWh (2023: 4,086 MWh)
• Renewable energy use (as % of total electricity consumption: 12%
(vs. 18% in 2023)
Materials • Zero waste going to landfill
and increased use of circular
solutions
• Percentage of waste going to landfill: 2% (vs. 2% in 2023)
• Percentage of waste recycled: 35% (vs. 34% in 2023)
• Water consumption: 160,981 m
3
(-6% vs. 2023)
Value chain
Impact
• Partner with tenants and
visitors to reduce emissions
• Carbon emissions (CO
2
equivalent, scope 3): 32,991 metric tons CO
2
(-24% compared to 2023)
Better nature
Relevant SDGs Priorities Ambitions Performance in 2024
Resilience • 100% of our centers have action
plans to mitigate physical
• effects of climate change
• Percentage of centers with climate resilience plans: 77%
(vs. 83% at end 2023)
Habitats • Double surface of vegetation
on roofs and green spaces
by 2030 (compared with 2018)
• Total green spaces at Wereldhave centers: 41,071m
2
(unchanged vs. end 2023)
Better living
Relevant SDGs Priorities Ambitions Performance in 2024
Well-being • Aim for zero safety incidents
at Wereldhave centers
• There were no incidents of non-compliance in 2024 (2023: 0)
Employees • Employee engagement score
of at least 7.5 for each of our
operating countries
• Employee satisfaction score 2024 7.7 (vs. 7.0 in 2023)
Communities • Contribute at least 1% of Net
Rental Income to socio-economic
and social inclusion initiatives
• Support for social activities, charities and other good causes: € 2.8m
(vs. € 2.2m in 2023)
• Social investment as percentage of Net Rental Income: 2.0% (vs. 1.7% in 2023)
Global Compact
Wereldhave is a member of the UN’s Global Compact,
which promotes ethical conduct in business. We strive to
adopt and apply the ten principles of the Global Compact
concerning human rights, labor, environment and anti-
corruption. Our organization will also aim to make use
of the vast experience of the Global Compact network,
educating our employees and learning from peers.
Readiness for new EU regulatory frameworks
Wereldhave welcomes upcoming changes to sustainability
reporting and disclosure regulations and, since 2022,
has been proactively readying itself to comply with the
EU Taxonomy and Corporate Sustainability Reporting
Directive (CSRD).
In 2024, our project teams prepared for the changes in
sustainability reporting and disclosure regulations, in line
with the EU Taxonomy and the Corporate Sustainability
Reporting Directive (CSRD). This was completed with a
successful readiness evaluation by consultancy firm BDO.
We also completed a Physical Climate Risk Assessment
aligned with the EU Taxonomy and Framework for Climate
Adaptive Buildings (FCAB).
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Introduction Our performance and outlook
Outlook
Economic conditions
Economic activity is expected to expand at a faster pace
than in previous years in both the Netherlands and Belgium,
helped in part by lower inflation and a pick-up in household
spending. Cost pressures are nevertheless likely to persist,
resulting in continuing constraints on businesses and
households. At the same time, we expect geopolitical risks
related to rising trade tensions and protectionism, and a
possible escalation of geopolitical conflicts to continue to
create uncertainty.
In the Netherlands, real GDP growth is projected to pick up
to 1.6% in 2025 and by the same amount the following year.
Inflation is likely to ease but only slowly as price pressures
persist on the back of a tight labor market and continuous
strong wage growth. The rise in real wages is, nevertheless,
expected to support household spending.
In Belgium, household spending growth should support
economic recovery in 2025 and 2026, as job growth
increases again, inflation declines and interest rates ease.
While planned tax rises would be a headwind to growth in
France, their impact is expected to be partly offset by the
effects of lower inflation and interest rates. Household
spending is likely to contribute significantly to the moderate
economic growth forecast for the next two years as real
wages continue to rise.
Retail market
Growth in retail spending is expected to improve in our
markets in 2025, supported by GDP growth, rising real
wages and improved consumer confidence. At the same
time, the shift toward online retail spending is moderating
across Europe as e-commerce operators face pressure to
improve profit margins. Growing demand for physical retail
should support further rental growth in 2025.
Increased cost consciousness among consumers has meant
shoppers have become more selective. As a result some
retailers have successfully increased revenue and profits,
while others, particularly in fashion segments, continue to
struggle.
Following a series of bankruptcies in recent years, the financial
profile of our tenants is now considerably more secure.
After the bankruptcy of Blokker in November 2024, we no
longer have any ‘red flag’ tenants in our top 25 tenants –
defined as those renting the largest spaces. Our quarterly
review process helps us monitor and review risks.
Social & environmental
Wereldhave, like any other company, has a responsibility to
be transparent about the social and environmental impacts
of its operation, and to take them into account when making
decisions. As the physical risks from climate change increase,
we continue to ensure that our adaptation and resilience
planning is central to our sustainability and LifeCentral
strategies.
Our project teams are well advanced in their preparations
for upcoming changes in EU sustainability reporting and
disclosure regulations, including the EU Taxonomy and
Corporate Sustainability Reporting Directive (CSRD).
Sustainability will also be a key factor in our financing.
Wereldhave currently has three sustainability-linked
financing arrangements in place.
After a challenging climate for business and consumers in 2024, economic growth is expected to strengthen in our two main markets in 2025, with an
improvement in household consumption and a further easing in inflation. A more robust economic outlook should reinforce the continuing success of
Full Service Center transformations as higher disposable income would encourage consumer spending across a broader range of products and boost
investment opportunities. It would thus support progress in our LifeCentral strategy and help underpin the growth of our business.
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Introduction Our performance and outlook
Outlook
Financial & strategic performance
The decision by the Dutch government to exclude direct
investments in real estate from the fiscal investment
institution (Fiscale Beleggingsinstelling -FBI) tax regime –
from which Wereldhave benefited – came into effect on
1 January 2025. and means that we will no longer benefit
from corporate income tax exemption on income from our
real estate investments in the Netherlands. The change,
together with an increase in real estate transfer taxes has
made the Netherlands market particularly challenging.
We estimate an increased tax bill of € 4-5 million and have
anticipated the new regime through capital reallocation.
Having invested almost 80% of our designated LifeCentral
capex in Full Service Center transformations, we must
now start to scale to secure future growth and improve our
cost of capital. We review the different options to rotate
capital – for instance through joint ventures – and look at
investments in our core markets.
The first example of that was the acquisition of two shopping
centers in Luxembourg, as announced in February 2025.
This acquisition marks the next step of the LifeCentral strategy
growth phase and perfectly fits Wereldhave’s acquisition
criteria, such as location, value creation opportunities and
Full Service Center transformation potential.
In 2025, we will continue with our Cityplaza transformation
in Nieuwegein, at Middenwaard in Heerhugowaard, at
Kronenburg in Arnhem and at Nivelles Shopping in Nivelles.
We will continue to monitor spending commitments closely,
given current economic conditions, and will assess the
potential for the sale of our two remaining centers in France.
For 2025, we anticipate a direct result per share (DRPS) of
€ 1.70-1.80, even though we expect to pay € 4-5m in corporate
income tax and have sold our asset in Leiderdorp. Due to
the accretive acquisition in Luxembourg in February 2025,
we expect to end up at the higher end of this range.
We keep exploring acquisitions in our core markets
(Benelux) which would further increase profits.
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Introduction Our performance and outlook
Governance
Risk management and internal controls
Supervisory Board report
Statement by the Board of Management
Governance
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Introduction Governance
Governance
Legal structure
Wereldhave N.V. is a real estate investment company, listed
on Euronext Amsterdam and included in the AScX Index.
The Company was founded in 1930 and has been listed
since 1947. Wereldhave has the fiscal status of an
investment institution, so it was, until 1 January 2025,
subject to a 0% corporation tax rate in the Netherlands
(other than for development activities in the Netherlands).
Effective 1 January 2025, the 0% corporate income tax
rate cannot be applied anymore to real estate income
from the Dutch operational activities, following a change
in legislation.
Wereldhave’s Belgian investments consist of a 66.72%
interest in Wereldhave Belgium N.V., a tax-exempt
investment company with variable capital listed on the
Euronext Brussels Stock Exchange. The investments in
France are subject to the SIIC (Société d’Investissements
Immobiliers Cotée) regime.
Wereldhave has a two-tier board structure. Additional
regulations for the Boards are set out in the Governance
Charter of Wereldhave which can be downloaded from
our website.
Board of Management
The members of the Board of Management are jointly
responsible for the management and running of
Wereldhave N.V. and its subsidiaries, with due respect
for their roles and tasks. The CEO takes the lead in this
and is the main point of liaison for the Supervisory Board.
The Board of Management is accountable to the
Supervisory Board and to the General Meeting of
Shareholders.
The Board of Management consists of Mr. Matthijs Storm
(CEO) and Mr. Dennis de Vreede (CFO). The board is
supported by the following Executive Team members: the
Chief Strategy Officer (CSO), the Chief Commercial Officer
for Belgium, the Chief Commercial Officer for the
Netherlands (CCO), the Chief Operations Officer for Belgium
and the Chief Operations Officer for the Netherlands (COO).
The Executive Team is supported by the Company
Secretary. The members of the Board of Management are
the statutory directors of the Group’s real estate companies
and as such, solely responsible for the decision making. The
Board of Management is appointed and dismissed by the
General Meeting of Shareholders, from a nomination to be
drawn up by the Supervisory Board. The members of the
Board of Management have been appointed for a period
of four years. The agreements contain a break option with
a four months’ notice and a maximum severance payment
of one year’s salary.
There were no changes in the composition of the Board
of Management during the year. Mr. Matthijs Storm was
reappointed in 2023 for a period of four years, expiring in
April 2027 and Mr. Dennis de Vreede was reappointed
in 2022 for a period of four years, expiring in April 2026.
Supervisory Board
The role of the Supervisory Board is to supervise the
strategy and the business of the Company and its
subsidiaries, as well as to support the Board of Management
by providing advice. The Supervisory Board shall be guided
by the interests of the Company, taking the interests of the
Company’s stakeholders into account. The Supervisory
Board has two standing Committees, an Audit Committee
and a Remuneration and Nomination Committee.
Governance
Wereldhave is committed to a high standard of Corporate Governance. We adhere to strict principles of
business ethics and the adequate provision of forward-looking information. Transparency is a key cultural value
to us. The Company’s business ethics are embedded in the Business Integrity Policy and the Code of Ethics for
employees, which is published on our website www.wereldhave.com.
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Introduction Governance
Governance
The Supervisory Board consists of three members:
Mrs. Françoise Dechesne (Chair Supervisory Board and
member Remuneration and Nomination Committee),
Mr. Hein Brand (Vice President Supervisory Board and Chair
Audit Committee) and Mr. William Bontes (Chair Remuneration
and Nomination Committee and member Audit Committee).
On 24 April 2024, Mr. Hein Brand was reappointed by the
AGM as member of the Supervisory Board of Wereldhave N.V.
The profile for members of the Board as well as brief
resumes can be found on the Company’s website.
The independence requirements referred to in best practice
provisions 2.1.7 to 2.1.9 inclusive of the Dutch Corporate
Governance Code have been fulfilled and all members
meet the independence criteria.
The Supervisory Board maintains regular contact with the
external auditor and focuses on the effectiveness of the
Company’s internal risk management and control systems
and the integrity and quality of the financial reporting.
The Supervisory Board has joint responsibility and acts
without a mandate and independently of any particular
interests associated with the company.
Committees of the Supervisory Board
The Audit Committee’s main role is to oversee financial
accounting and reporting, internal control and risk
management. In this context, the Audit Committee examines
and reports to the Supervisory Board on matters such as
(interim) financial reporting and accounts, asset valuations,
risk management, accounting methods, finance, tax, ESG,
and the relationship with the internal and external auditors.
The remuneration committee and the selection and
appointment committee have been combined in one
committee, the Remuneration and Nomination Committee.
The committee’s main role is to prepare the Board meetings
with respect to selections and nominations, evaluations and
remuneration levels and succession planning.
General Meeting of Shareholders
At least once a year, a General Meeting of Shareholders will
be held. The agenda of the Annual General Meeting of
Shareholders shall in each case contain the report of the
Board of Management, the dividend policy, the adoption
of the financial statements, the report of the Supervisory
Board, the remuneration report and the proposal to
distribute dividends or other distributions. Resolutions to
release the members of the Board of Management and
Supervisory Boards from liability for their respective duties
shall be voted on separately.
Requests of investors who solely or jointly represent 1%
of the issued capital to place items on the agenda of the
General Meeting of Shareholders shall be honored if such
requests are submitted to the Board of Management or the
Supervisory Board at least 60 days before the scheduled
date of the Meeting, unless, in the opinion of the Supervisory
Board and the Board of Management, there are vital interests
of the Company opposing the inclusion of such item or
items in the agenda. The resulting discussion in the General
Meeting should not affect the orderly course of the Meeting.
The secretary of the Company will take minutes of the
proceedings at the meeting. The minutes will be signed by
the Chair of the Meeting and the Company Secretary. In
principle, the minutes will be published on the Wereldhave
website within one month after the Meeting and copies of
such minutes are available free of charge on request.
Wereldhave pursues increased shareholder participation at
its general meetings, by making proxy forms and voting
instructions available online, by enabling voting via internet
prior to the meeting and by contacting the known larger
shareholders to question them to attend or vote.
The attendance rate at the AGM on 24 April 2024 stood at
48.4% of the issued share capital.
The meeting approved the proposal to reappoint Mr. Brand
as member of the Supervisory Board for a period of two
years. The meeting furthermore adopted the proposal to
repurchase shares and the proposal to grant the authority
to the Board of Management to issue shares. All voting
results and the minutes of the AGM can be found on the
Company’s website.
The policy on communications between the Company and
its shareholders can be found on the website as well.
Protective devices
The protective devices consist of the possibility to issue
preference shares up to 50% of the issued share capital
(less one share), calculated after issue.
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Introduction Governance
A contract between the Company and the Stichting tot het
houden van preferente aandelen Wereldhave (the
Foundation) in relation to the preference shares entails the
granting to the Foundation of the right to, on a continuous
basis, take, if necessary in tranches, preference shares up
to a maximum of, after exercise, 50% of the issued capital
(less one share). Both parties have the interim right to cancel
the agreement. Following the issue and subsequent
repurchase or withdrawal of the preference shares, the
Company intends to discuss the protective devices with
the General Meeting of Shareholders.
The objective of the Foundation, in accordance with article
2 paragraph 1 of its articles of association, is to promote
the interests of Wereldhave, of the companies affiliated to
Wereldhave and all stakeholders, whereby the foundation
also takes into account maintaining the independence,
continuity and identity of the Company.
The Board of the Foundation consists of Mr. R. ter Haar,
(Chair), Mr. S. Perrick, and Mrs. K.T.V. Bergstein. The
Foundation is independent from the Company within the
meaning of section 5:71 paragraph 1 under c of the Financial
Supervision Act. The foundation does not hold any shares
in Wereldhave at present.
The Foundation intends to take preference shares if, amongst
others, a threatening situation occurs where a significant
interest might come in the possession of legal entities or
persons who possibly aim to acquire control over the
Company without the involvement of the Board, without
guarantees with respect to the independency and continuity
of Wereldhave and its affiliates and without the possibility
to safeguard the interests of employees, other shareholders
and other parties related to Wereldhave or, affiliated
companies, or without the real value of the Wereldhave
shares being reflected in a take-over bid, or if power is,
or may be exercised with the intention to amend the
strategic policy which is determined by the Board and
Supervisory Board.
Wereldhave and the Foundation have agreed that the
Foundation can request the Company to withdraw or buy
back the shares six months after issuance of the preference
shares. In addition, Wereldhave is obliged to convene a
general meeting of shareholders within eighteen months
after the issuance date of the preference shares, where the
withdrawal or buyback of the preference shares will be put
on the agenda. These contractual clauses imply that the
issue of any preference shares is intended as a temporary
protective device.
ESG engagement
Wereldhave has dedicated governance in place for
environmental, social and governance (ESG); this helps us
to achieve our sustainability goals. At board level, our CFO
is responsible for Wereldhave’s sustainability policy; the
Group ESG manager reports directly to the CFO. ESG
reporting is integrated into management reporting, with
quarterly updates from country units on sustainability
performance and progress against our KPIs. All data
collected through quarterly reports is verified to ensure
the quality of the information.
Implementation of our sustainability policy is overseen by the
Group ESG Manager in cooperation with individual initiators
in each country. Individual managers are responsible for
implementing sustainability in their own departments.
Projects contributing to achievement of our targets are
integrated into Wereldhave’s budgets and business plans.
With this governance structure, Wereldhave is able to embed
sustainability more effectively into its daily operations.
Diversity
Wereldhave promotes diversity and inclusion throughout
the workforce. With a Board of Management of only two
persons, both being male, there is ample perspective on
improvement on gender diversity as from 2026. The female
gender representation in the Executive Team, excluding
the members of the Board of Management, is 40%. If we
combine the Board of Management and this sub-top, the
diversity is below the overall target of 33% with 29% female
representation. However, with a nearly equal gender
representation in the Company, there are sufficient future
opportunities on improvement.
The female gender representation within the Supervisory
Board is currently 33%, which is in line with the targets as
set in Wereldhave’s Governance Charter.
Dutch Corporate Governance Code
Wereldhave is compliant with the Dutch Corporate
Governance Code applicable to the year 2024. In the scope
of the Dutch Corporate Governance Code, as amended
in 2022, the Company maintains a reconciliation table in
which is set out how the principles of the Dutch Corporate
Governance Code are complied with. This reconciliation
table is published on our website.
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Introduction Governance
Remuneration
The remuneration policy for member of the Board of
Management has been approved by the General Meeting of
Shareholders on 24 April 2020. The updated remuneration
policy for member of the Supervisory Board has been
approved by the Annual General Meeting of shareholders
on 24 April 2024.
Supervisory Board members receive a fixed fee. Members
of the Board of Management receive a fixed income which
could be supplemented by a variable income. The variable
income amounts to a target variable income of 100% of the
fixed annual income, of which 40% comprises a short-term
incentive (STI) in cash and 60% comprises a long-term
incentive (LTI) in shares. The STI score is determined by a
financial target, accounting for 50% of the STI, two qualitative
and measurable targets that are directly connected to the
strategy, each accounting for 20% of the STI, and one
non-financial (individual) target, accounting for 10% of the
STI. The LTI score is determined for 75% by financial a
financial performance target: the Total shareholder return
(‘TSR’). The TSR is defined as the share price increase,
including reinvested dividends. TSR is measured over a
three-year period based on a three-month average of the
last three months of the year before the start and the end
of the performance period and compared with a peer group
of 20 listed retail property companies. The non-financial
performance target GRESB determines 25% of the total
LTI-award. Vesting of the LTI shares, three years after grant,
is subject to continuous employment and after vesting a
two-year holding period is applicable.
The Remuneration report 2024 Wereldhave N.V. has been
published on the Company’s website.
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Introduction Governance
Risk profile
As a retail property investor in the Netherlands, Belgium
and France, Wereldhave is particularly sensitive to factors
that impact demand for space from retailers. This is primarily
driven by customer behavior. A decline in customer footfall
and spending may lead to a lower demand for space, with
negative impact upon:
•
The value of our assets
•
Occupancy rates, rental levels and subsequently rental
income
•
Property market liquidity for acquisitions and disposals
In addition, (local) governmental decisions such as the
introduction of paid parking can severely impact footfall and
retail sales, thus putting a pressure on rent. Ease of access
of our centers is an essential element in the customers’
choice where to go for shopping.
Risk Management
Wereldhave is focusing on the preservation of its reputation,
assets, competitive advantage and profits, applying
enterprise-wide risk management (ERM). ERM is the process
of systematically identifying, analyzing, evaluating and
mitigating risks that may impact the achievement of our
corporate objectives. We consider risk management to be
an essential ingredient of good corporate governance.
Better understanding of risks and taking mitigating
measures enables Wereldhave to prevent risks from
actually occurring, minimize losses of incidents and
to benefit optimally from opportunities. Risk management
and internal control are embedded in the organization using
these five interrelated components:
1. Governance and Culture: Governance sets the
organizational tone, establishing oversight
responsibilities for risk. Culture pertains to our Code of
Ethics and the understanding of the risks we are
exposed to.
2. Strategy and Objective-Setting: A risk appetite is
established and aligned with our strategy; business
objectives put strategy into practice while serving as a
basis for identifying, assessing, and responding to risk.
3. Performance: Risks that may impact the achievement of
strategy and business objectives need to be identified
and assessed. Risks are prioritized by severity in the
context of our risk appetite. We select appropriate risk
responses and review the risk we run at a portfolio level.
We aim to be transparent about this exposure toward our
key risk stakeholders.
4. Review and Revision: By reviewing entity performance,
we evaluate the performance of our enterprise risk
management components over time and review what
changes are needed.
5. Information, Communication, and Reporting: We regard
enterprise risk management as a continuous process of
obtaining and sharing necessary information, from both
internal and external sources, which flows up, down, and
across the organization.
Wereldhave adopts the so-called ‘three lines of defense’
when it comes to managing risks. The overall responsibility
for establishing, operating and monitoring risk management
and internal controls is with the Board of Management,
from which the CFO is the contact point for risk
management and internal control activities. The primary
responsibility for managing risks is with the business,
meaning country managers and their direct reports. On the
group level Wereldhave has several staff departments
which support in managing specific risk areas. The Finance
and Control team facilitates and monitors the overall risk
management process. The third line of defense is the
internal audit. Risk management is a full Supervisory Board
topic to ensure sound risk management and internal control
systems are maintained. Reports are always discussed in
full in the Supervisory Board, the Audit Committee prepares
but does not filter or select. The internal auditor assesses
the design and operating effectiveness of internal controls
and risk mitigating measures and reports to the Board of
Management. The internal auditor has a direct escalation
reporting line to the Audit Committee. Wereldhave has
outsourced the internal audit function to BDO. The internal
audit plan is discussed with the Board of Management and
approved by the Supervisory Board.
Risk management and internal controls
Risk management and internal controls
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Introduction Governance
The internal audit plan priorities are directly derived from
Wereldhave’s latest annual risk assessment and focused
in 2024 on business continuity management and the
implementation of the recommendations by internal audit
from previous internal audits. BDO was also engaged
to assess the readiness for the upcoming CSRD and
EU Taxonomy requirements.
Fraud risks form an integral part of our risk assessment.
A variety of controls is in place, ranging from a strict code
of conduct outlining our business integrity principles to
integrity awareness training and enforcing segregation
of duties for key operational and financial transactions.
Wereldhave is continuously working on automating its
business processes to ensure transactions are processed in
a more effective and efficient way. As part of these projects,
we always consider embedding internal controls in the
IT systems that we purchase or develop. The Board of
Management considers the controls in place as sufficient
and adequate to control the fraud risk.
Strategic objectives of our strategy
We aim to position our centers as Full Service Centers in
close proximity of dense urban areas, to fulfil daily needs of
life. Our centers should offer a broad range of partnerships
and services to support tenants in doing better business
and empower people to live a more well-balanced everyday
life close to home. Together with all partners within the local
eco-systems we will build Full Service Centers to deliver
better everyday life and better business.
Our strategic long-term objectives are to:
1. Grow rental income and drive property returns of our
assets to create value
2. Become a customer oriented Company
3. Attract and retain tenants
4. Be responsible, ambitious and innovative
5. Maintain strong and flexible financing
We conducted extensive workshops at the end of 2023
with our Executive Team as well as the Audit Committee
to update our risk profile and assessment of these risks.
The objectives were to identify, assess and evaluate risks
and their exposure to our strategy and continuity. This
included understanding the potential impact of identified
risks as well as mitigation measures in place to reduce
these risks and have been reflected in our internal risk
register. The identified risks with high impact are discussed
further in this section. The high impact risks of the Group
are periodically reviewed by the Board of Management
and Supervisory Board. The high impact risks in relation
to our strategy are presented on the following pages.
Our risk assessment update at the end of 2024 did not
identify new high impact risks In comparison last year.
The arrow depicts how the high impact risk assessment
changed during the year in comparison to the previous year.
Controls have been designed, both preventive and detective,
to mitigate risks as far as possible. These controls are
embedded in our business processes and defined in our
Internal Control Framework.
Climate-related risks, both physical as well as the transition to
a lower-carbon economy, are part of our risks assessments.
The main focus of our risk assessments is the direct effect
of transitional risks, such as the need to meet regulatory
standards or future tenant needs. Paris-Proof carbon
roadmaps address this risk and are integrated in
the redevelopment or maintenance planning of our assets
to achieve the 2030 emission reduction target of 30%.
Direct effects of physical risks are included in our BREEAM-
in-use assessments. Considering our asset base largely
consists of investment properties carried at fair value,
we have concluded that the effect of climate-related
risks does not have a material impact on accounts and
disclosures, including judgments and estimates in the
financial statements.
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Introduction Governance
Grow rental income and drive property
returns of our assets to create value
Become a customer
oriented Company
Attract and
retain tenants
Be responsible, ambitious
and innovative
Maintain strong and
flexible financing
The high impact risks of the Group in relation to our strategy are:
Our strategic long-term objectives are to
Preventable risks
Controls Relating to strategic objectives KPI’s
A
Access to equity markets
• Investor relations stakeholder engagement
• Conference calls and roadshows on results
• Investor relation reports to Supervisory Board
• Frequent consultations of large shareholders
• Share price
• Discount to NAV
• Total shareholder return
Change of risk during
2024 compared to 2023
B
Availability and costs of finance
• Treasury Policy including hedging strategy
• Continuous dialogue with financiers
• Green financing framework
• Average interest rate
• Duration
• Spread of funding
• Loan-to-Value
Change of risk during
2024 compared to 2023
C
Attract and retain tenants
• Periodic operational reports on leasing activity and funnel,
occupancy, visitor and sales developments
• Category leasing management
• Data sharing to assess performance
• Sustainability committee per center
• Key tenant management
• Network and leads
• Total return
• Total property return
• Total shareholder return
• NPS
• Footfall
• Tenant feedback
• Retail balance
Change of risk during
2024 compared to 2023
D
Development risks
• Monitoring to prevent cost and time overruns
• Pre-letting conditions
• Recurring external appraisals
• Investment proposals
• Post-completion analyses
• Total return
• Total property return
• Total shareholder return
Change of risk during
2024 compared to 2023
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Introduction Governance
Preventable risks
Controls Relating to strategic objectives KPI’s
E
Change of culture
• Number of new concepts launched
• Multiple income streams
• Digitalization of processes
• Monitoring organizational costs
• Attract and retain top talents
• Customer centricity
• NPS
• Footfall
• Tenant feedback
• Employee satisfaction
• Staff turnover ratio
Change of risk during
2024 compared to 2023
F
Regulatory compliance
• Safety and emergency plans including regular safety checks
• Monitor changes in zoning regulations
• Monitor changes in legal and tax landscape
• Total return
• Total property return
• Total shareholder return
Change of risk during
2024 compared to 2023
Strategic risks
Controls Relating to strategic objectives KPI’s
G
Failure to find the right response
tochanging market conditions
orfailure to execute the new
strategy correctly
• Annual budget cycle: bottom-up from asset level business
plans to consolidated budget
• Disciplined IRR driven asset selection and capital allocation
• Attractive employer to retain key staff
• Total return
• Total property return
• Total shareholder return
Change of risk during
2024 compared to 2023
H
Maintain tax status of
tax-exempt investment
institution in NL, BE and FR
• Monitor regulatory requirements
• Monitor trends and developments in political landscape
• Consult and discuss with tax authorities
• Total shareholder return
Change of risk during
2024 compared to 2023
I
Achievement of
sustainability targets
• Quarterly KPI reporting
• Benchmarking (GRESB, CDP)
• BREEAM certification
• Total return
• Total property return
• Total shareholder return
• Sustainable development goals
Change of risk during
2024 compared to 2023
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Introduction Governance
External risks
Controls Relating to strategic objectives KPI’s
J
Decreasing property values
• Regular external appraisals
• Disciplined purchase, hold and sell analyses
• Total return
• Total property return
• Loan-to-Value
Change of risk during
2024 compared to 2023
K
Events and emergencies
• Monitor terrorism threat levels
• Cyber-attack sensitivity assessments
• Insurance for physical damage and business interruption
• Response procedures for (pandemic) events
• Total return
• Total property return
• Total shareholder return
Change of risk during
2024 compared to 2023
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Introduction Governance
Dear Stakeholders,
Wereldhave expected the economies in all our three
markets to grow in 2024. The Netherlands and Belgium
lived up to this expectation, unfortunately France was a bit
lacking due to its general economic climate. In 2024, the
Supervisory Board further oversaw three key matters: the
entering of Phase 2 of the LifeCentral strategy, the strength
of the credit profile of Wereldhave and the upcoming
changes in the Dutch FBI regime.
Regarding growth, phase 2 of the LifeCentral strategy,
the Management Board has been active exploring various
possibilities in 2024. The Supervisory Board was kept
fully updated in this, supported where needed and was
delighted that Wereldhave succeeded in reaching an
agreement with Nextensa B.V. to acquire two shopping
centers in Luxembourg, both with significant growth
opportunities.
With the upgrade to ‘BBB’ by Fitch the strength of
Wereldhave’s credit profile was acknowledged as well
as with the additional participation to the RCF, agreed
new USPP placement with four institutions and
refinancing activities.
The abolition of the Dutch REIT tax regime for real estate
companies (‘FBI’) was discussed at length in several
meetings of the Supervisory Board in 2024. With effect from
1 January 2025, FBIs will no longer be exempt from paying
income taxes on investments in Dutch real estate.
This triggered discussion with the Board of Management to
explore new business models, more tax efficient legal
structures and tax mitigating measures.
Composition and meetings of
the Supervisory Board
The Supervisory Board consists of three members; with
Mrs. Dechesne as Chair and Mr. Brand and Mr. Bontes
as the other members. All three members meet the
requirements regarding independence. The Supervisory
Board is supported by the Company Secretary. In 2024,
Mr. Verhoog was appointed as Company Secretary by the
Supervisory Board.
At the Annual General Meeting (AGM) of 24 April 2024,
Mr. Brand was reappointed as member of the Supervisory
Board for two years, until 2026. This enabled the
Supervisory Board to retain valuable knowledge of
international real estate and financial markets within the
Board, and gives the Company time to search for a
suitable successor.
Mr. Brand remained Chair of the Audit Committee, with
Mr. Bontes being the other member of the Committee.
Mr. Bontes remained Chair of the Remuneration and
Nomination Committee, with Mrs. Dechesne as the other
member. Diversity within the Supervisory Board is at 33%,
which is in line with the targets as set in Wereldhave’s
Governance Charter.
With a Board of Management of only two persons, both
being male, there is ample perspective on improvement
on gender diversity as from 2026. The female gender
representation in the Executive Team, excluding the
members of the Board of Management, is 40%. If we
combine the Board of Management and this sub-top,
the diversity is below the overall target of 33% with 29%
female representation. However, with a nearly equal
gender representation in the Company, there are sufficient
future opportunities on improvement. This continues to be
a focus of the Supervisory Board in 2025.
A total of fourteen Supervisory Board and Committee
meetings was held in 2024, with an overall attendance
rate of 100%. These meetings were mostly held at one
of Wereldhave’s centers or in the Amsterdam office.
Special meetings were held to discuss the upcoming
changes in the FBI regime and the implementation and
preparations for the Corporate Sustainability Reporting
Directive (CSRD).
The Supervisory Board decided to maintain both the Audit
Committee as well as the Remuneration and Nomination
Committee of the Board, despite the small size of the Board.
Mrs. Dechesne is appointed to function as the focal point
for ESG matters within the Board.
The Supervisory Board is pleased with the progress that
has been made during the year and wishes to acknowledge
its gratitude toward the Board of Management and all
employees of the Company for their hard work.
Supervisory Board report
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Introduction Governance
Supervisory Board report
Financial statements
The Board of Management submitted the 2024 financial
statements and the Board’s Management Report to the
Supervisory Board. The Supervisory Board recommends
the adoption of these financial statements. The financial
statements have been audited by KPMG, who issued
an unqualified auditor’s opinion. The Supervisory Board
discussed the audit report and the auditor’s opinion with the
auditor. The members of the Supervisory Board approved
the accounts and signed the 2024 financial statements.
The Board of Management assessed that the 2024 results
and the current liquidity position allow us to distribute a
dividend of € 1.25 in cash per share to the shareholders, in
compliance with the fiscal dividend distribution requirement
for the year. This represents 4% dividend growth compared
to last year and is slightly below the Company’s dividend
distribution policy, which is 75-85% of the direct result per
share. The Supervisory Board supports this proposal.
Strategy
In a constantly changing context, the Supervisory Board
considers it important to discuss the Company’s strategy
twice a year. Phase 2 of the LifeCentral strategy started in
2024. In line with this strategy, Wereldhave continues to
transform its shopping centers into Full Service Centers
(FSCs). Nine of Wereldhave’s locations already qualify as
Full Service Centers, with four more currently undergoing
transformation. Almost 80% of planned LifeCentral capital
expenditure has been invested.
Although there were no new Full Service Center (FSC)
completions in 2024, the teams are working hard on
deliveries for 2025 (Phase 1 of Wereldhave’s Kronenburg
center in Arnhem and Nivelles in Belgium), while making
significant progress on existing businesses, including
leasing.
The results show significant positive performance for
Wereldhave’s Full Service Centers, especially on the leasing
side, with new leases signed in line with previous rents,
on top of indexation (minimum guaranteed rent uplift),
and significantly above the properties’ estimated rental
value (ERV).
Total property return from the nine Full Service Centers was
11.3% in 2024.
In Full Service Center Presikhaaf, Wereldhave celebrated
the opening of health & fit, the healthcare cluster, and
several new retailers have signed up for Wereldhave’s fresh
food concept every.deli in Hoofddorp and Nieuwegein.
In FSC Vier Meren in Hoofddorp, Wereldhave generated
a leasing spread of +10%.
On 10 February 2025, Wereldhave sold the Winkelhof
shopping center in Leiderdorp around book value to
a Dutch investor. The center did unfortunately not reach
the internal KPIs, especially our standards regarding
environmental, social and governance (ESG).
Furthermore, Wereldhave reached agreement on
13 February 2025 with Nextensa N.V. on the acquisition of
two shopping centers in Luxembourg. The Supervisory
Board has been fully involved in this process and visited the
assets in advance. Knowing how important this is for the
LifeCentral strategy growth phase, the Supervisory Board
fully endorses this acquisition which perfectly fits
Wereldhave’s acquisition criteria, such as value creation
opportunities and Full Service Center transformation
potential.
Financing
The Supervisory Board actively monitors the financing of
the Company, including the balance sheet and the available
headroom against the loan covenants. The debt profile and
the financing strategy are discussed regularly with the
Board of Management. Other recurring financial items that
were discussed are dividend levels, the budget, the outlook
and guidance, the achievement of the financial objectives
from the 2024 budget, the management agenda and the
portfolio valuations.
In 2024, the Company has raised € 224 million in
(re)financings, with an average term of 4.5 years and
at competitive rates. Together with the newly assigned
BBB rating from Fitch, we believe the company is well
prepared for its next phase.
Operations
Operational performance is a recurring topic on every
meeting of the Supervisory Board. The development
projects and the associated required capex investments are
also a standard topic. The country budgets form the basis
for the Groups consolidated budget, which is also discussed
in the December meeting of the Board. ESG investments
are part of the business plans per asset, which ultimately
lead to a bottom-up consolidated budget. The budget for
2025 was discussed and approved in the board’s meeting
in December 2024.
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Introduction Governance
Sustainability
Wereldhave has retained its 5-star rating in the 2024 Global
Real Estate Sustainability Benchmark (GRESB, the leading
global ESG benchmark for real estate).
With a score of 92/100, Wereldhave retained its 5-star rating
from GRESB for the eleventh consecutive year. A solid
achievement in the light of ever-increasing benchmark
requirements and strong peer performance.
Wereldhave also received its eighth ninth consecutive Gold
Award in the annual Sustainability Best Practices
Recommendations from the European Public Real Estate
Association (EPRA sBPR).
Wereldhave’s ESG program ‘A Better Tomorrow’ was
developed to provide a roadmap from 2020 until the year
2030. The program is based on three focus areas:
•
Better Footprint - reduce carbon emissions with 30% in
2030 and become Paris Proof in 2045
•
Better Nature - 100% of assets have action plans to
mitigate physical effects of climate change and double
the surface of vegetation roofs and green spaces
•
Better Living - Contribute at least 1% of net rental income
to socio-economic and social inclusion initiatives and aim
for zero safety incidents at Wereldhave centers
Progress against these targets was discussed with the
Supervisory Board in December 2024.
In 2024, several project teams within Wereldhave prepared
for the changes in sustainability reporting and disclosure
regulations, in line with the EU Taxonomy and the Corporate
Sustainability Reporting Directive (CSRD).
This was discussed within the Audit committee twice
in 2024. This project was completed with a successful
readiness evaluation by consultancy firm BDO.
Risk Management
In 2023 the Company performed a detailed review of the
risk management framework with the internal auditor and in
the December meeting of the Audit Committee, the top 5
risks from the 2019 risk registry were presented and
discussed to ensure that the identified causes, control
measures and effects are aligned with the Audit Committee
of the Supervisory Board. Subsequently, it was determined
that management will keep focusing on mitigating the
identified risks within the acceptable thresholds of
Wereldhave’s risk appetite.
The Internal Audit function is performed by BDO. In 2023 it
was decided that a key focus for the 2024 internal Audit
plan would be CSRD readiness assessment.
The regular internal Audit for 2024 was focused on
business continuity management in Belgium and on follow-
up on recommendations from the Group’s previous years’
audits. The Audit did not identify any medium or high risks
for Wereldhave relating to this process.
The internal audit report was discussed with the Audit
Committee in its February meeting.
Culture
The Supervisory Board continued the practice that
Executive Team members and key employees regularly
attend its meetings for a presentation and discussion of
their key focus points.
Several heads of staff attended the meetings, with
presentations on HR, ESG, tax and legal risks and ICT.
Culture within the Group was discussed in the October
meeting of the Supervisory Board. In 2024, Wereldhave
conducted an employee satisfaction survey. The outcome
and some key points - better communication from
management and more focus on employee development
is desired - were discussed in the October meeting of the
Supervisory Board.
The Board of Management continued to use livestream
sessions with Q&As to update the entire international staff.
Corporate Governance
Wereldhave is fully compliant with the Dutch corporate
governance code. A breakdown of Wereldhave’s position
per best practice recommendation of the Code can be
found on the website.
The Governance Charter describes the division of roles and
responsibilities of the Board members and the composition
of the Executive Team and can be found on the Company’s
website.
Evaluation of performance
In 2024, the Supervisory Board used a questionnaire to
review its performance and the functioning of the Board
and its members. The answers were discussed January
2025, during a Supervisory Board-only meeting. It was
noted that role consistency within the Supervisory Board
has been further strengthened in 2024.
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Introduction Governance
For the Board of Management, one of the key
recommendations for 2024 has been clearly implemented.
Communication has improved, more time has been spent to
genuinely involve the team, and role clarity has significantly
improved. This improvement has also clearly reflected in
the level of and a more successful collaboration between
the Belgian and Dutch organizations.
Audit Committee
The Audit Committee consists of Mr. H. Brand (Chair) and
Mr. W. Bontes. The Audit Committee’s main role is to
oversee financial accounting and reporting, internal control,
risk management and the external auditor including auditor
independence. In this context, the Audit Committee
examines and reports to the Supervisory Board on matters
such as (interim) financial reporting and accounts, asset
valuations, risk management, accounting methods, finance
and tax planning and the relationship with the auditor.
The Audit Committee held five meetings in 2024 to discuss
the 2023 results, the Annual Report for 2023, the quarterly
results for 2024 and the budget for 2025. The meetings
were attended by the Company’s CFO and the Company
Secretary. The external auditor attended the three main
meetings. The attendance rate of Audit Committee
members to the meetings was 100%.
The Audit Committee regularly convened with the external
auditor, without the Board of Management. The regular
items on the agenda include the financial and operational
performance against budget, the annual accounts, the
property valuations, the internal and external audit plans
and reports, IT general controls, CSRD and EU Taxonomy,
the liquidity profile and financing of the Company, as well as
financing, legal and tax risks and the in-control statements.
The Audit Committee ascertained that the internal audit
function performed well. The internal audit plan is updated
annually, tailored to the most recent developments.
The audit plan 2024 by KPMG was approved and discussed
in meetings of the Audit Committee. The materiality
threshold as applied by KPMG was confirmed by the
Audit Committee as set out in the auditor’s report.
Mr. W. Paulissen was the lead partner for the audit.
For the audits of 2025 to 2027, Wereldhave decided to
select a new auditor. A selection committee was set up,
which conducted the selection process. After reviewing all
relevant factors and quality of participating audit firms, the
selection committee recommended Deloitte Accountants
B.V. (Deloitte) as the external auditor starting from 1 January
2025. Decisive in this respect for the preference of Deloitte
are the integrated audit approach in combination with their
critical attitude and advanced tooling solutions. Therefore,
the Supervisory Board proposes to the AGM to appoint
Deloitte Accountants B.V. as external auditor for a term of
three years. See the agenda and convocation for the AGM
on the Company’s website for more details regarding this
selection process.
Remuneration and Nomination Committee
The Remuneration and Nomination Committee consists of
Mr. W. Bontes (Chair) and Mrs. F. Dechesne. Three meetings
were held in 2024, in February, September and October,
with an attendance rate of 100%. In December,
Mrs. Dechesne attended a Works Council meeting, upon
invitation by the Council.
The state of diversity was posted on the portal for diversity
of the SER, the Dutch Social Economic Council. The
committee intends to monitor follow-up of the targets that
are set in the Company’s policy.
During the 2024 AGM a majority of 56.29% was in favor of
the newly proposed remuneration policy for the Board
of Management for 2024-2027 but this was not enough to
reach the required qualified majority of 75%. Considering
this outcome, the Supervisory Board asked to assess all
elements of the policy against market and best practices in
order to be able to propose an (amended) remuneration
policy at the AGM in 2025. The Supervisory Board
conducted stakeholder engagement, consulting several key
stakeholders for in preparation of the proposal of the policy
to the shareholders on the AGM to be held on 9 May 2025.
Summary remuneration report
The remuneration policy aims to attract, motivate and retain
the best executive management talent that contributes to
the success of the Company. The remuneration policy
aims to reward management and staff for their contribution
to the performance of the Company and its subsidiaries.
The remuneration report has been published on the
Company’s website. The report explains how the current
remuneration policy (which was approved for the Board
of Management in 2020 and for the Supervisory Board in
2024) has been put into practice in 2024.
During the AGM, shareholders have the opportunity to
question the Supervisory Board whether the remuneration
report is clear and understandable and that the
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Introduction Governance
remuneration of the Board of Management and the
Supervisory Board for the year 2024 is in line with the
Company’s remuneration policy.
The Company’s remuneration package for members of the
Board of Management comprises fixed income and variable
income. The variable income amounts to a target variable
income of 100% of the fixed annual income, of which 40%
comprises a short-term incentive in cash (STI) and 60%
comprises a long-term incentive in shares (LTI).
The STI score is determined by a financial target, accounting
for 50% of the STI, two qualitative and measurable targets
that are directly connected to the strategy, each accounting
for 20% of the STI, and one non-financial (individual) target,
accounting for 10% of the STI.
For the LTI, long-term value creation is measured for 75%
by means of (relative) shareholder return, balanced by
sustainability as measured by an independent and
specialized institution (GRESB) for 25%. To emphasize the
importance of long-term value creation, the LTI comprises a
relatively larger part of variable pay, compared to the STI.
Following the remuneration policy, which was approved for
the Supervisory Board in 2024 by the AGM on 24 April
2024, the Supervisory Board members receive a fixed
compensation, based on their role in the Supervisory board
and their committees.
Proposed remuneration policy Board of Manage-
ment for 2025-2029
In the Annual General Meeting of Shareholders held on
24 April 2024, the proposed update of the policy for the
Board of Management was rejected as a qualified majority
of votes of 75% was not obtained. A revised proposal to
amend the remuneration policy for the Board of Management
as of 2025 is part of the agenda and will be submitted for
approval at the Annual General Meeting of Shareholders
of Wereldhave N.V. to be held on Friday 9 May 2025. The
revised proposal will align the peer group for the base
salary with the Wereldhave bandwidth and remove the
automatic annual indexation with the Dutch Consumer Price
Index. Further, the STI stays aligned with market practice
whereby the KPI NPS will be replaced by an ESG metric.
For the LTI the Total Shareholder Return will be broadened
with, next to the relative indicator, also an absolute indicator
and the multiplier for the Total Shareholder Return will be
mitigated. The fully revised proposal will be added to the
agenda for the Annual General Meeting at 9 May 2025 and
published on the corporate website.
Related party transactions
In the year under review there have been no business
transactions with members of the Board of Management nor
the Supervisory Board in which conflicts of interest may
have played a role.
Any business transactions between the Company and
members of the Board are published in the Annual Report.
Finally
The Supervisory Board acknowledges that the performance
of the Group has been delivered by committed and
dedicated staff and a Board of Management that seeks to
continuously improve and pushes the Company forward in
this strategy. The Supervisory Board would like to thank the
Board of Management as well as the entire staff for their
achievements.
On behalf of the Supervisory Board,
Françoise Dechesne,
Chair of the Supervisory Board
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Introduction Governance
The design of the Company’s internal risk management and
control systems has been described in the chapter Risk
Management above. The objective of these systems is to
manage, rather than eliminate, the risk of failure to achieve
business objectives and the risk of material errors to the
financial reporting. Accordingly, these systems can only
provide reasonable, but not absolute, assurance against
material losses or material errors.
The Board of Management reviewed and analyzed the main
strategic, operational, financial & reporting, and compliance
risks to which Wereldhave is exposed, and assessed the
design and operating effectiveness of the Wereldhave risk
management & control system. The outcome of this
assessment was shared with the Audit Committee and the
Supervisory Board, and was discussed with our internal and
external auditor.
As required by provision I.4.3 of the Dutch Corporate
Governance Code and section 5:25c(2)(c) of the Dutch Act
on financial supervision (Wet op het financieel toezicht) and
on the basis of the foregoing and the explanations
contained in Risk Management, the Board of Management
confirms that to its knowledge
•
the report provides sufficient insights into any failings in
the effectiveness of the internal risk management and
control systems;
•
the aforementioned systems provide reasonable
assurance that the financial reporting does not contain
any material inaccuracies;
•
based on the current state of affairs, it is justified that the
financial reporting is prepared on a going concern basis;
and
•
the report states those material risks and uncertainties
that are relevant to the expectation of the company’s
continuity for the period of twelve months after the
preparation of the report.
•
the financial statements for 2024 provide, in accordance
with IFRS as adopted by the EU, a true and fair view of
the consolidated assets, liabilities and financial position
as at 31 December 2024, and of the 2024 consolidated
income statement and cash flows of Wereldhave N.V.;
•
the Annual Report provides a true and fair view of the
situation as at 31 December 2024, and the state of affairs
during the financial year 2024, together with a
description of the main risks faced by the Group.
Amsterdam, 28 March 2025
Matthijs Storm,
CEO
Dennis de Vreede,
CFO
The Company has identified the main risks it faces, including financial reporting risks. These risks can be found in the chapter
Risk management and internal controls above. In line with the Dutch Corporate Governance Code and the Dutch Act on financial
supervision (Wet op het financieel toezicht), the Company has not provided an exhaustive list of all possible risks. Furthermore,
developments that are currently unknown to the Board of Management or considered to be unlikely may change the future risk
profile of the Company.
Statement by the Board of Management
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Financial statements
Introduction Governance
Statement by the Board of Management
Basis of preparation
Qualifying notes ESG reporting
Materiality
Property portfolio
Alternative performance measures
EPRA performance measures
Five-year performance tables
Share performance
Additional information
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Financial statements
Introduction Additional information
Additional information
Basis of preparation
Wereldhave aims to provide a balanced overview of the
Company’s operations, strategy and performance, as well
as its approach to long-term value creation. This is an
integrated report, prepared in accordance with standards
published by the Global Reporting Initiative (GRI) and the
International Integrated Reporting Council (IIRC). The report
focuses on the operational, financial and sustainability
performance for the financial year 2024 of Wereldhave N.V.
and its subsidiaries. The purpose of the Annual Report is to
describe the group’s ability to create value over time for
stakeholders and society. Our new strategy focuses on how
to create value in a retail landscape that is scattered with
shop closures. This report highlights the themes that are
central in our strategy.
The consolidated financial statements of Wereldhave N.V.
have been prepared in accordance with the International
Financial Reporting Standards (IFRS) as adopted by the
European Union (EU-IFRS) and with Part 9 of Book 2 of the
Dutch Civil Code. The accounting policies are set out in
Note 3 to the Financial statements. The consolidated
financial statements have been prepared on a going
concern basis, applying a historical cost convention, except
for the measurement of investment property and derivative
financial instruments that have been measured at fair value.
The preparation of consolidated financial statements in
conformity with EU-IFRS requires the use of certain critical
accounting estimates. It also requires management to
exercise its judgement in the process of applying the
Group’s accounting policies. Changes in assumptions may
have a significant impact on the consolidated financial
statements in the period the assumptions changed.
Management believes that the underlying assumptions
are appropriate.
Wereldhave had its energy, carbon, water and waste data
verified by Lucideon. Wereldhave did not seek external
assurance for other non-financial information in this report.
Risks are assessed in accordance with Wereldhave’s new
overall risk management approach. The financial data in
this report are based on the consolidated internal reporting
from Wereldhave’s entities in the Netherlands, Belgium
and France. The non-financial data is collected centrally.
The production of this report is overseen by a dedicated
project team, with contributors from Finance, Corporate
Development, Investor Relations, Customer Experience,
Digital Transformation and Corporate Social Responsibility.
The report is reviewed and approved by the
Board of Management.
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Financial statements
Introduction Additional information
Basis of preparation
Qualifying notes ESG reporting
We use the operational control approach for our
sustainability reporting. All energy, carbon, water and waste
data reported are consolidated on a 12-month rolling period
rather than on the financial year. This means the fourth
quarter of 2023 and the first three quarters for 2024 are
reported on. The same methodology is applicable for 2023
and 2022. Based on these reporting boundaries, we report
against two portfolio definitions:
Absolute: The absolute portfolio includes all properties
where Wereldhave has operational control, where we
purchase energy, water or waste services. In 2023/24, 100%
of the total portfolio GLA was within the scope of our
reporting boundaries, and therefore included in the
absolute portfolio disclosures. For 2024 the absolute data
disclosed for all energy and greenhouse gas emissions
performance indicators is for 25 out of 25 retail properties
as reported in this Annual Report. The data disclosed for
water consumption refers to 18 out of 25 properties and
waste figures refer to 18 out of 25 properties. For the
Belgian offices, we disclose on all assets. Wereldhave’s
headquarter in the Netherlands has consumed 41,167 kWh
electricity in 2024.
Like-for-like: The like-for-like includes all properties which
have been in the portfolio for at least 12 months prior to
the reporting period, but excluding those which were
acquired, divested or under significant (re)development.
In 2023/24, for the like-for-like figures, 23 out of 25 retail
assets are included.
Energy and carbon emissions
We report on all energy procured by Wereldhave, including
that submetered to tenants, and the emissions associated
with this energy, which is reported separately. Energy
consumption procured by tenants is collected for the
Netherlands through third-party data (standardized annual
consumption data – SJV). This data is used to calculate
Scope 3 emissions, as illustrated in the Sankey diagram
on page 52. The figures reported in the EPRA sBPR tables
are based exclusively on energy procured by Wereldhave.
To further improve transparency and refine Scope 3
emissions calculations, Wereldhave is committed to
enhancing data collection from tenants, aiming to bridge
existing data gaps. Currently, gas or electricity which is
supplied directly to units by utility suppliers is excluded.
Energy data is reported as is and not normalized for degree
day correction. District heating and gas consumption are
adjusted for comparison on one metric: kWh electricity
equivalent. All Dutch sites have smart meters in place for
common areas to monitor energy consumption. Emission
factors for the Netherlands are primarily based upon the
CO
2
emissiefactoren.nl, Belgium and France are based
upon the environmental database of Ecoinvent for
electricity and gas consumption. District heating is based
on the Ecoinvent database for the Belgium and France sites
and for the Dutch sites on Eneco’s, HVC’s and Vattenfall’s
‘warmte-etiket’. In order to report on comparable data, we
have aligned all historic emissions data based on these
updated emissions factors. The emission factors are
selected for specific years of reporting, enabling us to
report as accurate data as possible.
Water and waste
Waste data is collected for properties where we directly
contract waste management services. No estimates have
been made for properties in Belgium, the Netherlands
and France. Waste and water data is not normalized.
Carbon flow analysis diagram 2024
The carbon flow diagram as shown on page 52, shows
the entire carbon footprint of Wereldhave. This overview
is calculated by an independent third party (Metabolic).
Scope
Stationary Combustion: combustion of fuels in stationary
equipment such as boilers, furnaces, burners, turbines,
heaters, incinerators, engines, flares, etc. Data is reported
based on the fuel consumption of the assets on
a broken fiscal year as the energy data report. No data
was estimated.
Mobile Combustion: combustion of fuels in transportation
devices such as automobiles, trucks, buses, trains,
airplanes, boats, ships, barges, vessels, etc. Data is reported
based on actual consumption data of gasoline petrol fuel
and electricity for EVs. No data was estimated.
Fugitive Emissions: leaked refrigerants from A/C units and
refrigerators. Data is reported based on assumed refrigerant
losses following the methodology of IPCC and GHG
protocol for the cooling installations within the portfolio of
Wereldhave.
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Qualifying notes ESG reporting
Scope
Purchased Electricity: data is reported based on actual
consumption data of the assets on a broken fiscal year as
the energy data report. As well as Wereldhave’s
headquarter in the Netherlands. No data was estimated.
Purchased Heating: data is reported based on actual
consumption data of the assets on a broken fiscal year as
the energy data report. No data was estimated.
Scope 3
Purchased Goods & Services: all upstream (i.e., cradle-to-
gate) emissions from the production of products purchased
or acquired by the reporting company in the reporting year,
not otherwise included in other categories. The reporting
methodology is spend-based, data was extrapolated for
assets where data was not available.
Capital Goods: capital goods are final products that have
an extended life and are used by the company to
manufacture a product, provide a service, or sell, store, and
deliver merchandise. In financial accounting, capital goods
are treated as fixed assets or as plant, property, and
equipment (PP&E). Examples of capital goods include
equipment, machinery, buildings, facilities, and vehicles.
This category includes the total cradle-to-gate emissions for
capital goods purchased in the reporting year. The reporting
methodology is spend-based, data was extrapolated for
assets where data was not available.
Fuel & Energy Related Activities not in S or S (location
based): includes four activities: a) upstream emissions of
purchased fuels; b) upstream emissions of purchased
electricity; c) T&D losses; and d) generation of purchased
electricity that is sold to end users.
Waste Generated in Operations: emissions from third-party
disposal and treatment of waste that is generated in the
reporting company’s owned or controlled operations in the
reporting year. Waste calculations are based on the total
figures of waste provided by Wereldhave for all countries.
Since emission factors are dependent on both waste stream
as well as waste type, an assumption has to be made in
order to know what type of waste is in each stream. For this,
a general assumption is made based on the Dutch waste
report of 2024. In the previous years waste data from the
Netherlands was used to extrapolate data for France and
Belgium. This year the data is based on actual reported
data for the broken fiscal year.
Business Travel: emissions from the transportation of
employees for business-related activities in vehicles owned
or operated by third parties, such as aircraft, trains, buses,
and passenger cars. The total quantities of hotel nights and
kilometers travelled per mode of transport for the reporting
period were summed up and multiplied by the respective
impact factors. For flight transportation, the route distance
was used to determine the impact factor (short, medium or
long haul).
Employee Commuting: emissions from the transportation
of employees between their homes and their worksites.
Emissions may arise from Automobile travel, Bus travel,
Rail travel, Air travel or other modes of transportation.
The emissions of employee commuting are based on travel
distances from employees home address to the local offices
and headquarters. Assumptions have been made on their
work locations in the different countries.
Downstream Leased Assets: emissions from the operation
of assets that are owned by the reporting company (acting
as lessor) and leased to other entities in the reporting
year that are not already included in scope 1 or scope 2.
This category is applicable to lessors (i.e., companies that
receive payments from lessees). Data reported is quantity
based and extrapolated for several assets in France and
Belgium where tenant data is not available.
Intensity
Intensity figures are calculated using ‘total landlord
obtained data’ as numerator and ‘total asset size’ as
denominator. The reported floor area corresponds to the
area served by the energy procured and its associated
carbon emissions, and includes common areas,
management offices and GLA, but excludes parking
garages. Wereldhave acknowledges that the intensity
indicator may be affected due to a mismatch between
numerator and denominator, as recommended in the
EPRA sustainability best practice recommendations.
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Verification
Lucideon CICS independently verified Wereldhave’s
reported Scope 1, 2 and 3 emissions, water, and
waste consumption data and green leases pursuant to
ISO 14064-3 (the international standard for verification
of greenhouse gas inventories). More information is
available as part of our annual CDP submission.
Reporting guideline reference tables
Wereldhave aims to report in line with multiple
sustainability-related reporting guidelines, i.e. EPRA’s
Sustainability performance measures, the GRI Sustainability
Reporting Standards and the Principles of the Integrated
Reporting (IR) framework. The specific information
requested by these guidelines is reported in this Integrated
Annual Report. Wereldhave has published reference tables
for each of the guidelines (EPRA, GRI and IR) on
https://www.wereldhave.com/portfolio-strategy/
sustainability/sustainability-reports/.
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Materiality
Wereldhave has used the materiality assessment as a tool for mapping the
most important topics for disclosure and reporting. We periodically update the
materiality matrix - which displays the most relevant topics for our organization
and portfolio - with an internal group composed of senior management, subject-
matter experts and the Board of Directors. The matrix plots the relevance and
importance of topics for both stakeholders and on the value creation for the
company. The materiality matrix as displayed below was relevant for the
reporting year 2024.
Prepared for double materiality
In 2023, Wereldhave conducted a double materiality assessment aiming to guide
our reporting to future CSRD reporting. This enables us to better understand our
material topics as to whether they have an impact or environmental perspective,
a financial perspective, or both, in line with upcoming EU legislation (i.e. CSRD).
The results of this assessment will be included in future annual reports.
Material topic Explanation Most relevant to
Economic & Governance
1
Financial performance
2
Strong balance sheet
3
Occupancy
4
Cost efficiency
5
Risk management
6
Corporate governance
7
Business ethics
8
Tenant satisfaction
9
Tenant mix
10
Technology & digital
11
Protection of personal data
12
Transparent and fair taxation
13
Regulatory compliance
14
Remuneration policy
15
Stakeholder engagement
Direct and indirect financial results of Wereldhave
Ample liquidity and financial flexibility
Occupancy in portfolio
Service costs, CAPEX and general costs
Concerning economic, social, environmental and governance risks
Being a responsible company that follows internal codes and standards
Proper business policies and practices regarding potentially controversial issues
Further optimize the satisfaction and experience of customers
Convert Shopping Centers to Full Service Centers
Implement technology and digital best practices
Privacy, GDPR
Paying fair share of taxes
Compliance with laws and regulations
Remuneration of the Board
Dialogue with stakeholders
investors, employees
investors, employees
tenants, investors
tenants, investors
investors
investors, employees
investors, employees
tenants
visitors, tenants, investors
visitors, tenants
visitors, tenants
municipalities, governments, investors
governments, investors
investors
investors, tenants
Environmental Responsibility
1
Carbon emissions
2
Sustainable buildings
3
Transportation
4
Sustainable (re-)development
5
Energy efficiency
6
Green spaces / biodiversity
7
Renewable energy
8
Certification and labelling
Minimize the environmental impact by reducing the carbon emissions of assets
Manage climate change risks by having sustainable buildings
Optimize the accessibility of the assets and provide sustainable transportation
(by foot, electric cars, bikes and public transport)
Implement sustainable best practices and technologies during renovation projects
Reduce energy consumption of assets
Increase green areas on and around our centers with ecological value
and customer experience
Producing and procuring renewable energy
BREEAM
investors, governments, NGO’s
investors, governments, NGO’s
visitors, communities
investors, governments, NGO’s
tenants
communities
investors, governments, NGO’s
investors, governments, NGO’s
Social Responsibility
1
Health & well-being
2
Local social impact
3
Talent attraction
4
Accessibility
5
Employee satisfaction
6
Challenging & open culture
7
Diversity & equal opportunity
8
Human rights
9
Compensation and benefits
Provide a healthy and safe environment for customers, tenants and suppliers
Contribute positively to the local communities
Attract and develop talents amongst employees
Increase the accessibility of the assets for all customers
Retain committed and engaged employees
Give employees a culture where they can be the best version of themselves
Provide equal opportunities and an inclusive environment for employees
Respect for human rights for suppliers and procurement
Employee compensation
visitors
visitors, communities
employees
visitors, tenants
employees
employees
employees
investors, governments, NGO’s
employees
Impact on Wereldhave’s value creation
Importance for our stakeholders
Medium
Medium
High
High
7
2
5
1
3
6
4
8
1
2
3
8
9
4
12
14
15
13
7
10
11
5
6
8
9
1
2
12
6
3
4
7
5
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Materiality
Property portfolio
The Netherlands
Shopping Centers
Lettable area
(m
2
)
Parking spaces
Owned
Parking spaced
Total
Year of
acquisition
Year of
construction/
renovation
Annual
theoretical
rent (x € 1m) Visitors (m)
Presikhaaf, Arnhem 32,520 - 1,244 2015 2018-2020 5.4 5.5
Kronenburg, Arnhem 40,657 1,300 1,300 1988 2024/current 10.6 5.2
De Koperwiek, Capelle aan den IJssel 30,918 270 900 2010-2014 2017-2023 8.2 6.2
Sterrenburg, Dordrecht 17,545 526 611 2015 1993, 2023 4.4 4.4
Middenwaard, Heerhugowaard 35,771 1,345 1,850 2015 2011, 2018 9.6 6.5
Vier Meren, Hoofddorp 49,300 1,236 2,943 2014-2023 1992-0223 13.9 9.1
Winkelhof, Leiderdorp
1
19,371 857 857 1993 1999, 2020 5.1 3.9
Cityplaza, Nieuwegein 50,921 783 1,994 2015 2012 13.1 6.2
Eggert, Purmerend 20,880 274 274 2010 2015-2017 4.6 4.3
Roselaar, Roosendaal 20,744 - 1,312 2010-2014 2015-2016 5.0 3.6
Pieter Vreedeplein en
Tilburg Zuid, Tilburg 50,515 - 1,080 2015 2008 7.9 9.8
Total 369,143 6,591 14,365 87.8 64.7
1 Asset is sold in 2025.
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Property portfolio
Belgium
Shopping Centers
Lettable area
(m
2
)
Parking spaces
Owned
Parking spaced
Total
Year of
acquisition
Year of
construction/
renovation
Annual
theoretical
rent (x € 1m) Visitors (m)
Ring Kortrijk, Courtrai 33,080 2,000 2,000 2014 2005, 2022 9.0 3.9
Shopping 1, Genk 22,181 1,250 1,250 2010 2014 5.1 4.7
Stadsplein, Genk 15,594 44 44 2012 2023 2.9 n.a.
Belle-Île, Liège 30,880 1,641 1,641 1994 2020 12.9 3.9
Nivelles-Shopping, Nivelles 28,141 1,500 1,500 1984 2012 11.0 3.4
Les Bastions Retailpark, Tournai 10,348 360 360 2016 2016 1.3 n.a.
Les Bastions Shopping, Tournai 34,881 1,450 1,450 1988 2018 10.2 4.6
Waterloo, Waterloo 3,522 - 95 2010 1968 1.0 n.a.
Turnhout Retailpark, Turnhout
1
19,804 765 765 2018 1979 2.7 n.a.
Bruges Retailpark, Bruges
1
20,806 650 650 2018 2024 3.1 n.a.
Sub total 219,238 9,660 9,755 59.2 20.5
Offices
The Sage, Antwerp 39,842 766 766 1999 2021 6.3 n.a.
The Sage, Vilvoorde 22,871 637 637 1998
1999, 2022,
2023 3.4 n.a.
Sub total 62,713 1,403 1,403 9.7 -
Total 281,951 11,063 11,158 68.9 20.5
1. Lettable area excludes petrol station.
France
Shopping Centers
Lettable area
(m
2
)
Parking spaces
Owned
Parking spaces
Total
Year of
acquisition
Year of
construction/
renovation
Annual
theoretical
rent (x € 1m) Visitors (m)
Côté Seine, Argenteuil 18,977 - 1,350 2014 2010 6.3 5.5
Mériadeck, Bordeaux 24,721 - 1,300 2014 2008 7.2 6.9
Total 43,698 - 2,650 13.5 12.4
Overall 694,791 170.2 97.6
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Financial statements
Introduction Additional information
Core portfolio
This comprises all our shopping centers located in the
Benelux.
Customer satisfaction Benelux (Net Promoter
Score)
The Net Promotor Score is calculated as the 1-year moving
average Net Promoter Score (NPS), measured over the
entire portfolio of continued operating shopping centers in
the Benelux. Continued operating shopping centers exclude
developments and refurbishments.
Direct result
The direct result consists of net rental income, general
costs, other gains and losses (other than exchange rate
differences and non-recurring project related costs) minus,
financial income and expense (other than the interest
addition to the real value of the conversion rights of
convertible bonds, premiums paid on interest-bearing debt)
and tax charges on the direct result. Reference is made to
‘Direct & Indirect’ result, page 33.
Direct result per share (DRPS)
Direct result per share is calculated by dividing direct result
attributable to owners of the Group (excluding minority
interest), refer to ‘Direct & Indirect’ result (page 33) by the
weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in
ordinary shares issued during the year and excluding
treasury shares (refer to page 33).
EPRA cost ratio including direct vacancy costs
The EPRA cost ratio including direct vacancy costs takes
total property expenses, net service charges and general
costs, divided by gross rental income from the IFRS income
statement. The gross rental income and total costs are
adjusted in case of income that is specifically intended to
cover overhead expenses.
EPRA earnings
EPRA earnings measures operational performance
excluding all components not relevant to the underlying net
income performance of the portfolio, such as the change in
value of the underlying investments and any gains or losses
from the sales of properties. Reference is made to the EPRA
tables on page 87.
This glossary includes definitions of measures used in our reporting. We use a variety of financial and non-financial measures to assess
and explain our performance. A number of the financial measures used, including net debt, direct result, direct result per share and the
measures in accordance with the industry best practices as published by the European Public Real Estate Association (EPRA), are not
defined under International Financial Reporting Standards (IFRS), and are therefore considered alternative performance measures
(APMs). APMs are not considered superior to the relevant IFRS measures, rather management uses them alongside IFRS measures
to monitor the Company’s financial performance as they help illustrate the performance and position of the Company. These measures
are determined on a consistent and comparable basis with our latest published annual report, unless otherwise stated. Wereldhave
considers the following metrics to constitute Alternative Performance Measures as defined in the European Securities and Markets
Authority Guidelines on Alternative Performance Measures.
Alternative performance measures
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Alternative performance measures
EPRA earnings per share
EPRA earnings per share is calculated by dividing EPRA
earnings by the weighted average number of ordinary
shares outstanding during the financial year, adjusted for
bonus elements in ordinary shares issued during the year
and excluding treasury shares. Reference is made to the
EPRA tables on page 87.
EPRA loan-to-value (EPRA LTV)
The calculation of the EPRA loan-to-value (LTV) is based on
net debt divided by net assets as defined by EPRA and
based on a proportional consolidation of non-controlling
interests. Reference is made to the EPRA tables on page 87.
EPRA net disposal value (EPRA NDV)
IFRS NAV including the fair value of the interest-bearing
liabilities attributable to shareholders.
EPRA net initial yield (EPRA NIY)
Annualized rental income based on cash rents passing at
the balance sheet date, less non-recoverable property
operating expenses, divided by the market value of the
property, including estimated purchasers’ cost (EPRA Net
Initial Yield = (Annualized rent passing + other income +
turnover rent -/- property expenses) / Gross Property Value).
Reference is made the EPRA tables on page 87 and to
note 5 in the financial statements.
EPRA net reinstatement value (EPRA NRV)
IFRS NAV excluding the fair value of financial instruments
and deferred tax liabilities, and including real estate transfer
tax of the investment portfolio attributable to shareholders.
EPRA net tangible assets (EPRA NTA)
IFRS NAV excluding intangible assets, the fair value of
financial instruments, and 50% of the value of the deferred
tax liabilities attributable to shareholders.
EPRA vacancy rate
The EPRA vacancy rate is the estimated rental value of
vacant units as a percentage of the total estimated rental
value of the portfolio, excluding development units, units
under offer or occupied by the Group. Reference is made to
the table on page 89 and note 5 in the financial statements.
Estimated rental value (ERV)
The ERV is the Company’s external appraisers’ opinion at
valuation date of the market rent that could reasonably be
expected to be obtained on new letting or renewal of the
unit or property.
Footfall
Number of visitors in our shopping centers.
Footfall growth
The footfall growth is the change in footfall calculated as
the footfall in current period divided by the footfall in the
same period last year.
Gross loan-to-value (Gross LTV)
This is calculated based on the loan covenants and
excludes the cash and cash equivalents compared with the
Net LTV.
IFRS Net asset value per share (IFRS NAV)
IFRS NAV is equity attributable to shareholders divided by
the total number of ordinary shares for net asset value.
Indirect result
The indirect result consists out of the fair value movements
of investment properties, the impact of ineffectiveness on
hedges, exchange rate differences that are accounted for
under other financial income and expense, the interest
addition to leasehold obligations, the movement in deferred
tax liabilities, non-recurring project-related costs and
actuarial gains and losses on employee benefit plans.
Reference is made to page 33.
Indirect result per share
This is calculated by dividing indirect result attributable to
shareholders by the weighted average number of shares.
Interest coverage ratio
The interest coverage ratio is the ratio of the interest charge
in the direct result and the net rental income. The
calculation is as follows: net rental income of € 138.4m
divided by external interest expenses of € 34.1 gives an
interest coverage ratio of 4.1x. The external interest is part
of the net interest costs of € 36.6m as presented in note 30
in the financial statements.
Like-for-like net rental income growth
This is the change in net rental income of the portfolio
that has been consistently in operation during the two full
reporting periods. This excludes acquisitions, disposals
and developments.
MGR vs ERV
This is the percentage change calculated as the MGR on
new or renewed contracts signed divided by the applicable
ERV during the period.
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MGR Uplift
This is calculated as the percentage change in MGR from
renewed lease agreements signed during the reporting
period compared with the MGR before the renewal.
Minimum guaranteed rent (MGR)
This is calculated on reporting date based on the lease
agreements in place.
Net debt
Net debt is the sum of the non-current and current interest-
bearing liabilities of € 953.1m less cash and cash
equivalents of € 18.3m gives € 934.8m.
Net debt for LTV
Net debt for LTV is the sum of the non-current and current
interest-bearing liabilities of € 953.1m less cash and cash
equivalents of € 18.3m and the effect of the hedged foreign
currency movements of the debt of € 2.3m which totals
€ 937.1m.
Net loan-to-value (Net LTV)
Net loan-to-value (LTV) is the ratio of net debt for LTV to the
aggregate value of investment property including assets
held for sale as well as property leased out under finance
lease less the present value of future ground rent payments.
Net debt for LTV amounts to € 937.1m divided by € 2,240.1m
= 41.8%. Reference is made to note 5, 8 and 17 in the
financial statements.
Number of ordinary shares for net asset value
This is the total number of ordinary shares in issue, less
the treasury shares held by the Company at the end of
the period.
(EPRA) occupancy rate
The occupancy rate is calculated as 100%, less the EPRA
vacancy rate.
Occupancy cost ratio (OCR)
This is the total cost of occupation, which is calculated by
taking rent, service charges and marketing contributions
divided by the retail sales obtained from the tenant.
Proportion of mixed-use Benelux
This is the percentage of square meters devoted to tenants
that operate in branches that are considered mixed-use
in comparison with the total available square meters in our
Benelux shopping centers.
Solvency
Solvency Ratio means the ratio of: ‘Total equity’ (less
‘Intangible Assets’ (if any)) and ‘Provision for Deferred Tax
Liabilities’; to ‘Balance Sheet Total’ (less ‘Intangible Assets’).
Reference is made to note 17 in the financial statements.
Total equity of € 1,264.5m minus Intangible assets of € 0.2m
divided by balance sheet total € 2.356.6m minus Intangible
assets of € 0.2m gives a solvency of 53.7%.
Retail sales
Retail sales are the sales figures provided by our tenants
from our shopping center portfolio.
Tenant satisfaction
The Tenant Satisfaction score is measured through
tenant surveys.
Total property return
Total property return is a measure of the ungeared return
for the portfolio and is calculated as the change in capital
value, less any capital expenditure incurred, plus net
income, expressed as a percentage of capital employed
over the period concerned, excluding land.
Total return based on EPRA net tangible assets
per share
Total return based on EPRA net tangible assets per share
is calculated as the total of the dividend paid per share
and the change in EPRA NTA per share compared with the
prior period.
Total shareholder return
Total shareholder return (‘TSR’) is defined as the share price
increase, including reinvested dividends. TSR is measured
over a three-year period based on a three-month average
of the last three months of the year before the start and the
end of the performance period. The performance period
starts on 1 January of the year in respect of which the LTI is
to be granted.
Weighted average number of shares
Weighted average number of shares includes the weighted
average of the number of ordinary shares outstanding
during the period (excluding treasury shares).
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EPRA performance measures
The EPRA Best Practices Recommendations published on September 2024 by EPRA’s
Reporting and Accounting Committee contain recommendations for the determination of
key performance indicators of the investment property portfolio. The Company opted to
early apply the updated EPRA BPR Guideline as published by EPRA in September 2024.
The EPRA Best Practices Recommendations enable standardization, transparency and
comparability of listed real estate companies across Europe.
Summary of EPRA performance measures
2024 2023 2024 2023
Page (€ /share) (€ /share)
1. EPRA Earnings (in € 1,000) 87 72,752 62,019 1.67 1.54
2. EPRA NAV Metrics 88
EPRA Net Reinstatement Value (in € 1,000) 1,168,571 1,096,017 26.74 25.06
EPRA Net Tangible Assets (in € 1,000) 1,023,994 957,842 23.43 21.90
EPRA Net Disposal Value (in € 1,000) 1,027,464 985,004 23.51 22.52
3. EPRA Net Initial Yield 89
EPRA Net Initial Yield 6.1% 6.3%
EPRA ‘Topped-up’ Net Initial Yield 6.2% 6.4%
4. EPRA Vacancy Rate 89 3.4% 4.2%
5. EPRA Cost Ratio 90
EPRA Cost Ratio including direct
vacancy costs 22.4% 29.4%
EPRA Cost Ratio excluding direct
vacancy costs 20.4% 26.9%
6. EPRA LTV 91 46.8% 47.9%
7. Investment Property Reporting 92
1. EPRA earnings
(in € 1,000 unless otherwise stated) 2024 2023
Earnings per IFRS income statement 139,764 89,309.00
Adjustments to calculate EPRA earnings, exclude:
(i) Changes in value of investment properties, development
properties held for investment and other interests -52,902 -17,459
(ii) Profits or losses on disposal of investment properties,
development properties held for investment and other interests 97 137
(vi) Changes in fair value of financial instruments and
associated close-out costs 4,276 3,848
(x) Deferred tax in respect of EPRA adjustments -3,903 -
(xii) Non-controlling interests in respect of the above -14,580 -13,816
EPRA Earnings 72,752 62,019
Weighted average number of shares outstanding during period 43,633,274 40,320,434
EPRA Earnings per share (in €) 1.67 1.54
Company specific adjustments:
(a) Non-current operating expenses 4,130 8,364
(b) Non-controlling interests in respect of the above -189 -657
Direct Result 76,693 69,726
Direct Result per share (in €) 1.76 1.73
Zero-line items were removed from the EPRA-table above.
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EPRA performance measures
2. EPRA NAV measures
(in € 1,000 unless otherwise stated) 31 December 2024 31 December 2024 31 December 2024 31 December 2023 31 December 2023 31 December 2023
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
IFRS Equity attributable to shareholders 1,021,916 1,021,916 1,021,916 964,481 964,481 964,481
Diluted NAV 1,021,916 1,021,916 1,021,916 964,481 964,481 964,481
Diluted NAV at Fair Value 1,021,916 1,021,916 1,021,916 964,481 964,481 964,481
Exclude:
vi) Fair value of financial instruments 2,247 2,247 - -6,477 -6,477 -
vii.b) Intangibles per the IFRS balance sheet - -169 - - -162 -
Include:
ix) Fair value of fixed interest rate debt - - 5,548 - 20,523
xi) Real estate transfer tax 144,408 - - 138,013 -
NAV 1,168,571 1,023,994 1,027,464 1,096,017 957,842 985,004
Fully diluted number of shares 43,704,070 43,704,070 43,704,070 43,730,450 43,730,450 43,730,450
NAV per share (in €) 26.74 23.43 23.51 25.06 21.90 22.52
Zero-line items were removed from the EPRA-table above.
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3. EPRA Net Initial Yield and ‘Topped-up’ Initial Yield
(in € 1,000) 31 December 2024 31 December 2023
Investment property – wholly owned 2,229,581 2,132,732
Less: developments -32,095 -28,392
Completed property portfolio 2,197,486 2,104,340
Allowance for estimated purchasers’ costs 141,064 137,738
Gross up completed property portfolio valuation (A) 2,338,550 2,242,078
Annualized cash passing rental income 157,596 154,970
Property outgoings -14,879 -13,423
Annualized net rents (B) 142,717 141,547
Add notional rent expiration of rent free periods or other lease
incentives 3,266 2,191
Topped-up net annualized rent (C) 145,983 143,738
EPRA Net Initial Yield (B/A) 6.1% 6.3%
EPRA ‘topped-up’ Net Initial Yield (C/A) 6.2% 6.4%
Zero-line items were removed from the EPRA-table above.
4. EPRA Vacancy Rate
The EPRA vacancy rate decreased to 3.4% over 2024.
2024
(in € 1,000)
Gross
rental
income
Net
rental
income
Surface
owned
Annualized
gross rent
Annual
theoretical
rent
Estimated
rental
value of
vacant
space
Estimated
rental
value
EPRA
vacancy
rate
Belgium 70,444 57,212 278.4 64,200 69,000 2,006 66,854 3.0%
France 10,968 8,340 43.7 11,700 13,450 389 12,558 3.1%
Netherlands 85,485 72,864 369.1 83,600 87,762 3,169 83,399 3.8%
Total portfolio 166,897 138,416 691.2 159,500 170,212 5,564 162,811 3.4%
1 Excluding developments.
2 Excluding parking income.
2023
(in €m)
Gross
rental
income
Net
rental
income
Surface
owned
Annualized
gross rent
Annual
theoretical
rent
Estimated
rental
value of
vacant
space
Estimated
rental
value
EPRA
vacancy
rate
Belgium 70,195 55,303 277.6 63,970 67,234 2,370 60,775 3.9%
France 10,917 8,096 44.9 11,546 12,939 424 12,467 3.4%
Netherlands 76,847 63,019 367.5 80,469 86,142 3,696 82,129 4.5%
Total portfolio 157,960 126,418 690.0 155,985 166,315 6,490 155,371 4.2%
1 Excluding developments.
2 Excluding parking income.
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5. EPRA cost ratio
(in € 1,000) 2024 2023
Property expenses 21,830 23,265
General costs 14,174 18,641
Other income and expense 73 641
(i) Administrative/operating expense line per IFRS income statement 36,077 42,547
(ii) Net service charge costs / fees 6,651 8,277
(iv) Other operating income/recharges intended to cover overhead expen-
ses less any related profits
-7,536 -6,680
Exclude (if part of the above):
(vii) Ground rent costs -49 -206
Costs (including direct vacancy costs) (A) 35,143 43,938
(ix) Direct vacancy costs -3,063 -3,659
Costs (excluding direct vacancy costs) (B) 32,080 40,279
(x.a) Gross rental income less ground rent costs - per IFRS 166,848 157,754
(x.b) Less: Other operating income/recharges intended to cover overhead
expenses -9,701 -8,268
Gross Rental Income (C) 157,147 149,486
EPRA Cost Ratio (including direct vacancy costs) (A/C) 22.4% 29.4%
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) 20.4% 26.9%
Zero-line items were removed from the EPRA-table above.
Operating and general expenses directly attributable to properties under development
are capitalized during the period that the property is unavailable for letting. For 2024 an
amount of € 6.8m was capitalized (2023: € 6.3m).
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6. EPRA LTV
(in € 1,000 unless otherwise stated) 31 December 2024 31 December 2024 31 December 2024 31 December 2023 31 December 2023 31 December 2023
Group
(as reported) 1
Non-controlling
interests 2 Combined Group (as reported)
Non-controlling
interests Combined
Borrowings from Financial Institutions
3
887,402 -68,756 818,646 868,664 -68,987 799,677
Commercial Paper
3
36,050 -11,997 24,053 42,750 -14,467 28,283
Bond loans
3
32,000 -10,650 21,350 32,000 -10,829 21,171
Foreign currency derivatives (futures, swaps, options, and forwards)
4
2,288 - 2,288 2,511 - 2,511
Net payables
5
40,859 -790 40,069 41,988 -1,295 40,693
Exclude: Cash and cash equivalents -18,316 3,070 -15,246 -25,544 5,987 -19,557
Net debt (a) 980,283 -89,123 891,160 962,369 -89,591 872,778
Investment properties at fair value
6
2,229,581 -330,940 1,898,641 2,132,484 -319,628 1,812,856
Properties under development
6
6,965 -2,318 4,647 14,595 -4,851 9,744
Intangibles 169 - 169 162 - 162
Financial assets
7
387 -125 262 557 -185 372
Total Property Value (b) 2,237,102 -333,383 1,903,719 2,147,798 -324,664 1,823,134
EPRA Loan to Value (a/b) 43.8% 46.8% 44.8% 47.9%
1 In both 2024 and 2023, the Group did not have shares in Joint Ventures or Material Associates.
2 The Group’s % of non-controlling interest was 33.28% and 33.84% at 31 December 2024 and 31 December 2023 respectively.
3 Refer to note 22 of the financial statements. Amortized costs (2024: € 2.3m and 2023: € 2.1m) were added back to arrive at nominal value.
4 Relates to the foreign currency portion of derivatives as included in the financial statements.
5 Net balance of current liabilities (excluding current interest-bearing liabilities and derivatives) plus pension plan obligations and tenant
deposits as disclosed in note 18 of the financial statement less current assets (excluding cash and cash equivalents and derivatives) and
less deposits paid and other financial assets as disclosed in note 8 of the financial statements.
6 Refer to note 5 of the financial statements. Excludes the fair value of ground rent of € 15.8m (2023: € 15.3m).
7 Refer to loans as disclosed in note 8 of the financial statements.
Zero-line items were removed from the EPRA-table above.
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7. Investment Property Reporting
Investment property is carried at fair value in accordance with note 3.6 of the financial
statements. Further information on our property portfolio is disclosed on page 82-83.
Information in relation to ongoing transformations is provided on page 22.
Capital expenditure
(in € 1,000) 2024 2023
Acquisitions 1,582 85,742
Developments -299 7,600
Investment properties 34,859 59,687
Capitalized interest 940 601
Total Capex 37,082 153,630
Conversion from accrual to cash basis 2,151 -50,133
Total Capex on cash basis 39,233 103,497
Zero-line items were removed from the EPRA-table above.
Investment property – lease data
Average lease length in years Annual rent (in € 1,000) of leases expiring in
to break to expiry Year 1 Year 2 Year 3-5
Belgium 2.9 6.6 1,300 2,748 18,307
France 1.9 4.3 1,151 129 2,983
Netherlands 3.6 4.1 6,236 7,707 33,421
Total portfolio 3.2 5.1 8,687 10,584 54,711
1 Indefinite contracts are included for one year.
Zero-line items were removed from the EPRA-table above.
Investment property – like-for-like net rental income
(in € 1,000)
Fair value
31 December
2024
Net rental
income 2024
Net rental
income 2023
Change
(in € 1,000) Change (%)
Like-for-like
Belgium 987,900 56,818 54,328 2,490 4.6%
France 174,657 7,890 7,728 162 2.1%
Netherlands 893,500 58,522 54,834 3,688 6.7%
Total 2,056,057 123,230 116,890 6,340 5.4%
Acquired 79,970 5,274 349 4,925 1411.2%
Development 116,364 9,663 8,617 1,046 12.1%
Disposals - 249 562 -313 -55.7%
Total portfolio 2,252,391 138,416 126,418 11,998 9.5%
Zero-line items were removed from the EPRA-table above.
(in € 1,000)
Fair value
31 December
2023
Net rental
income 2023
Net rental
income 2022
Change
(in € 1,000) Change (%)
Like-for-like
Belgium 952,362 55,142 52,883 2,259 4.3%
France 176,235 7,034 6,165 869 14.1%
Netherlands 798,622 53,091 48,257 4,834 10.0%
Total 1,927,219 115,267 107,305 7,962 7.4%
Acquired 78,250 349 - 349 0.0%
Development 156,942 10,508 7,847 2,661 33.9%
Disposals - 294 15 279 1860.0%
Total portfolio 2,162,411 126,418 115,167 11,251 9.8%
Zero-line items were removed from the EPRA-table above.
EPRA Like-for-like net rental income (NRI) growth for the total portfolio was 5.4% in 2024 (2023:
7.4%). EPRA Like-for-like NRI growth is determined by comparing NRI growth for the part of
the portfolio that has been consistently in operation, and not under development, during the
two full preceding periods that are described. This is determined on a unit-by-unit basis.
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Summary investment properties
Shopping centers Offices Total
(in € 1,000)
market
value
annual
theoretical
rent
market
value
annual
theoretical
rent
market
value
annual
theoretical
rent
Belgium 892,124 59,208 102,740 9,792 994,864 69,000
France 174,657 13,450 - - 174,657 13,450
Netherlands 1,082,870 87,762 - - 1,082,870 87,762
Total portfolio 2,149,651 160,420 102,740 9,792 2,252,391 170,212
1 Excluding parking and residential.
Zero-line items were removed from the EPRA-table above.
Summary of the valuation adjustments of the investment properties
(in €m)
market
value
revaluation
in 2024
Shopping
centers Offices Total
Belgium 994,864 31,545 3.7% -0.2% 3.2%
France 174,657 -4,879 -2.7% - -2.8%
Netherlands 1,082,870 26,236 2.5% - 2.4%
Total portfolio 2,252,391 52,902 2.5% -0.2% 2.3%
Zero-line items were removed from the EPRA-table above.
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Five-year performance tables
Result (in €m)
2020 2021 2022 2023 2024
Net rental income 133.0 124.7 115.2 126.4 138.4
Result -194.2 -213.3 76.0 89.3 139.8
Direct result 92.9 88.5 79.8 84.2 91.5
Indirect result -287.1 -301.8 -3.8 5.1 48.3
Net rental income geographical distribution (in %)
2020 2021 2022 2023 2024
Belgium 33% 38% 46% 46% 41%
France 17% 18% 6% 6% 6%
Netherlands 50% 44% 48% 48% 53%
Total 100% 100% 100% 100% 100%
Balance sheet (in €m)
2020 2021 2022 2023 2024
Investment property in operation 2,518.9 1,912.7 1,963.9 2,147.8 2,245.4
Investment property under construction 58.7 26.6 36.2 14.6 7.0
Shareholders’ equity 1,124.3 866.8 885.7 964.5 1,021.9
Interest-bearing debt 1,252.8 814.9 856.8 941.4 953.1
1 Including lease incentives.
Investment portfolio sector distribution (in %)
2020 2021 2022 2023 2024
Retail 96% 95% 95% 95% 95%
Offices 4% 5% 5% 5% 5%
Total 100% 100% 100% 100% 100%
Investment portfolio geographical distribution (in %)
2020 2021 2022 2023 2024
Belgium 36% 48% 47% 43% 44%
France 27% 9% 9% 8% 8%
Netherlands 37% 43% 44% 49% 48%
Total 100% 100% 100% 100% 100%
Acquisition of investment properties (in €m)
2020 2021 2022 2023 2024
Belgium - -2 - 1 0
France - 1 - - -
Netherlands 0 0 - 85 1
Total 0 -1 - 86 2
1 2021 includes settlement which has been adjusted on acquisition price.
Disposal of investment properties (in €m)
2020 2021 2022 2023 2024
Belgium 8 - - 7 -
France 11 507 - - -
Netherlands 85 105 1 2 -
Total 104 612 1 9 -
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Five-year performance tables
Share performance
Wereldhave share price & trading volume 2024
(in €)
(daily volume in shares (x 1,000)
Jan Dec
Share price Trading volume
750
375
010
15
20
Three-year total shareholder return vs EPRA index
(in €)
January ’22 December ’24
Wereldhave
EPRA index
5
10
15
20
IFRS Net asset value versus share price
(at 31 December in €)
40
30
20
10
0
202420232020 2021 2022
IFRS Net asset value
Share price
Share data (in €)
2020 2021 2022 2023 2024
IFRS NAV 27.97 21.6 22.12 22.09 23.43
Direct result 2.01 1.88 1.63 1.73 1.76
Indirect result -6.66 -7.52 -0.2 0.24 0.90
Dividend 0.5 1.1 1.16 1.20 1.25
Pay-out 25% 59% 71% 69% 71%
Result per share -4.65 -5.64 1.43 1.97 2.66
1 For 2024 the proposed dividend is shown.
Number of shares
2020 2021 2022 2023 2024
At 31 December 40,270,921 40,270,921 40,270,921 43,876,129 43,876,129
Average during the year 40,212,448 40,146,461 40,071,882 40,320,434 43,633,274
1 Excluding remuneration shares, number used to calculate basic earnings per share.
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Share performance
Consolidated financial statement 98
Consolidated statement of financial position 98
Consolidated income statement 99
Consolidated statement of comprehensive income 100
Consolidated statement of changes in equity 101
Consolidated cash flow statement 102
Notes to the consolidated financialstatements 103
Reporting entity
Tax status
Material accounting policies
Segment information
Investment property
Property and equipment
Intangible assets
Deferred tax assets
Other financial assets
Trade and other receivables
Current tax assets
Cash and cash equivalents
Share capital
Share premium
General reserve
Other reserves
Interest-bearing liabilities
Other long-term liabilities
Trade and other payables
Current tax liabilities
Derivative financial instruments
Financial risk management
Fair value measurement
Gross rental income and service costs
Property expenses
Valuation results
Results on disposals
General costs
Other income and expenses
Net interest
Other financial income and expenses
Income tax
Summarized financial information on subsidiaries
Transactions with shareholders
Result and diluted result per share upon full conversion
Net asset value per share
Dividend
Related parties
Events after balance sheet date
Company financial statements 146
Company balance sheet 146
Company income statement 147
Notes to the company financial statements 148
General
Financial assets
Current assets
Equity
Interest-bearing liabilities
Short-term liabilities
Off-balance sheet assets and liabilities
General costs
Other income and expense
Net interest
Other financial income and expenses
Management and members of the Supervisory Board
Related parties
Contingencies
Events after balance sheet date
Other information 154
Auditor’s report 155
Financial statements
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Financial statements
Financial statements
Consolidated statement of financial position
at 31 December 2024 (before profit appropriation)
(x € 1,000) Note 31 December 2024 31 December 2023
Assets
Non-current assets
Investment property 5 2,252,391 2,162,411
Property and equipment 6 5,601 5,455
Intangible assets 7 169 162
Deferred tax assets 8 3,903 -
Derivative financial instruments 21 10,640 14,107
Other financial assets 9 6,109 6,209
Total non-current assets 2,278,813 2,188,344
Current assets
Trade and other receivables 10 52,210 49,308
Current tax assets 11 3,478 554
Derivative financial instruments 21 3,777 13,775
Cash and cash equivalents 12 18,316 25,544
Total current assets 77,781 89,181
Total assets 2,356,594 2,277,525
(x € 1,000) Note 31 December 2024 31 December 2023
Equity and Liabilities
Equity
Share capital 13 43,876 43,876
Share premium 14 1,759,213 1,759,213
Other reserves 15,16 -897,013 -918,029
Result for the year 115,840 79,421
Attributable to shareholders 1,021,916 964,481
Non-controlling interest 242,550 234,752
Total equity 1,264,466 1,199,233
Non-current liabilities
Interest-bearing liabilities 17 809,773 796,568
Derivative financial instruments 21 13,314 20,334
Other long-term liabilities 18 29,802 27,698
Total non-current liabilities 852,889 844,600
Current liabilities
Trade and other payables 19 85,128 85,819
Current tax liabilities 20 7,503 3,079
Interest-bearing liabilities 17 143,369 144,794
Derivative financial instruments 21 3,239 -
Total current liabilities 239,239 233,692
Total equity and liabilities 2,356,594 2,277,525
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Financial statements
Consolidated financial statement
Consolidated income statement
for the year ended 31 December 2024
(x € 1,000) Note 2024 2023
Gross rental income 24 166,897 157,960
Service costs charged 24 25,224 26,198
Total revenue 192,121 184,158
Service costs paid 24 -31,875 -34,475
Property expenses 25 -21,830 -23,265
Net rental income 138,416 126,418
Valuation results 26 52,902 17,459
Results on disposals 27 -97 -137
General costs 28 -14,174 -18,641
Other income and expense 29 -73 -641
Operating result 176,974 124,458
Interest charges -36,860 -31,021
Interest income 276 -
Net interest 30 -36,584 -31,021
Other financial income and expense 21,31 -4,266 -3,848
Result before tax 136,124 89,589
Income tax 32 3,640 -280
Result for the year 139,764 89,309
Result attributable to:
Shareholders 115,840 79,421
Non-controlling interest 23,924 9,888
Result for the year 139,764 89,309
Basic earnings per share (€) 35 2.66 1.97
Diluted earnings per share (€) 35 2.65 1.97
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Financial statements
Consolidated statement of comprehensive income
for the year ended 31 December 2024
(x € 1,000) Note 2024 2023
Result 139,764 89,309
Items that may be recycled to the income statement subsequently
Effective portion of change in fair value of cash flow hedges 21 -6,405 -6,183
Changes in fair value of cost of hedging 21 773 -664
Items that will not be recycled to the income statement subsequently
Remeasurement of post-employment benefit obligations 18 -337 -131
Total comprehensive income 133,795 82,331
Attributable to:
Shareholders 109,983 72,487
Non-controlling interest 23,812 9,844
Total comprehensive income 133,795 82,331
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Financial statements
Consolidated statement of changes in equity
for the year ended 31 December 2024
Attributable to shareholders
(x € 1,000)
Share
capital Share premium General reserve Hedge reserve
Cost of hedging
reserve
Total attributable
to shareholders
Non-controlling
interest Total equity
Balance at 1 January 2023 40,271 1,711,033 -871,726 5,137 967 885,682 237,561 1,123,243
Comprehensive income
Result - - 79,421 - - 79,421 9,888 89,309
Remeasurement of post-employment obligations - - -87 - - -87 -44 -131
Effective portion of change in fair value of cash flow hedges - - - -6,183 - -6,183 - -6,183
Changes in fair value of cost of hedging - - - - -664 -664 - -664
Total comprehensive income - - 79,334 -6,183 -664 72,487 9,844 82,331
Transactions with shareholders
Proceeds from share issue 3,605 48,180 - - 51,785 - 51,785
Purchase of treasury shares - - -731 - - -731 - -731
Equity-settled share-based payment - - 1,752 - - 1,752 - 1,752
Dividends - - -46,494 - - -46,494 -12,653 -59,147
Balance at 31 December 2023 43,876 1,759,213 -837,865 -1,046 303 964,481 234,752 1,199,233
Balance at 1 January 2024 43,876 1,759,213 -837,865 -1,046 303 964,481 234,752 1,199,233
Comprehensive income
Result - - 115,840 - - 115,840 23,924 139,764
Remeasurement of post-employment obligations - - -225 - - -225 -112 -337
Effective portion of change in fair value of cash flow hedges - - - -6,405 - -6,405 - -6,405
Changes in fair value of cost of hedging - - - - 773 773 - 773
Total comprehensive income - - 115,615 -6,405 773 109,983 23,812 133,795
Transactions with shareholders
Purchase of treasury shares - - -3,237 - - -3,237 - -3,237
Equity-settled share-based payment - - 1,741 - - 1,741 - 1,741
Dividends - - -52,466 - - -52,466 -12,329 -64,795
Change non-controlling interest - - 1,414 - - 1,414 -3,685 -2,271
Balance at 31 December 2024 43,876 1,759,213 -774,798 -7,451 1,076 1,021,916 242,550 1,264,466
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Consolidated cash flow statement
for the year ended 31 December 2024
(x € 1,000)
Note
2024 2023
Cash flow from operating activities
Result 139,764 89,309
Adjustments:
Valuation results 26 -52,902 -17,459
Net interest 30 36,584 31,021
Other financial income and expense 31 4,266 3,848
Results on disposals 27 97 137
Taxes -3,640 280
Amortization 1,178 1,338
Other movements 2,117 1,644
Net cash from operating activities before changes in working capital 127,464 110,118
Movement in trade and other receivables -3,713 -11,645
Movement in trade and other payables 1,857 13,891
Interest paid -33,270 -29,699
Interest received 276 -
Income tax paid -259 -120
Net cash from operating activities 92,355 82,545
Cash flow from investing activities
Proceeds from disposals direct investment properties 27 -97 9,674
Acquisition of subsidiary, net of cash acquired - -3,266
Investments in investment property 5 -39,233 -103,497
Investments in equipment -103 -1,137
Investments in financial assets 110 -413
Investments in intangible assets -74 -
Net cash from investing activities -39,397 -98,639
Cash flow from financing activities
Proceeds from interest-bearing debts 17 278,193 184,116
Repayment interest-bearing debts 17 -267,220 -95,900
Movements in other long-term liabilities 18 -856 -1,006
Other movements in reserve -3,237 -777
Transactions non-controlling interest -2,271 -
Dividend paid -64,795 -59,148
Net cash from financing activities -60,186 27,285
Net change in cash and cash equivalents -7,228 11,191
Cash and cash equivalents at 1 January 12 25,544 14,353
Cash and cash equivalents at 31 December 12 18,316 25,544
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Company balance sheet
at 31 December 2024 (before profit appropriation)
(x € 1,000) Note 31 December 2024 31 December 2023
Assets
Non-current assets
Financial assets 2 1,560,062 1,525,283
Derivative financial instruments 4,515 2,198
Total non-current assets 1,564,577 1,527,481
Current assets
Group companies receivable 526,501 482,443
Short term derivatives 2,324 13,775
Accruals 5,596 4,148
Other receivables 2,159 1,973
Tax receivables 2,705 343
Cash and cash equivalents 445 1,626
Total current assets 3 539,730 504,308
Total assets 2,104,307 2,031,789
(x € 1,000) Note 31 December 2024 31 December 2023
Equity and liabilities
Equity
Share capital 43,876 43,876
Share premium 1,759,213 1,759,213
General reserve -1,050,718 -1,077,934
Revaluation reserve 160,080 160,648
Hedge reserves -6,375 -743
Result of the year 115,840 79,421
Total equity 4 1,021,916 964,481
Non-current liabilities
Interest bearing liabilities 5 587,999 561,618
Derivative financial instruments 12,947 19,008
Total non-current liabilities 600,946 580,626
Current liabilities
Group companies payable 105,548 150,779
Short term liabilities 6 375,897 335,903
Total current liabilities 481,445 486,682
Total equity and liabilities 2,104,307 2,031,789
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Company financial statements
Company income statement
for the year ended 31 December 2024
(x € 1,000) Note 2024 2023
General costs 8 -759 -4,992
Other income and expense 9 -137 -46
Operating result -896 -5,038
Interest income 31,970 38,942
Interest charges -27,844 -22,786
Net interest 10 4,126 16,156
Other financial income and expenses 11 -882 1,719
Result before tax 2,348 12,837
Income tax -39 -26
Result from subsidiaries 2 113,531 66,610
Result 115,840 79,421
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Notes to the company financial statements
1 General
1.1 Principles for the presentation of the Company accounts
The Company accounts have been made up in accordance with the provisions of Title 9,
Book 2 of the Dutch Civil Code. The option provided by article 2:362 paragraph 8 of the Civil
Code allows the Company to apply the same principles for determining profit and loss and
balance sheet items (including the principles of accounting for financial instruments under
shareholders’ equity or interest-bearing liabilities) as it applies in the consolidated accounts.
The consolidated financial statements of Wereldhave N.V. have been prepared in
accordance with the International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. Reference is
made to the notes to the consolidated annual accounts.
The annual accounts have been prepared before distribution of result with the exception
where distribution is determined by law.
1.2 Interests in Group companies
Investments in subsidiaries and other entities in which the Group either exercises voting
control or effective management responsibility are valued at net asset value. The initial
processing in the accounts and valuations at balance sheet dates is made at the net asset
value. The value is adjusted with the share of the Company in the results of the subsidiary,
based on the principles for determining results as applied in the consolidated accounts
and with the share in the other movements in equity of the subsidiary as from the date of
acquisition, which are attributable to the Company. The net asset value is determined
by valuing assets, provisions and liabilities and by determining results according to the
principles which have been used in the consolidated accounts. interests with a negative net
asset value are valued at nil. This measurement also covers any receivables provided to the
interests that are, in substance, an extension of the net investment. In particular, this relates
to loans for which settlement is neither planned nor likely to occur in the foreseeable future.
A share in the profits of the interest in Group companies in subsequent years will only be
recognized if and to the extent that the cumulative unrecognized share of loss has been
absorbed. If the Company fully or partially guarantees the debts of the relevant interest, or
has the constructive obligation to enable the interest to pay its debts (for its share therein),
then a provision is recognized accordingly to the amount of the estimated payments by the
Company on behalf of the interest.
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2 Financial assets
(x € 1,000)
Interests in Group
companies
Receivables from
Group companies Total
Cost of acquisition 987,799 1,729,992 2,717,791
Accumulated revaluations -302,794 - -302,794
Accumulated impairments - -407,271 -407,271
Balance at 1 January 2024 685,005 1,322,721 2,007,726
Movements:
Investments 3,686 15,534 19,220
Capitalized interest - 13,338 13,338
Result from subsidiaries 113,531 - 113,531
Dividends -45,057 28,050 -17,007
Divestments -49,929 -307,789 -357,718
Impairments 7,661 299,286 306,947
Other 526 - 526
Total changes for the period 30,418 48,419 78,837
Cost of acquisition 941,556 1,479,125 2,420,681
Accumulated revaluations -226,133 - -226,133
Accumulated impairments - -107,985 -107,985
Balance at 31 December 2024 715,423 1,371,140 2,086,563
Receivables from Group companies includes both long and short-term receivables.
The portion of receivables from Group companies that classify as short-term are
presented under current assets in the balance sheet.
Divestments of Interests in Group Companies fully relates to the liquidation of
West World Holding N.V. during 2024.
Divestments of Receivables from Group companies includes an amount of € 306.9m
for which a debt-to-equity swap was agreed.
List of subsidiaries
At 31 December 2024, the Company had direct shareholdings in the following companies:
Corporate Seat Name
Direct
shareholding (%)
Indirect
shareholding (%)
Amsterdam, Netherlands N.V. Wereldhave International 100.00
Vilvoorde, Belgium Wereldhave Belgium 33.65 33.07
Amsterdam, Netherlands Wereldhave Development B.V. 100.00
Amsterdam, Netherlands Wereldhave Management Holding B.V. 100.00
Paris, France NODA S.A.S. 100.00
Paris, France Wereldhave Retail France S.A.S. 100.00
Paris, France SCI du CC Bordeaux Prefecture 0.01 99.99
Paris, France SNC Marceau Coté Seine 0.01 99.99
Madrid, Spain Espamad SLU 100.00
3 Current assets
All current assets are due in less than one year. The fair value of the receivables coincides
with the balance sheet valuation.
4 Equity
Share capital
The authorized share capital of the Company at 31 December 2024 amounts to € 150m
divided over 75m ordinary shares of € 1 and 75m preference shares of € 1. The issued and
paid up share capital amounts to € 44m, formed by 43,876,129 ordinary shares.
The number of treasury shares increased in 2024 by 41.992 shares which is the net result
of shares granted, vested and forfeited in relation to the various share schemes of the Board
of Management and employees (2023: decrease of 9.609 granted, vested and forfeited).
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The movements in equity during 2024 and 2023 were as follows:
(x € 1,000) Share capital
Share premium
reserve General reserve
Revaluation
reserve Hedge reserve
Cost of hedging
reserve
Result current
year Total
Balance at 1 January 2023 40,271 1,711,033 -1,087,922 158,932 5,137 967 57,265 885,682
Result 2022 distribution - - 55,549 1,716 - - -57,265 -
Remeasurement of past employment obligations - - -87 - - - - -87
Effective portion of change in fair value
of cash flow hedges - - - - -6,183 - - -6,183
Changes in fair value of cost of hedging - - - - - -664 - -664
Proceeds from share issue 3,605 48,180 - - - - - 51,785
Shares purchased for remuneration - - -731 - - - - -731
Equity-settled share-based payment - - 1,752 - - - - 1,752
Dividend over 2022 - - -46,494 - - - - -46,494
Result for the year - - - - - - 79,421 79,421
Balance at 31 December 2023 43,876 1,759,213 -1,077,934 160,648 -1,046 303 79,421 964,481
Balance at 1 January 2024 43,876 1,759,213 -1,077,934 160,648 -1,046 303 79,421 964,481
Result 2023 distribution - - 79,989 -568 - - -79,421 -
Remeasurement of past employment obligations - - -225 - - - - -225
Effective portion of change in fair value
of cash flow hedges - - - - -6,405 - - -6,405
Changes in fair value of cost of hedging - - - - - 773 - 773
Shares purchased for remuneration - - -3,237 - - - - -3,237
Equity-settled share-based payment - - 1,741 - - - - 1,741
Dividend over 2023 - - -52,466 - - - - -52,466
Change non-controlling interest - - 1,414 - - - - 1,414
Result for the year - - - - - - 115,840 115,840
Balance at 31 December 2024 43,876 1,759,213 -1,050,718 160,080 -7,451 1,076 115,840 1,021,916
1 Legal reserves.
2 The annual accounts have been prepared before distribution of result. With regard to the proposed result distribution reference is made to the next page.
Share premium
Share premium is paid up share capital in excess of nominal value. There were no changes
in share premium in 2024. The amount of share premium that is recognized for tax purposes
is € 1,764m (2023: € 1,764m).
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General reserve
The General Meeting of Shareholders on 24 April 2024 determined the following allocation
of the profit over 2023:
(x € 1,000)
Distributed to holders of ordinary shares 52,466
Revaluation reserve subsidiaries -568
General reserve 27,523
Result after tax 79,421
Revaluation reserve
The revaluation reserve relates to the cumulative positive valuation results on property
investments held by subsidiaries.
Hedge reserves
Hedge reserve
The hedge reserve comprises the effective portion of the cumulative net change in fair value
of hedging instruments designated as cash flow hedges where the hedged transaction has
not yet occurred.
Cost of hedging reserve
The cost of hedging reserve comprises changes in the fair value of cross-currency interest
rate swaps that are caused by the cross-currency basic spreads.
Proposed distribution of results
It is proposed to distribute to the holders of 43,619,965 ordinary shares a dividend of € 1.25
per share in cash in order to meet the distribution obligations under Dutch tax law, subject to
dividend withholding tax. This results in a proposed dividend of € 54.5m for 2024. An
amount of € 6.8m will be added to the revaluation reserve and the remaining result is added
to the general reserve.
(in € 1,000) 2024
Proposed dividend 54,525
Revaluation reserve subsidiaries 6,815
General reserve 54,500
Total profit 115,840
5 Interest-bearing liabilities
The maturity of interest-bearing liabilities (non-current and current) shows as follows
(notional amounts):
31 December 2024 31 December 2023
(x € 1,000) < 1 year 1 - 5 year >5 year
Total long
term Total
Debt to financial institutions 90,708 406,255 181,744 587,999 678,707 663,007
Total 90,708 406,255 181,744 587,999 678,707 663,007
Capital repayments due within 12 months from the end of the financial year are included
under short-term interest-bearing liabilities.
Average effective interest
2024 EUR GBP USD CAD Total
Short term interest bearing debt
Bank loans and private placement 2.3% 4.1% 4.6% - 4.4%
Interest rate swaps -1.6% - - - -1.6%
Long term interest bearing debt
Bank loans and private placement 3.7% 4.1% 6.9% 4.0% 4.5%
Cross currency interest rate swaps -1.3% - - - -1.3%
Average 3.7% 3.0% 4.6% 2.3% 3.8%
2023
Short term interest bearing debt
Bank loans and private placement 2.9% - 4.3% - 3.9%
Interest rate swaps -2.3% - - - -2.3%
Long term interest bearing debt
Bank loans and private placement 4.2% 4.1% 5.1% 4.0% 4.3%
Cross currency interest rate swaps -1.0% - - - -1.0%
Average 4.1% 4.1% 4.8% 4.0% 3.7%
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Fair value
The carrying amount and the fair value of long-term interest-bearing debts are as follows:
(x € 1,000) 31 December 2024 31 December 2023
carrying
amount fair value
carrying
amount fair value
Bank loans and private placements 587,999 583,374 561,618 543,953
Total 587,999 583,374 561,618 543,953
Currencies
There are loans closed in euro, pound sterling, US dollars and Canadian dollars.
6 Short-term liabilities
(x € 1,000) 31 December 2024 31 December 2023
Short term portion of long term debt 90,708 101,389
Creditors - 50
Taxes on profit - 67
Short term derivatives 3,239 -
Other debts 281,950 234,397
Total 375,897 335,903
Other debts includes bank overdrafts for € 268 million relating to cash pooling agreements
with other group companies.
7 Off-balance sheet assets and liabilities
The Company has no off-balance sheets assets or liabilities.
8 General costs
(x € 1,000) 2024 2023
Salaries and social security contributions 2,476 2,497
Pension costs 170 164
Other employee costs 119 184
Audit and advisory fees 482 530
Office costs 183 177
Equity-settled share-based payments 989 989
IT Costs 170 231
Expenses recharged by group companies 666 4,326
Other general costs 1,003 560
6,258 9,659
Allocated and recharged -5,499 -4,667
-5,499 -4,667
Total 759 4,992
The allocation and recharges relate to expenses charged to third parties and allocation of
costs to property expenses and development projects.
Employees
During 2024 the legal entity employed an average of 2 persons (2023: 2). The employees
worked in the Netherlands.
Remuneration of the members of the Supervisory Board and
the Board of Management
The Supervisory Board members and the members of the Board of Management are
considered to be key management personnel. The remuneration policy for the Board of
Management was last approved by the General Meeting of Shareholders on 24 April 2020.
The remuneration policy for members of the Supervisory Board has been approved by
the Annual General Meeting of shareholders on 24 April 2024. Remuneration is indexed
annually with the consumer price index.
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9 Other income and expense
Other income and expenses € -0.1m (2023: € -0.1m) relate to investment and
divestment activities, project related and other costs that cannot be directly linked to
the operational activities.
10 Net interest
(x € 1,000) 2024 2023
Interest paid -27,378 -22,223
Amortized costs loans -466 -563
Total interest charges -27,844 -22,786
Interest received 31,970 38,942
Total 4,126 16,156
During 2024, the range of weighted average interest rates used was 3.4% - 3.7% (2023 2.8%
- 3.5%). The average nominal interest rate at year end 2024 was 3.7% (2023: 3.5%). The line
item ‘interest paid’ includes costs related to fees paid for undrawn parts of committed
financing facilities amounting to € 0.9m (2023: € 1.5m). Interest received mainly relates to
loans provided to subsidiaries.
11 Other financial income and expenses
(x € 1,000) 2024 2023
Exchange rate differences 21 -58
Adjustments financial instruments -903 1,777
Total -882 1,719
12 Management and members of the Supervisory Board
For the remuneration of the members of the Board of Management and Supervisory Board
reference is made to note 38 in the consolidated annual accounts.
13 Related parties
All Group entities are treated as related parties. Reference is made to note 38 in the
consolidated annual accounts.
14 Contingencies
General guarantees as defined in Art. 403, Book 2 of the Dutch civil code have been given
by the Company for a number of subsidiaries in the Netherlands.
The Company is the head of the corporate income tax and VAT units for which Dutch
subsidiaries are also included. The Company is also jointly and severally liable for the tax
units as a whole.
15 Events after balance sheet date
In January 2025, the Group renewed a revolving credit facility of € 50m, which matures in
2030 now. On 10 February 2025, the Company executed the sale agreement for Winkelhof
in Leiderdorp. The gross proceeds amount to € 56m and transfer of the asset is scheduled
to be completed in the second quarter of 2025.
On 13 February 2025, the Company acquired two shopping centers in Luxembourg
from Nextensa N.V. The 67% owned subsidiary Wereldhave Belgium N.V. acquired
Knauf Shopping Pommerloch and Wereldhave N.V. acquired Knauf Shopping Schmiede.
The total purchase price for the two centers amounts to € 167m, including transaction
costs. The transaction in Belgium was financed through € 100m newly raised unsecured debt.
The acquisition by Wereldhave N.V. was partially settled by issuance of € 35m in 2,206,838
new ordinary shares via a contribution in kind and partially with € 28m drawn from existing
credit facilities.
Amsterdam, 28 March 2025
Supervisory Board
F. Dechesne
H. Brand
W. Bontes
Board of Management
M. Storm
A.W. de Vreede
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Other information
Rules for the distribution of results are set out in Article 26 of the Company’s Articles of
Association. The preference shareholders have a first call on results in the form of a dividend
distribution on the paid-up nominal share value at a percentage rate equal to the twelvemonth
money market rate (European Interbank Offered Rates), valid for the first exchange day of
the financial year concerned plus a surcharge of 1.5%, or if this amount is not available, as
much is available from the distributable result. Distribution of the remaining balance available
for distribution is determined by the Annual General Meeting of Shareholders.
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Other information
KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of
independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
Draft
Independent auditor's report
To: the General Meeting of Shareholders and the Supervisory Board of Wereldhave N.V.
Report on the audit of the financial statements 31 December 2024 included in the
annual report
Our opinion
In our opinion:
• the accompanying consolidated financial statements give a true and fair view of the financial
position of Wereldhave N.V. as at 31 December 2024 and of its result and its cash flows for
the year then ended, in accordance with International Financial Reporting Standards (IFRS)
as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil
Code.
• the accompanying company financial statements give a true and fair view of the financial
position of Wereldhave N.V. as at 31 December 2024 and of its result for the year then
ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.
What we have audited
We have audited the financial statements 2024 of Wereldhave N.V. (the company) based in
Amsterdam. The financial statements include the consolidated financial statements and the
company financial statements.
The consolidated financial statements comprise:
1 the consolidated statement of financial position as at 31 December 2024;
2 the following consolidated statements for the year 2024: the consolidated income statement,
the consolidated statement of comprehensive income, the consolidated statement of changes
in equity and the consolidated cash flow statement; and
3 the notes comprising material accounting policy information and other explanatory
information.
The company financial statements comprise:
1 the company balance sheet as at 31 December 2024;
2 the company income statement for the year ended 31 December 2024; and
3 the notes comprising a summary of the accounting policies and other explanatory
information.
KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of
independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
Draft Independent auditor's report
To: the General Meeting of Shareholders and the Supervisory Board of Wereldhave N.V.
Report on the audit of the financial statements 31 December 2024 included in the
annual report
Our opinion
In our opinion:
• the accompanying consolidated financial statements give a true and fair view of the financial
position of Wereldhave N.V. as at 31 December 2024 and of its result and its cash flows for
the year then ended, in accordance with International Financial Reporting Standards (IFRS)
as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil
Code.
• the accompanying company financial statements give a true and fair view of the financial
position of Wereldhave N.V. as at 31 December 2024 and of its result for the year then
ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.
What we have audited
We have audited the financial statements 2024 of Wereldhave N.V. (the company) based in
Amsterdam. The financial statements include the consolidated financial statements and the
company financial statements.
The consolidated financial statements comprise:
1 the consolidated statement of financial position as at 31 December 2024;
2 the following consolidated statements for the year 2024: the consolidated income statement,
the consolidated statement of comprehensive income, the consolidated statement of changes
in equity and the consolidated cash flow statement; and
3 the notes comprising material accounting policy information and other explanatory
information.
The company financial statements comprise:
1 the company balance sheet as at 31 December 2024;
2 the company income statement for the year ended 31 December 2024; and
3 the notes comprising a summary of the accounting policies and other explanatory
information.
KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of
independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
Draft Independent auditor's report
To: the General Meeting of Shareholders and the Supervisory Board of Wereldhave N.V.
Report on the audit of the financial statements 31 December 2024 included in the
annual report
Our opinion
In our opinion:
• the accompanying consolidated financial statements give a true and fair view of the financial
position of Wereldhave N.V. as at 31 December 2024 and of its result and its cash flows for
the year then ended, in accordance with International Financial Reporting Standards (IFRS)
as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil
Code.
• the accompanying company financial statements give a true and fair view of the financial
position of Wereldhave N.V. as at 31 December 2024 and of its result for the year then
ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.
What we have audited
We have audited the financial statements 2024 of Wereldhave N.V. (the company) based in
Amsterdam. The financial statements include the consolidated financial statements and the
company financial statements.
The consolidated financial statements comprise:
1 the consolidated statement of financial position as at 31 December 2024;
2 the following consolidated statements for the year 2024: the consolidated income statement,
the consolidated statement of comprehensive income, the consolidated statement of changes
in equity and the consolidated cash flow statement; and
3 the notes comprising material accounting policy information and other explanatory
information.
The company financial statements comprise:
1 the company balance sheet as at 31 December 2024;
2 the company income statement for the year ended 31 December 2024; and
3 the notes comprising a summary of the accounting policies and other explanatory
information.
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Financial statements
Auditor’s report
2
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on
Auditing. Our responsibilities under those standards are further described in the ‘Our
responsibilities for the audit of the financial statements’ section of our report.
We are independent of Wereldhave N.V. in accordance with the ‘Verordening inzake de
onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for
Professional Accountants, a regulation with respect to independence) and other relevant
independence regulations in the Netherlands. Furthermore, we have complied with the
‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).
We designed our audit procedures in the context of our audit of the financial statements as a
whole and in forming our opinion thereon. The information in respect of going concern, fraud and
non-compliance with laws and regulations, climate and the key audit matters was addressed in
this context, and we do not provide a separate opinion or conclusion on these matters.
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Information in support of our opinion
Summary
Materiality
• Materiality of EUR 16 million
• 0.68% of total assets
• Lower materiality for results from net rental income EUR 8 million
• Lower materiality for the remuneration disclosure EUR 160 thousand
Group audit
• Performed substantive procedures for 100% of investment property
• Performed substantive procedures for 100% of rental income
Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate
risks
• Fraud risks: presumed risk of management override of controls, presumed risk of revenue
recognition and a fraud risk related to possible conflict of interest in real estate transactions
identified and further described in the section ‘Audit response to the risk of fraud and non-
compliance with laws and regulations’.
• Non-compliance with laws and regulations (NOCLAR) risks: no reportable risk of material
misstatements related to non-compliance with laws and regulations identified. Refer to the
section ‘Audit response to the risk of fraud and non-compliance with laws and regulations’
for further documentation of our procedures.
3
• Going concern risks: no going concern risks identified.
• Climate risks: We have considered the impact of climate-related risks on the financial
statements and described our approach and observations in the section ‘Audit response to
climate-related risks’.
Key audit matters
• Valuation of investment property (in operation and under construction)
• Real estate transactions
Materiality
Based on our professional judgement we determined the materiality for the financial statements
as a whole at EUR 16 million (2023: EUR 15 million). The materiality is determined with
reference to total assets 0.68% (2023: 0.72%). We consider total assets as the most appropriate
benchmark because of the nature of the business, the level of activities and asset value is likely
the primary focus of the users of the financial statements evaluating Wereldhave N.V.’s financial
performance. Materiality changed compared to last year due to the increase of the total assets.
We have also taken into account misstatements and/or possible misstatements that in our
opinion are material for the users of the financial statements for qualitative reasons.
We agreed with the Supervisory Board that misstatements identified during our audit in excess of
EUR 800,000 (2023: EUR 600,000) would be reported to them, as well as smaller misstatements
that in our view must be reported on qualitative grounds.
Scope of the group audit
Wereldhave N.V. is at the head of a group of components (hereafter “Group”). The financial
information of this group is included in the financial statements of Wereldhave N.V.
This year, we applied the revised group auditing standard in our audit of the financial statements.
The revised standard emphasizes the role and responsibilities of the group auditor. The revised
standard contains new requirements for the identification and classification of components,
scoping, and the design and performance of audit procedures across the group. As a result, we
determine coverage differently and comparisons to prior period coverage figures are not
meaningful.
We performed risk assessment procedures throughout our audit to determine which of the
Group’s components are likely to include risks of material misstatement to the Group financial
statements. To appropriately respond to those assessed risks, we planned and performed further
audit procedures, either at component level or centrally. We identified 3 components
(Netherlands, Belgium and France) associated with a risk of material misstatement. For all 3
components we involved component auditors. We set component performance materiality levels
considering the component’s size and risk profile.
We have performed substantive procedures for 100% of Group’s total investment property and
100% of Group’s total rental income. At group level, we assessed the aggregation risk in the
remaining financial information and concluded that there is less than reasonable possibility of a
material misstatement.
2
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on
Auditing. Our responsibilities under those standards are further described in the ‘Our
responsibilities for the audit of the financial statements’ section of our report.
We are independent of Wereldhave N.V. in accordance with the ‘Verordening inzake de
onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for
Professional Accountants, a regulation with respect to independence) and other relevant
independence regulations in the Netherlands. Furthermore, we have complied with the
‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).
We designed our audit procedures in the context of our audit of the financial statements as a
whole and in forming our opinion thereon. The information in respect of going concern, fraud and
non-compliance with laws and regulations, climate and the key audit matters was addressed in
this context, and we do not provide a separate opinion or conclusion on these matters.
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Information in support of our opinion
Summary
Materiality
• Materiality of EUR 16 million
• 0.68% of total assets
• Lower materiality for results from net rental income EUR 8 million
• Lower materiality for the remuneration disclosure EUR 160 thousand
Group audit
• Performed substantive procedures for 100% of investment property
• Performed substantive procedures for 100% of rental income
Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate
risks
• Fraud risks: presumed risk of management override of controls, presumed risk of revenue
recognition and a fraud risk
related to possible conflict of interest in real estate transactions
identified and further described in the section ‘Audit response
to the risk of fraud and non-
compliance with laws and regulations’.
• Non-compliance with laws and regulations (NOCLAR) risks: no reportable risk of
material
misstatements related to non-compliance with laws and regulations identified. Refer to the
section ‘Audit response
to the risk of fraud and non-compliance with laws and regulations’
for further documentation of our procedures.
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Wereldhave in 2024 Our strategy Our performance and outlook Governance Additional informationIntroduction
Financial statements
3
• Going concern risks: no going concern risks identified.
• Climate risks: We have considered the impact of climate-related risks on the financial
statements and described our approach and observations in the section ‘Audit response to
climate-related risks’.
Key audit matters
• Valuation of investment property (in operation and under construction)
• Real estate transactions
Materiality
Based on our professional judgement we determined the materiality for the financial statements
as a whole at EUR 16 million (2023: EUR 15 million). The materiality is determined with
reference to total assets 0.68% (2023: 0.72%). We consider total assets as the most appropriate
benchmark because of the nature of the business, the level of activities and asset value is likely
the primary focus of the users of the financial statements evaluating Wereldhave N.V.’s financial
performance. Materiality changed compared to last year due to the increase of the total assets.
We have also taken into account misstatements and/or possible misstatements that in our
opinion are material for the users of the financial statements for qualitative reasons.
We agreed with the Supervisory Board that misstatements identified during our audit in excess of
EUR 800,000 (2023: EUR 600,000) would be reported to them, as well as smaller misstatements
that in our view must be reported on qualitative grounds.
Scope of the group audit
Wereldhave N.V. is at the head of a group of components (hereafter “Group”). The financial
information of this group is included in the financial statements of Wereldhave N.V.
This year, we applied the revised group auditing standard in our audit of the financial statements.
The revised standard emphasizes the role and responsibilities of the group auditor. The revised
standard contains new requirements for the identification and classification of components,
scoping, and the design and performance of audit procedures across the group. As a result, we
determine coverage differently and comparisons to prior period coverage figures are not
meaningful.
We performed risk assessment procedures throughout our audit to determine which of the
Group’s components are likely to include risks of material misstatement to the Group financial
statements. To appropriately respond to those assessed risks, we planned and performed further
audit procedures, either at component level or centrally. We identified 3 components
(Netherlands, Belgium and France) associated with a risk of material misstatement. For all 3
components we involved component auditors. We set component performance materiality levels
considering the component’s size and risk profile.
We have performed substantive procedures for 100% of Group’s total investment property and
100% of Group’s total rental income. At group level, we assessed the aggregation risk in the
remaining financial information and concluded that there is less than reasonable possibility of a
material misstatement.
4
In supervising and directing our component auditors, we:
• Held risk assessment discussions with the component auditors to obtain their input to identify
matters relevant to the group audit.
• Issued group audit instructions to component auditors on the scope, nature and timing of
their work, and received written communication about the results of the work they performed.
• Held meetings with all 3 component auditors in person and/or virtually to discuss relevant
developments, understand and evaluate their work and attend meetings with local
management.
• Inspected the work performed by all 3 component auditors and evaluated the
appropriateness of audit procedures performed and conclusions drawn from the audit
evidence obtained, and the relation between communicated findings and work performed. In
our inspection we mainly focused on key audit matters, significant risks, key judgement
areas.
We consider that the scope of our group audit forms an appropriate basis for our audit opinion.
Through performing the procedures mentioned above we obtained sufficient and appropriate
audit evidence about the Group’s financial information to provide an opinion on the financial
statements as a whole.
Audit response to the risk of fraud and non-compliance with laws and regulations
In chapter ‘Risk management and internal controls’ of the annual report, the Board of
Management describes its procedures in respect of the risk of fraud and non-compliance with
laws and regulations and the Supervisory Board reflects on this.
As part of our audit, we have gained insights into the Company and its business environment
and assessed the design and implementation of the Company’s risk management in relation to
fraud and non-compliance. Our procedures included, among other things, assessing the
Company’s code of conduct, whistleblowing procedures, incidents register and its procedures to
investigate indications of possible fraud and non-compliance. Furthermore, we performed
relevant inquiries with the Board of Management, those charged with governance and other
relevant functions, such as Legal Counsel and Compliance.
As part of our audit procedures, we:
• assessed other positions held by the Board of Management members and other employees
and paid special attention to procedures and compliance in view of possible conflicts of
interest;
• evaluated legal risk reports, if any, on indications of possible fraud and non-compliance;
• evaluated correspondence with supervisory authorities and regulators, such as the AFM, as
well as legal confirmation letters.
In addition, we performed procedures to obtain an understanding of the legal and regulatory
frameworks that are applicable to the company and identified the following laws and regulations
as those most likely to have a material effect on the financial statements in case of non-
compliance:
4
In supervising and directing our component auditors, we:
• Held risk assessment discussions with the component auditors to obtain their input to identify
matters relevant to the group audit.
• Issued group audit instructions to component auditors on the scope, nature and timing of
their work, and received written communication about the results of the work they performed.
• Held meetings with all 3 component auditors in person and/or virtually to discuss relevant
developments, understand and evaluate their work and attend meetings with local
management.
• Inspected the work performed by all 3 component auditors and evaluated the
appropriateness of audit procedures performed and conclusions drawn from the audit
evidence obtained, and the relation between communicated findings and work performed. In
our inspection we mainly focused on key audit matters, significant risks, key judgement
areas.
We consider that the scope of our group audit forms an appropriate basis for our audit opinion.
Through performing the procedures mentioned above we obtained sufficient and appropriate
audit evidence about the Group’s financial information to provide an opinion on the financial
statements as a whole.
Audit response to the risk of fraud and non-compliance with laws and regulations
In chapter ‘Risk management and internal controls’ of the annual report, the Board of
Management describes its procedures in respect of the risk of fraud and non-compliance with
laws and regulations and the Supervisory Board reflects on this.
As part of our audit, we have gained insights into the Company and its business environment
and assessed the design and implementation of the Company’s risk management in relation to
fraud and non-compliance. Our procedures included, among other things, assessing the
Company’s code of conduct, whistleblowing procedures, incidents register and its procedures to
investigate indications of possible fraud and non-compliance. Furthermore, we performed
relevant inquiries with the Board of Management, those charged with governance and other
relevant functions, such as Legal Counsel and Compliance.
As part of our audit procedures, we:
• assessed other positions held by the Board of Management members and other employees
and paid special attention to procedures and compliance in view of possible conflicts of
interest;
• evaluated legal risk reports, if any, on indications of possible fraud and non-compliance;
• evaluated correspondence with supervisory authorities and regulators, such as the AFM, as
well as legal confirmation letters.
In addition, we performed procedures to obtain an understanding of the legal and regulatory
frameworks that are applicable to the company and identified the following laws and regulations
as those most likely to have a material effect on the financial statements in case of non-
compliance:
Annual Report 2024
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Wereldhave in 2024 Our strategy Our performance and outlook Governance Additional informationIntroduction
Financial statements
4
In supervising and directing our component auditors, we:
• Held risk assessment discussions with the component auditors to obtain their input to identify
matters relevant to the group audit.
• Issued group audit instructions to component auditors on the scope, nature and timing of
their work, and received written communication about the results of the work they performed.
• Held meetings with all 3 component auditors in person and/or virtually to discuss relevant
developments, understand and evaluate their work and attend meetings with local
management.
• Inspected the work performed by all 3 component auditors and evaluated the
appropriateness of audit procedures performed and conclusions drawn from the audit
evidence obtained, and the relation between communicated findings and work performed. In
our inspection we mainly focused on key audit matters, significant risks, key judgement
areas.
We consider that the scope of our group audit forms an appropriate basis for our audit opinion.
Through performing the procedures mentioned above we obtained sufficient and appropriate
audit evidence about the Group’s financial information to provide an opinion on the financial
statements as a whole.
Audit response to the risk of fraud and non-compliance with laws and regulations
In chapter ‘Risk management and internal controls’ of the annual report, the Board of
Management describes its procedures in respect of the risk of fraud and non-compliance with
laws and regulations and the Supervisory Board reflects on this.
As part of our audit, we have gained insights into the Company and its business environment
and assessed the design and implementation of the Company’s risk management in relation to
fraud and non-compliance. Our procedures included, among other things, assessing the
Company’s code of conduct, whistleblowing procedures, incidents register and its procedures to
investigate indications of possible fraud and non-compliance. Furthermore, we performed
relevant inquiries with the Board of Management, those charged with governance and other
relevant functions, such as Legal Counsel and Compliance.
As part of our audit procedures, we:
• assessed other positions held by the Board of Management members and other employees
and paid special attention to procedures and compliance in view of possible conflicts of
interest;
• evaluated legal risk reports, if any, on indications of possible fraud and non-compliance;
• evaluated correspondence with supervisory authorities and regulators, such as the AFM, as
well as legal confirmation letters.
In addition, we performed procedures to obtain an understanding of the legal and regulatory
frameworks that are applicable to the company and identified the following laws and regulations
as those most likely to have a material effect on the financial statements in case of non-
compliance:
5
•
anti-bribery and corruption laws and regulations.
We evaluated the fraud and non-compliance risk factors to consider whether those factors
indicate a risk of material misstatement in the financial statements.
Based on the above and on the auditing standards, we identified the following fraud risks that are
relevant to our audit, including the relevant presumed risk laid down in the auditing standards,
and responded as follows:
Management override of controls (a presumed risk)
Risk:
• Management is in a unique position to manipulate accounting records and prepare fraudulent
financial statements by overriding controls that otherwise appear to be operating effectively.
Responses:
• We evaluated the design and the implementation of internal controls that mitigate fraud risks,
such as processes related to journal entries and estimates.
• We performed a data analysis of high-risk journal entries related to adjustments to initially
recorded changes in fair value of investment property and investment property under
development above a threshold that were subject to the examination and evaluated the key
estimates and judgements of valuation of investment property and investment property under
development for bias by the Board of Management, including retrospective reviews of prior year
estimates. Where we identified instances of unexpected journal entries or other risks through our
data analytics, we performed additional audit procedures to address each identified risk,
including testing of transactions back to source information.
• We have identified and evaluated relevant entity level controls (control environment, risk
assessment process, communication and monitoring of controls).
• We incorporated elements of unpredictability in our audit, which amongst others included
samples regarding investment property valuations and the assessment whether unexplained
transactions have occurred before or after the disposition of the property.
• We have inquired the (group) accounting staff whether they have been requested to make
improper accounting entries.
Revenue recognition (a presumed risk)
Risk:
We identified a fraud risk in relation to the recognition of rental income. This risk inherently
includes the fraud risk that management deliberately overstates rental income, throughout the
period, as management may feel pressure to achieve the communicated expectations for
revenue-related metrics for the current year.
5
• anti-bribery and corruption laws and regulations.
We evaluated the fraud and non-compliance risk factors to consider whether those factors
indicate a risk of material misstatement in the financial statements.
Based on the above and on the auditing standards, we identified the following fraud risks that are
relevant to our audit, including the relevant presumed risk laid down in the auditing standards,
and responded as follows:
Management override of controls (a presumed risk)
Risk:
• Management is in a unique position to manipulate accounting records and prepare fraudulent
financial statements by overriding controls that otherwise appear to be operating effectively.
Responses:
• We evaluated the design and the implementation of internal controls that mitigate fraud risks,
such as processes related to journal entries and estimates.
• We performed a data analysis of high-risk journal entries related to adjustments to initially
recorded changes in fair value of investment property and investment property under
development above a threshold that were subject to the examination and evaluated the key
estimates and judgements of valuation of investment property and investment property under
development for bias by the Board of Management, including retrospective reviews of prior year
estimates. Where we identified instances of unexpected journal entries or other risks through our
data analytics, we performed additional audit procedures to address each identified risk,
including testing of transactions back to source information.
• We have identified and evaluated relevant entity level controls (control environment, risk
assessment process, communication and monitoring of controls).
• We incorporated elements of unpredictability in our audit, which amongst others included
samples regarding investment property valuations and the assessment whether unexplained
transactions have occurred before or after the disposition of the property.
• We have inquired the (group) accounting staff whether they have been requested to make
improper accounting entries.
Revenue recognition (a presumed risk)
Risk:
We identified a fraud risk in relation to the recognition of rental income. This risk inherently
includes the fraud risk that management deliberately overstates rental income, throughout the
period, as management may feel pressure to achieve the communicated expectations for
revenue-related metrics for the current year.
6
Responses:
• We evaluated the design and the implementation of internal controls related to the rental
income process.
• We performed substantive audit procedures throughout the period of rental income by
determining the accuracy of rental income by assessing the terms and conditions in the lease
agreement and vouching rental income recorded to the invoices, underlying lease
agreements and supporting documentation such as indexation letters.
• We performed substantive analytical procedure for fixed rental income to (1) identify year
over year changes in annual rental income per contract and (2) determine the expected fixed
rental income for 2024 based on prior year results and average annual inflation rate.
• We performed journal entry testing, specifically taking into account high risk criteria in relation
to revenues.
• We assessed the adequacy of the Company’s disclosure with respect to rental income.
Fraud risk in relation to real estate transactions
Risk:
With respect to the risk of fraud in relation to conflict of interest in the real estate transactions, we
refer to the key audit matter ‘Real estate transactions’.
We communicated our risk assessment, audit responses and results to the Board of
Management and the Supervisory Board. Our evaluation of procedures performed related to
fraud and non-compliance with laws and regulations did not result in an additional key audit
matter.
Our audit procedures did not reveal indications and/or reasonable suspicion of fraud and non-
compliance that are considered material for our audit.
Audit response to going concern
As mentioned in note 3.1 to the financial statements, the Board of Management has performed
its going concern assessment and has not identified any going concern risks. To assess the
management board’s assessment, we have performed, inter alia, the following procedures:
• We considered whether the management’s assessment of the going concern risks included
all relevant information of which we are aware of as a result of our audit;
• We assessed whether developments in share prices, including the discount in comparison
with the net asset value per share, indicates a going concern risk;
• We analysed the Company’s financial position as at year end and compared it to previous
financial year in terms of indicators that could identify significant going concern risks;
• We evaluated and challenged the reasonableness of the assumptions in respect of projected
liquidity, including loan covenant compliance, available future cash flows from operating,
financing and investing activities and projected key ratios for the future covenant calculations.
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Financial statements
6
Responses:
• We evaluated the design and the implementation of internal controls related to the rental
income process.
• We performed substantive audit procedures throughout the period of rental income by
determining the accuracy of rental income by assessing the terms and conditions in the lease
agreement and vouching rental income recorded to the invoices, underlying lease
agreements and supporting documentation such as indexation letters.
• We performed substantive analytical procedure for fixed rental income to (1) identify year
over year changes in annual rental income per contract and (2) determine the expected fixed
rental income for 2024 based on prior year results and average annual inflation rate.
• We performed journal entry testing, specifically taking into account high risk criteria in relation
to revenues.
• We assessed the adequacy of the Company’s disclosure with respect to rental income.
Fraud risk in relation to real estate transactions
Risk:
With respect to the risk of fraud in relation to conflict of interest in the real estate transactions, we
refer to the key audit matter ‘Real estate transactions’.
We communicated our risk assessment, audit responses and results to the Board of
Management and the Supervisory Board. Our evaluation of procedures performed related to
fraud and non-compliance with laws and regulations did not result in an additional key audit
matter.
Our audit procedures did not reveal indications and/or reasonable suspicion of fraud and non-
compliance that are considered material for our audit.
Audit response to going concern
As mentioned in note 3.1 to the financial statements, the Board of Management has performed
its going concern assessment and has not identified any going concern risks. To assess the
management board’s assessment, we have performed, inter alia, the following procedures:
• We considered whether the management’s assessment of the going concern risks included
all relevant information of which we are aware of as a result of our audit;
• We assessed whether developments in share prices, including the discount in comparison
with the net asset value per share, indicates a going concern risk;
• We analysed the Company’s financial position as at year end and compared it to previous
financial year in terms of indicators that could identify significant going concern risks;
• We evaluated and challenged the reasonableness of the assumptions in respect of projected
liquidity, including loan covenant compliance, available future cash flows from operating,
financing and investing activities and projected key ratios for the future covenant calculations.
7
The outcome of our risk assessment procedures did not give reason to perform additional audit
procedures on management’s going concern assessment.
Audit response to climate-related risks
The company has set out its ambitions relating to climate change in the chapter ‘Our Life Central
strategy’ of the annual report. The Company has the ambition to reduce their impact on the
environment and bringing their business in line with the 2015 Paris Climate Agreement.
The Board of Management has assessed, against the background of the company’s business
and operations how climate-related risks and opportunities and the Company’s own ambitions
could have a significant impact on its business or could impose the need to adapt its strategy
and operations. The Board of Management has considered the impact of both transition and
physical risks on the financial statements in accordance with the applicable financial reporting
framework, more specifically the valuation of investment property, as described in section
‘Strategic objectives of our strategy’ of the annual report.
The Board of Management prepared the financial statements, considering whether the
implications from climate-related risks and ambitions have been appropriately accounted for and
disclosed and concluded that climate-related risks and ambitions do not have a material impact
on the current financial statements. As part of our audit, we performed a risk assessment of the
impact of climate-related risk and the ambitions of the Company in respect of climate change on
the financial statements and our audit approach. In doing this we performed the following:
• Understanding the Company’s processes: we held inquiries with the Board of Management
and the group manager ESG who is responsible for the climate risk assessment within the
Company and inspected Board minutes, presentations and risk assessments. The purpose is
to understand the client’s risk assessment and the climate roadmap to become carbon
neutral in all scopes by 2045. The Company has performed a physical climate risk
assessment including scenario analysis, but the preparation of the climate roadmap is in
progress. Further, we assessed how this ambition was translated into investment decisions
and the related potential impact of climate-related risks and opportunities on the Company’s
annual report and financial statements.
• We have evaluated climate related fraud risk factors such as pressure as a result of variable
remuneration and expectations from external stakeholders to meet ESG/climate risk related
targets.
• We have inquired with the external appraisers and inspected the external valuation reports to
understand how potential climate related risks could be of impact on yields used or impact on
different categories of investment properties’ methods/models to account fair value of
investment property.
Based on the procedures mentioned above we concluded that climate related risks have no
material impact on the 2024 financial statements under the requirements of EU-IFRS and no
material impact on our key audit matters.
Furthermore, we have read the ‘Other information’ presented in the annual report supplementing
the financial statements with respect to climate-related risks and considered whether such
information contains material inconsistencies with the financial statements or our knowledge
obtained through the audit.
7
The outcome of our risk assessment procedures did not give reason to perform additional audit
procedures on management’s going concern assessment.
Audit response to climate-related risks
The company has set out its ambitions relating to climate change in the chapter ‘Our Life Central
strategy’ of the annual report. The Company has the ambition to reduce their impact on the
environment and bringing their business in line with the 2015 Paris Climate Agreement.
The Board of Management has assessed, against the background of the company’s business
and operations how climate-related risks and opportunities and the Company’s own ambitions
could have a significant impact on its business or could impose the need to adapt its strategy
and operations. The Board of Management has considered the impact of both transition and
physical risks on the financial statements in accordance with the applicable financial reporting
framework, more specifically the valuation of investment property, as described in section
‘Strategic objectives of our strategy’ of the annual report.
The Board of Management prepared the financial statements, considering whether the
implications from climate-related risks and ambitions have been appropriately accounted for and
disclosed and concluded that climate-related risks and ambitions do not have a material impact
on the current financial statements. As part of our audit, we performed a risk assessment of the
impact of climate-related risk and the ambitions of the Company in respect of climate change on
the financial statements and our audit approach. In doing this we performed the following:
• Understanding the Company’s processes: we held inquiries with the Board of Management
and the group manager ESG who is responsible for the climate risk assessment within the
Company and inspected Board minutes, presentations and risk assessments. The purpose is
to understand the client’s risk assessment and the climate roadmap to become carbon
neutral in all scopes by 2045. The Company has performed a physical climate risk
assessment including scenario analysis, but the preparation of the climate roadmap is in
progress. Further, we assessed how this ambition was translated into investment decisions
and the related potential impact of climate-related risks and opportunities on the Company’s
annual report and financial statements.
• We have evaluated climate related fraud risk factors such as pressure as a result of variable
remuneration and expectations from external stakeholders to meet ESG/climate risk related
targets.
• We have inquired with the external appraisers and inspected the external valuation reports to
understand how potential climate related risks could be of impact on yields used or impact on
different categories of investment properties’ methods/models to account fair value of
investment property.
Based on the procedures mentioned above we concluded that climate related risks have no
material impact on the 2024 financial statements under the requirements of EU-IFRS and no
material impact on our key audit matters.
Furthermore, we have read the ‘Other information’ presented in the annual report supplementing
the financial statements with respect to climate-related risks and considered whether such
information contains material inconsistencies with the financial statements or our knowledge
obtained through the audit.
7
The outcome of our risk assessment procedures did not give reason to perform additional audit
procedures on management’s going concern assessment.
Audit response to climate-related risks
The company has set out its ambitions relating to climate change in the chapter ‘Our Life Central
strategy’ of the annual report. The Company has the ambition to reduce their impact on the
environment and bringing their business in line with the 2015 Paris Climate Agreement.
The Board of Management has assessed, against the background of the company’s business
and operations how climate-related risks and opportunities and the Company’s own ambitions
could have a significant impact on its business or could impose the need to adapt its strategy
and operations. The Board of Management has considered the impact of both transition and
physical risks on the financial statements in accordance with the applicable financial reporting
framework, more specifically the valuation of investment property, as described in section
‘Strategic objectives of our strategy’ of the annual report.
The Board of Management prepared the financial statements, considering whether the
implications from climate-related risks and ambitions have been appropriately accounted for and
disclosed and concluded that climate-related risks and ambitions do not have a material impact
on the current financial statements. As part of our audit, we performed a risk assessment of the
impact of climate-related risk and the ambitions of the Company in respect of climate change on
the financial statements and our audit approach. In doing this we performed the following:
• Understanding the Company’s processes: we held inquiries with the Board of Management
and the group manager ESG who is responsible for the climate risk assessment within the
Company and inspected Board minutes, presentations and risk assessments. The purpose is
to understand the client’s risk assessment and the climate roadmap to become carbon
neutral in all scopes by 2045. The Company has performed a physical climate risk
assessment including scenario analysis, but the preparation of the climate roadmap is in
progress. Further, we assessed how this ambition was translated into investment decisions
and the related potential impact of climate-related risks and opportunities on the Company’s
annual report and financial statements.
• We have evaluated climate related fraud risk factors such as pressure as a result of variable
remuneration and expectations from external stakeholders to meet ESG/climate risk related
targets.
• We have inquired with the external appraisers and inspected the external valuation reports to
understand how potential climate related risks could be of impact on yields used or impact on
different categories of investment properties’ methods/models to account fair value of
investment property.
Based on the procedures mentioned above we concluded that climate related risks have no
material impact on the 2024 financial statements under the requirements of EU-IFRS and no
material impact on our key audit matters.
Furthermore, we have read the ‘Other information’ presented in the annual report supplementing
the financial statements with respect to climate-related risks and considered whether such
information contains material inconsistencies with the financial statements or our knowledge
obtained through the audit.
Annual Report 2024
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Financial statements
8
Our key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements. We have communicated the key audit
matters to the Board of Management and the Supervisory Board.The key audit matters are not a
comprehensive reflection of all matters discussed.
Valuation of Investment Property
Description
Investment property amounts to EUR 2.25 billion and represent 96% of the Group’s total
assets as at 31 December 2024. Investment property is valued at fair value; therefore, the
Group has to make estimates and use assumptions to determine those fair values. The fair
value is, as explained in note 5 to the financial statements, determined by the Board of
Management based on appraisal reports by an independent appraiser.
Because the valuation of investment property is complex and highly dependent on estimates
and significant assumptions (such as estimated rental value and yield/discount rate) and the
availability of comparable transactions, we consider the valuation of investment property as a
key audit matter in our audit.
Our response
With involvement of KPMG auditors in the Netherlands, France and Belgium, our procedures
for the valuation of investment property included:
• assessment of the valuation process with respect to the investment property as at 31
December 2024, including an evaluation of the design and implementation of related internal
controls and test of details;
• local audit teams verified whether lease data provided to the appraisers is consistent with the
property management systems, and whether any significant changes have occurred since
providing the data to the appraisers;
• assessment of the competence, capabilities and objectivity of the external appraisal firms;
• involvement of our property valuation experts to verify the appropriateness of the valuation
methodology and determine the mathematical accuracy of the valuation model and verification
of the appropriateness of key assumptions in the valuation process, which consists of
estimated rental values and yields/discount rates. This includes an assessment of the
historical accuracy of the assumptions in previous periods, our understanding of the market
and market developments and a comparison of assumptions and movements therein with
publicly available data;
• discussion of the results of the valuation process and our findings and observations with
management and the appraisal firms; and
• evaluation of the adequacy of the related disclosures, including Note 5 Investment Property,
in respect of investment property in conformity with EU-IFRS.
8
Our key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements. We have communicated the key audit
matters to the Board of Management and the Supervisory Board.The key audit matters are not a
comprehensive reflection of all matters discussed.
Valuation of Investment Property
Description
Investment property amounts to EUR 2.25 billion and represent 96% of the Group’s total
assets as at 31 December 2024. Investment property is valued at fair value; therefore, the
Group has to make estimates and use assumptions to determine those fair values. The fair
value is, as explained in note 5 to the financial statements, determined by the Board of
Management based on appraisal reports by an independent appraiser.
Because the valuation of investment property is complex and highly dependent on estimates
and significant assumptions (such as estimated rental value and yield/discount rate) and the
availability of comparable transactions, we consider the valuation of investment property as a
key audit matter in our audit.
Our response
With involvement of KPMG auditors in the Netherlands, France and Belgium, our procedures
for the valuation of investment property included:
• assessment of the valuation process with respect to the investment property as at 31
December 2024, including an evaluation of the design and implementation of related internal
controls and test of details;
• local audit teams verified whether lease data provided to the appraisers is consistent with the
property management systems, and whether any significant changes have occurred since
providing the data to the appraisers;
• assessment of the competence, capabilities and objectivity of the external appraisal firms;
• involvement of our property valuation experts to verify the appropriateness of the valuation
methodology and determine the mathematical accuracy of the valuation model and verification
of the appropriateness of key assumptions in the valuation process, which consists of
estimated rental values and yields/discount rates. This includes an assessment of the
historical accuracy of the assumptions in previous periods, our understanding of the market
and market developments and a comparison of assumptions and movements therein with
publicly available data;
• discussion of the results of the valuation process and our findings and observations with
management and the appraisal firms; and
• evaluation of the adequacy of the related disclosures, including Note 5 Investment Property,
in respect of investment property in conformity with EU-IFRS.
9
Our observation
Overall, we assess that the assumptions and methodologies used, and related estimates
resulted in a balanced valuation of investment property and concur with the related
disclosures in the financial statements.
Real estate transactions
Description
As part of the normal course of business real estate transactions (acquisitions and disposals of
investment property) take place. Acquisitions and disposals of investment property are
significant transactions which are subject to error due to the nature of these transactions.
Transactions often involve a variable consideration (earn-
outs, rental guarantees, etc.) and are
structured as asset deals or share deals.
In addition to the risk of error, a fraud risk is identified
in relation to the use of agents and/or business partners related to real estate transactions and
related potential conflicts of interest
.
The company made two acquisitions in the Netherlands and Belgium. These transactions are
disclosed in note 5 to the financial statements.
Given the complex nature of these transactions we consider the accounting for these real
estate transactions to be a key audit matter
.
Our response
• With the involvement of the KPMG component auditors in Netherlands and Belgium, we
performed audit procedures in respect of the real estate transactions to ensure these
transactions are accurately accounted for. These procedures included obtaining an
understanding of the transaction agreement, related cash movements and testing of the
accounting entries to record the disposal.
• In respect of the fraud risk related to real estate transactions, local auditors obtained an
understanding of management’s anti-fraud controls (for example, counterparty due
diligence, four-eyes principle). Further we performed procedures, such as the evaluation of
fees and commissions paid, to verify whether there was any indication of a conflict of
interest.
• At group level, we also inspected minutes of Board of Management meetings in which
these transactions are discussed to verify that the governance around the transactions is
appropriate, and the required approvals are obtained.
• Finally, we verified whether the disclosures in Notes 5 to the financial statements in respect
of investment property transactions are in conformity with EU-IFRS.
Annual Report 2024
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Financial statements
9
Our observation
Overall, we assess that the assumptions and methodologies used, and related estimates
resulted in a balanced valuation of investment property and concur with the related
disclosures in the financial statements.
Real estate transactions
Description
As part of the normal course of business real estate transactions (acquisitions and disposals of
investment property) take place. Acquisitions and disposals of investment property are
significant transactions which are subject to error due to the nature of these transactions.
Transactions often involve a variable consideration (earn-outs, rental guarantees, etc.) and are
structured as asset deals or share deals. In addition to the risk of error, a fraud risk is identified
in relation to the use of agents and/or business partners related to real estate transactions and
related potential conflicts of interest
.
The company made two acquisitions in the Netherlands and Belgium. These transactions are
disclosed in note 5 to the financial statements.
Given the complex nature of these transactions we consider the accounting for these real
estate transactions to be a key audit matter
.
Our response
• With the involvement of the KPMG component auditors in Netherlands and Belgium, we
performed audit procedures in respect of the real estate transactions to ensure these
transactions are accurately accounted for. These procedures included obtaining an
understanding of the transaction agreement, related cash movements and testing of the
accounting entries to record the disposal.
• In respect of the fraud risk related to real estate transactions, local auditors obtained an
understanding of management’s anti-fraud controls (for example, counterparty due
diligence, four-eyes principle). Further we performed procedures, such as the evaluation of
fees and commissions paid, to verify whether there was any indication of a conflict of
interest.
• At group level, we also inspected minutes of Board of Management meetings in which
these transactions are discussed to verify that the governance around the transactions is
appropriate, and the required approvals are obtained.
• Finally, we verified whether the disclosures in Notes 5 to the financial statements in respect
of investment property transactions are in conformity with EU-IFRS.
10
Our observation
Overall, we assess that the transactions are adequately accounted for and disclosed in the
financial statements. Furthermore, based on our procedures of the transactions, we did not
identify indications of possible conflict of interest.
Report on the other information included in the annual report
In addition to the financial statements and our auditor’s report thereon, the annual report
contains other information. In addition, the other information includes the “Remuneration Report”.
Based on the following procedures performed, we conclude that the other information:
• is consistent with the financial statements and does not contain material misstatements; and
• contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the
management report and other information.
We have read the other information. Based on our knowledge and understanding obtained
through our audit of the financial statements or otherwise, we have considered whether the other
information contains material misstatements.
By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the
Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is less
than the scope of those performed in our audit of the financial statements.
The Board of Management is responsible for the preparation of the other information, including
the information as required by Part 9 of Book 2 of the Dutch Civil Code.
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the General Meeting of Shareholders as auditor of Wereldhave N.V. on 22
April 2016 for the audit of the financial year 2016 and have operated as statutory auditor since
then.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the
EU Regulation on specific requirements regarding statutory audits of public-interest entities.
European Single Electronic Format (ESEF)
Wereldhave N.V. has prepared its annual report in ESEF. The requirements for this are set out in
the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the
specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in XHTML format, including the (partly) marked-up
consolidated financial statements as included in the reporting package by Wereldhave N.V.,
complies in all material respects with the RTS on ESEF.
10
Our observation
Overall, we assess that the transactions are adequately accounted for and disclosed in the
financial statements. Furthermore, based on our procedures of the transactions, we did not
identify indications of possible conflict of interest.
Report on the other information included in the annual report
In addition to the financial statements and our auditor’s report thereon, the annual report
contains other information. In addition, the other information includes the “Remuneration Report”.
Based on the following procedures performed, we conclude that the other information:
• is consistent with the financial statements and does not contain material misstatements; and
• contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the
management report and other information.
We have read the other information. Based on our knowledge and understanding obtained
through our audit of the financial statements or otherwise, we have considered whether the other
information contains material misstatements.
By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the
Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is less
than the scope of those performed in our audit of the financial statements.
The Board of Management is responsible for the preparation of the other information, including
the information as required by Part 9 of Book 2 of the Dutch Civil Code.
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the General Meeting of Shareholders as auditor of Wereldhave N.V. on 22
April 2016 for the audit of the financial year 2016 and have operated as statutory auditor since
then.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the
EU Regulation on specific requirements regarding statutory audits of public-interest entities.
European Single Electronic Format (ESEF)
Wereldhave N.V. has prepared its annual report in ESEF. The requirements for this are set out in
the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the
specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in XHTML format, including the (partly) marked-up
consolidated financial statements as included in the reporting package by Wereldhave N.V.,
complies in all material respects with the RTS on ESEF.
10
Our observation
Overall, we assess that the transactions are adequately accounted for and disclosed in the
financial statements. Furthermore, based on our procedures of the transactions, we did not
identify indications of possible conflict of interest.
Report on the other information included in the annual report
In addition to the financial statements and our auditor’s report thereon, the annual report
contains other information. In addition, the other information includes the “Remuneration Report”.
Based on the following procedures performed, we conclude that the other information:
• is consistent with the financial statements and does not contain material misstatements; and
• contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the
management report and other information.
We have read the other information. Based on our knowledge and understanding obtained
through our audit of the financial statements or otherwise, we have considered whether the other
information contains material misstatements.
By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the
Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is less
than the scope of those performed in our audit of the financial statements.
The Board of Management is responsible for the preparation of the other information, including
the information as required by Part 9 of Book 2 of the Dutch Civil Code.
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the General Meeting of Shareholders as auditor of Wereldhave N.V. on 22
April 2016 for the audit of the financial year 2016 and have operated as statutory auditor since
then.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the
EU Regulation on specific requirements regarding statutory audits of public-interest entities.
European Single Electronic Format (ESEF)
Wereldhave N.V. has prepared its annual report in ESEF. The requirements for this are set out in
the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the
specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in XHTML format, including the (partly) marked-up
consolidated financial statements as included in the reporting package by Wereldhave N.V.,
complies in all material respects with the RTS on ESEF.
Annual Report 2024
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Financial statements
11
The Board of Management is responsible for preparing the annual report including the financial
statements in accordance with the RTS on ESEF, whereby Board of Management combines the
various components into one single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in
this reporting package complies with the RTS on ESEF. We performed our examination in
accordance with Dutch law, including Dutch Standard 3950N ’Assurance-opdrachten inzake het
voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’
(assurance engagements relating to compliance with criteria for digital reporting). Our
examination included among others:
• Obtaining an understanding of the entity's financial reporting process, including the
preparation of the reporting package;
• Identifying and assessing the risks that the annual report does not comply in all material
respects with the RTS on ESEF and designing and performing further assurance procedures
responsive to those risks to provide a basis for our opinion, including:
- Obtaining the reporting package and performing validations to determine whether the
reporting package containing the Inline XBRL instance document and the XBRL extension
taxonomy files have been prepared in accordance with the technical specifications as
included in the RTS on ESEF;
- Examining the information related to the consolidated financial statements in the reporting
package to determine whether all required mark-ups have been applied and whether
these are in accordance with the RTS on ESEF.
Description of responsibilities regarding the financial statements
Responsibilities of The Board of Management and the Supervisory Board for the
financial statements
The Board of Management is responsible for the preparation and fair presentation of the financial
statements in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code.
Furthermore, the Board of Management is responsible for such internal control as management
determines is necessary to enable the preparation of the financial statements that are free from
material misstatement, whether due to fraud or error. In that respect the Board of Management,
under supervision of the Supervisory Board, is responsible for the prevention and detection of
fraud and non-compliance with laws and regulations, including determining measures to resolve
the consequences of it and to prevent recurrence.
As part of the preparation of the financial statements, the Board of Management is responsible
for assessing the Company’s ability to continue as a going concern. Based on the financial
reporting frameworks mentioned, the Board of Management should prepare the financial
statements using the going concern basis of accounting unless the Board of Supervisor either
intends to liquidate the Company or to cease operations or has no realistic alternative but to do
so. The Board of Management should disclose events and circumstances that may cast
significant doubt on the company’s ability to continue as a going concern in the financial
statements.
11
The Board of Management is responsible for preparing the annual report including the financial
statements in accordance with the RTS on ESEF, whereby Board of Management combines the
various components into one single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in
this reporting package complies with the RTS on ESEF. We performed our examination in
accordance with Dutch law, including Dutch Standard 3950N ’Assurance-opdrachten inzake het
voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’
(assurance engagements relating to compliance with criteria for digital reporting). Our
examination included among others:
• Obtaining an understanding of the entity's financial reporting process, including the
preparation of the reporting package;
• Identifying and assessing the risks that the annual report does not comply in all material
respects with the RTS on ESEF and designing and performing further assurance procedures
responsive to those risks to provide a basis for our opinion, including:
- Obtaining the reporting package and performing validations to determine whether the
reporting package containing the Inline XBRL instance document and the XBRL extension
taxonomy files have been prepared in accordance with the technical specifications as
included in the RTS on ESEF;
- Examining the information related to the consolidated financial statements in the reporting
package to determine whether all required mark-ups have been applied and whether
these are in accordance with the RTS on ESEF.
Description of responsibilities regarding the financial statements
Responsibilities of The Board of Management and the Supervisory Board for the
financial statements
The Board of Management is responsible for the preparation and fair presentation of the financial
statements in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code.
Furthermore, the Board of Management is responsible for such internal control as management
determines is necessary to enable the preparation of the financial statements that are free from
material misstatement, whether due to fraud or error. In that respect the Board of Management,
under supervision of the Supervisory Board, is responsible for the prevention and detection of
fraud and non-compliance with laws and regulations, including determining measures to resolve
the consequences of it and to prevent recurrence.
As part of the preparation of the financial statements, the Board of Management is responsible
for assessing the Company’s ability to continue as a going concern. Based on the financial
reporting frameworks mentioned, the Board of Management should prepare the financial
statements using the going concern basis of accounting unless the Board of Supervisor either
intends to liquidate the Company or to cease operations or has no realistic alternative but to do
so. The Board of Management should disclose events and circumstances that may cast
significant doubt on the company’s ability to continue as a going concern in the financial
statements.
12
The Supervisory Board is responsible for overseeing the Company’s financial reporting process.
Our responsibilities for the audit of the financial statements
Our objective is to plan and perform the audit engagement in a manner that allows us to obtain
sufficient and appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we
may not detect all material errors and fraud during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements. The materiality affects the nature, timing and
extent of our audit procedures and the evaluation of the effect of identified misstatements on our
opinion.
A further description of our responsibilities for the audit of the financial statements is included in
appendix of this auditor’s report. This description forms part of our auditor’s report.
Amstelveen, 28 March 2025
KPMG Accountants N.V.
W.L.L. Paulissen RA
Appendix:
Description of our responsibilities for the audit of the financial statements
12
The Supervisory Board is responsible for overseeing the Company’s financial reporting process.
Our responsibilities for the audit of the financial statements
Our objective is to plan and perform the audit engagement in a manner that allows us to obtain
sufficient and appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we
may not detect all material errors and fraud during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements. The materiality affects the nature, timing and
extent of our audit procedures and the evaluation of the effect of identified misstatements on our
opinion.
A further description of our responsibilities for the audit of the financial statements is included in
appendix of this auditor’s report. This description forms part of our auditor’s report.
Amstelveen, 28 March 2025
KPMG Accountants N.V.
W.L.L. Paulissen RA
Appendix:
Description of our responsibilities for the audit of the financial statements
Annual Report 2024
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Financial statements
13
Appendix
Description of our responsibilities for the audit of the financial statements
We have exercised professional judgement and have maintained professional scepticism
throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and
independence requirements. Our audit included among others:
• identifying and assessing the risks of material misstatement of the financial statements,
whether due to fraud or error, designing and performing audit procedures responsive to those
risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
the risk resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
• obtaining an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control;
• evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by The Board of Management;
• concluding on the appropriateness of The Board of Management’s use of the going concern
basis of accounting, and based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause a company to cease to continue as a going
concern;
• evaluating the overall presentation, structure and content of the financial statements,
including the disclosures; and
• evaluating whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
We are responsible for planning and performing the group audit to obtain sufficient appropriate
audit evidence regarding the financial information of the entities or business units within the
group as a basis for forming an opinion on the financial statements. We are also responsible for
the direction, supervision and review of the audit work performed for purposes of the group audit.
We bear the full responsibility for the auditor’s report.
We communicate with the Supervisory Board regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant findings in
internal control that we identify during our audit. In this respect we also submit an additional
report to the audit committee in accordance with Article 11 of the EU Regulation on specific
requirements regarding statutory audits of public-interest entities. The information included in this
additional report is consistent with our audit opinion in this auditor’s report.
13
Appendix
Description of our responsibilities for the audit of the financial statements
We have exercised professional judgement and have maintained professional scepticism
throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and
independence requirements. Our audit included among others:
• identifying and assessing the risks of material misstatement of the financial statements,
whether due to fraud or error, designing and performing audit procedures responsive to those
risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
the risk resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
• obtaining an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control;
• evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by The Board of Management;
• concluding on the appropriateness of The Board of Management’s use of the going concern
basis of accounting, and based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause a company to cease to continue as a going
concern;
• evaluating the overall presentation, structure and content of the financial statements,
including the disclosures; and
• evaluating whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
We are responsible for planning and performing the group audit to obtain sufficient appropriate
audit evidence regarding the financial information of the entities or business units within the
group as a basis for forming an opinion on the financial statements. We are also responsible for
the direction, supervision and review of the audit work performed for purposes of the group audit.
We bear the full responsibility for the auditor’s report.
We communicate with the Supervisory Board regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant findings in
internal control that we identify during our audit. In this respect we also submit an additional
report to the audit committee in accordance with Article 11 of the EU Regulation on specific
requirements regarding statutory audits of public-interest entities. The information included in this
additional report is consistent with our audit opinion in this auditor’s report.
14
We provide the Supervisory Board with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the Supervisory Board we determine the key audit matters:
those matters that were of most significance in the audit of the financial statements. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, not communicating the matter is in the
public interest.
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Financial statements
AScX Amsterdam Small Cap Index ISS Institutional Shareholder Services
BREEAM Building Research Establishment Environmental Assessment Method KPI Key performance indicator
CDP Formerly Carbon Disclosure Project kWh Kilowatt-hour
CEO Chief Executive Officer IIRC International Integrated Reporting Council
CFO Chief Financial Officer LTV Loan-to-Value
CSR Corporate Social Responsibility MWh Megawatt-hour
EPRA European Public Real Estate Association N/A Not available
EPS Earnings per share NIY Net initial yield
ERV Estimated rental value NPS Net Promoter Score
EU European Union OECD Organization for Economic Cooperation & Development
FSMA Financial Services & Markets Authority SBTi Science-Based Targets initiative
FTE Full-time equivalent SIIC Société d’investissement immobilier cotée
IRR Internal rate of return VBDO Dutch Association of Investors for Sustainable Development
List of abbreviations
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List of abbreviations
Contribution to Sustainable Development Goals
Sustainable Development Goal Sustainability focus area Alignment
7. Affordable and clean energy Better footprint • Reduce carbon emissions 30% by 2030 – for those areas in our centers under our operational control
• Partner with tenants and visitors to reduce carbon and waste (ambition: net zero value-chain by 2050)
8. Decent work and economic growth Better living • Aim for zero safety incidents in our centers
11. Sustainable cities and communities Better nature, Better living • Increase m of green areas on and around our centers with ecological value and climate resilience
• 1% NRI-equivalent contribution to socio-economic and social inclusion initiatives
12. Responsible consumption and production Better footprint • Increase recycling and zero waste to landfill
• Reduce water consumption
• Partner with tenants and visitors to reduce carbon and waste (ambition: net zero value-chain by 2050)
13. Climate action Better nature • Increase % of Wereldhave buildings with plans in place to mitigate physical effects of climate change (extreme heat, flooding, storms etc.)
17. Partnership for the goals All pillars • Partnering with suppliers, tenants & society
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Contribution to Sustainable Development Goals
Workforce
Workforce - employment (GRI 102-7; 102-8)
(in FTE) Total Belgium Netherlands
2024 Number of FTE 117.8 58.7 59.1
2023 Number of FTE 117.2 57.0 60.2
2024 Part-time employees 22.6% 19.4% 25.8%
2023 Part-time employees 24.2% 18.3% 29.7%
2024 Full-time employees 77.4% 80.7% 74.2%
2023 Full-time employees 75.8% 81.7% 70.3%
2024 Employees with fixed contract 6.5% 1.6% 11.3%
2023 Employees with fixed contract 10.5% 3.3% 17.2%
2024 Employees with permanent contract 93.6% 98.4% 88.7%
2023 Employees with permanent contract 89.5% 96.7% 82.8%
Workforce - employment (GRI 405-1, EPRA Diversity-Emp)
2024 2023
(number)
% of total
employees Male Female
% of total
employees Male Female
Age group < 30 15.3% 68.4% 31.6% 12.9% 37.5% 62.5%
Age group 30-40 33.9% 47.6% 52.4% 37.1% 50.0% 50.0%
Age group 40-50 31.5% 43.6% 56.4% 30.6% 39.5% 60.5%
Age group > 50 19.4% 54.2% 45.4% 19.4% 50.0% 50.0%
Total numbers of employees 124 50.8% 49.2% 124 45.2% 54.8%
Employees in executive team 5.60% 71.4% 28.6% 2.40% 100.0% n/a
Employees in management team (B) 3.20% 75.0% 25.0% 2.40% 33.3% 66.7%
Non-executive board 67% 33% 67% 33%
Social indicators
Employee turnover
Total number and rates of new employee hires and employee turnover by age group,
gender and region (GRI 401-1, EPRA Emp-Turnover)
2024 2023
(number) New hires Departures New hires Departures
Male 14 7 16 19
Female 4 11 14 11
Age group < 30 9 3 12 8
Age group 30-40 6 7 10 6
Age group 40-50 2 5 4 8
Age group > 50 1 3 4 8
Total 18 18 30 30
Reasons for departure
(number) 2024 2023
Resignations 4 12
Dismissals 4 3
Mutual agreements 6 10
Retirements 1 0
Departure during probation period 0 3
Expiry contracts 3 2
Deaths 0 0
Totals 18 30
Employee turnover 15% 24%
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Social indicators
New employee hires
New employees hired by gender 2024 2023
Male employees 77.8% 53.3%
Female employees 22.2% 46.7%
New employees hired by age group 2024 2023
Age group < 30 50.0% 40.0%
Age group 30-40 33.3% 33.3%
Age group 40-50 11.1% 13.3%
Age group > 50 5.6% 13.3%
Sickness ratio
Sickness ratio and total number of work-related fatalities (GRI 403-9; EPRA H&S-EMP)
Units Total Belgium Netherlands
2024 Absentee rate % 2.1 2.6 1.7
2023 Absentee rate % 4.1 5.7 1.4
2024 Injury rate % 0.0 0.0 0.0
2023 Injury rate % 0.0 0.0 0.0
2024 Work-related fatalities Number 0.0 0.0 0.0
2023 Work-related fatalities Number 0 0 0
Training & development
Average hours of training per employee, by gender (GRI 404-1; EPRA Emp-Training)
Units Total Belgium Netherlands
2024 training hours total Number 4,315 2,435 1,880
2024 training hours per employee Number 34 40 28
2024 training costs total in Euro 274,914 134,037 140,877
2024 training costs per employee in Euro 2,165 2,197 2,135
2023 training hours total Number 3,144 1,560 1,584
2023 training hours per employee Number 35 30 43
2023 training costs total in Euro 201,619 80,478 121,141
2023 training costs per employee in Euro 2,265 1,548 3,274
2024 2023
Units Male Female Male Female
Educational training % 0.9% 2.7% 0.8% 1.6%
Skills & development training % 54.0% 42.4% 60.2% 35.2%
Wereldhave training % 0.0% 0.0% 0.5% 0.3%
Training works council % 0.0% 0.0% 1.0% 0.5%
Training hours per employee Number of hours 39.0 28.0 52.0 23.0
Number of training hours split per category (GRI 404-2)
(number of hours) 2024 2023
Educational training 158 74
Skills & development training 3,246 2,998
Wereldhave training 911 24
Training works council 0 48
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Employee category
Breakdown of employees by employee category (GRI 102-8)
(Number) 2024 2023
Executive Team 7 3
Management Team 4 3
Staff & Operations 113 118
Total internal staff 124 124
Non-executives 3 3
Total 127 127
Remuneration
Ratio of Base Salary and remuneration of women to men by employee category
(GRI 405-2, EPRA Diversity-pay)
2024 2023
Total Male
Female
diversity% Total male
Female
diversity%
Executive team 39.1% n/a n/a
Management team 48.9% 76.3%
Operations and staff 73.4% 62.9%
Annual increase in base salary
excluding individual STI 4.0% 3.9% 4.1% 13.0% 13.0% 13.1%
Employee satisfaction
Employee satisfaction by aspect measured (GRI 102-43)
(Number) 2024 2023
E-NPS score 17 -10
Rating employer 7.7 7
Response rate 78.0% 78.0%
Incidents of discrimination
Total numbers of incidents of discrimination and corrective actions (GRI 406-1)
(Number) 2024 2023
Number of incidents of discrimination reported 0 0
Employee performance appraisals
(GRI 404-3; EPRA EMP-DEV)
2024 2023
Percentage of employees with an appraisal 100% 100%
Community engagement
(GRI 413-1; Comty-Eng)
Social performance indicators retail portfolio
2024 2023
Local engagement program in place (% of assets) 100% 100%
Local community investments - absolute (€) 2,837,967 2,169,042
Local community investments - relative to NRI (% of NRI) 2.0% 1.7%
Health and safety assessments
(GRI 416-1, 416-2; EPRA H&S-Asset, H&S-Comp)
2024 2023
Health & Safety - assessment undertaken (in %) 77% 82%
Health & Safety - incidents of non-compliance occurred 0 0
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Environmental indicators
Environmental performance indicators - Retail
(EPRA Elec-Abs, Elec-LfL, DH&C-Abs, DH&C-LfL, Fuels-Abs, Fuels-LfL, GHG-Dir-Abs, GHG-Indir-Abs, GRI 302-1, 302-2, 303-1, 305-1, 305-2, 305-3, 306-2)
Absolute portfolio Like-for-like portfolio
Belgium France Netherlands Total
Impact areas 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Energy (MWh)
Electricity shared services 21,976 19,327 6,710 6,505 2141 2,246 9716 8,721 18,567 17,472
Electricity submetered to tenants 1,811 3,353 18 25 1793 3,328 0 0 1,811 3,353
Total landlord obtained electricity 23,787 22,680 6,728 6,530 3,934 5,574 9,716 8,721 20,378 20,825
Proportion of electricity from renewable sources (market-based) 90% 98% 100% 100% 0% 8% 100% 100% 74% 75%
Proportion of electricity from self-generated renewable sources 12% 18% 26% 35% 0% 0% 9% 18% 14% 19%
District heating and cooling shared services 2,022 2,159 0 0 0 0 1746 1,745 1,746 1,745
District heating and cooling submetered to tenants 0 0 0 0 0 0 0 0 0 0
Total landlord obtained district heating 2,022 2,159 0 0 0 0 1,745 1,745 1,745 1,745
Proportion heating and cooling from renewable sources 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Fuels shared services 5,951 6,329 2,534 2,643 168 217 2,687 2,630 5,389 5,490
Fuels submetered to tenants 335 463 335 463 0 0 0 0 335 463
Total landlord obtained fuels 6,286 6,792 2,869 3,106 168 217 2,687 2,630 5,724 5,953
Proportion of fuels from renewable sources 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Total energy from shared services 29,949 27,815 9,244 9,148 2,309 2,463 14,149 13,096 25,702 24,707
Total energy submetered to tenants 2,146 3,816 353 488 1,793 3,328 0 0 2,146 3,816
Total landlord obtained energy 32,095 31,631 9,597 9,636 4,102 5,791 14,148 13,096 27,847 28,523
Total renewable energy produced on-site 3,736 4,086 2,122 2,286 0 0 1,269 1,583 3,391 3,869
Greenhouse gas emissions from energy (tCO
2
e)
Total direct GHG emissions Scope 1 (market-based) 1,084 1,154 462 489 31 40 467 480 960 1,009
Total direct GHG emissions Scope 1 (location-based) 1,084 1,154 462 489 31 40 489 480 982 1,009
Total indirect GHG emissions Scope 2 (market-based) 210 212 0 0 98 104 103 91 201 195
Total indirect GHG emissions Scope 2 (location-based) 4,348 4,286 817 760 98 104 2,532 2,529 3,447 3,393
Total indirect GHG emissions Scope 3 (market-based) 146 241 64 84 82 153 0 0 146 237
Total indirect GHG emissions Scope 3 (location-based) 146 241 64 84 82 153 0 0 146 237
Total GHG emissions - landlord obtained/submetered (market-based) 1,440 1,607 526 573 211 297 570 571 1,307 1,441
Total GHG emissions - landlord obtained/submetered (location-based) 5,578 5,681 1,343 1,333 211 297 3,021 3,009 4,575 4,639
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Environmental indicators
Absolute portfolio Like-for-like portfolio
Belgium France Netherlands Total
Impact areas 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Water (m
3
)
Water from municipal water supplies or other public 131,468 144,710 60,547 63,941 22,522 21,187 42,361 45,123 125,430 130,251
Water from rainwater collected directly and stored 9,794 3,696 9,794 3,696 0 0 0 0 9,794 3,696
Water from groundwater 7,014 8,516 7,014 8,516 0 0 0 0 7,014 8,516
Water from surface water 0 0 0 0 0 0 0 0 0 0
Waste water (from other organization) 0 0 0 0 0 0 0 0 0 0
Total landlord obtained water consumption 148,276 156,922 77,355 76,153 22,522 21,187 42,361 45,123 142,238 142,463
Water submetered to tenants 38,838 44,395 38,838 44,395 0 0 0 0 38,838 44,395
Waste (metric tonnes)
Hazardous waste 0 0 0 0 0 0 0 0 0 0
Non-hazardous waste 3,690 2,926 1,512 1,564 316 221 1,519 983 3,347 2,768
Total weight of waste by disposal route (metric tonnes)
Recycling 1,286 976 596 517 225 169 380 239 1,201 925
Composting 31 44 30 41 1 3 0 0 31 44
Energy from Waste 2,093 1,540 608 685 87 0 1,140 744 1,835 1,429
Incineration without energy recovery 0 0 0 0 0 0 0 0 0 0
Landfill 66 68 63 65 3 3 0 0 66 68
other 212 256 212 256 0 0 0 0 212 256
Proportion of waste by disposal route (%)
Recycling 35% 34% 39% 33% 71% 97% 25% 24% 36% 33%
Composting 1% 2% 2% 3% 0% 2% 0% 0% 1% 2%
Energy from Waste 57% 53% 40% 44% 28% 0% 75% 76% 55% 52%
Incineration without energy recovery 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Landfill 2% 2% 4% 4% 1% 2% 0% 0% 2% 2%
other 6% 9% 14% 16% 0% 0% 0% 0% 6% 9%
(EPRA Water-Abs; Water-LfL; Waste-Abs, Waste-LfL, GRI 303-3, 303-5, 306-3, 306-4)
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Environmental intensity indicators - Retail
EPRA Sustainability performance measures (GRI 302-1, 302-2, 303-1, 305-1, 305-2, 305-3, 306-2)
Absolute portfolio Like for like portfolio
Belgium France Netherlands Total
Impact areas 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Building energy intensity kWh/m
2
/year 42.65 42.55 36.22 35.78 67.34 95.06 41.02 37.74 41.51 42.11
Greenhouse gas intensity from building energy kg CO
2
e/m
2
/year 1.91 2.02 1.99 2.13 3.46 4.88 1.65 1.38 1.95 1.99
kgCO
2
e/revenue(€)/year 0.01 NR NR NR NR NR NR NR NR NR
Building water intensity m
3
/m
2
/year 0.20 0.21 0.29 0.28 0.37 0.35 0.12 0.13 0.21 0.21
Environmental performance indicators - Office
(EPRA Elec-Abs, Elec-LfL, DH&C-Abs, DH&C-LfL, Fuels-Abs, Fuels-LfL, GHG-Dir-Abs, GHG-Indir-Abs, GRI 302-1, 302-2, 303-1, 305-1, 305-2, 305-3, 306-2)
Absolute portfolio Like for like portfolio
Belgium Total
Impact areas 2024 2023 2024 2023 2024 2023
Energy (MWh)
Electricity shared services 5,666 4,530 5,666 4,530 5,666 4,530
Electricity submetered to tenants 978 1,214 978 1,214 978 1,214
Total landlord obtained electricity 6,644 5,744 6,644 5,744 6,644 5,744
Proportion of electricity from renewable sources 100% 100% 100% 100% 100% 100%
District heating and cooling shared services 0 0 0 0 0 0
District heating and cooling submetered to tenants 0 0 0 0 0 0
Total landlord obtained district heating 0 0 0 0 0 0
Proportion heating and cooling from renewable sources 0 0 0 0 0 0
Fuels shared services 1,835 2,834 1,835 2,834 1,835 2,834
Fuels submetered to tenants 0 0 0 0 0 0
Total landlord obtained fuels 1,835 2,834 1,835 2,834 1,835 2,834
Proportion of fuels from renewable sources 0% 0% 0% 0% 0% 0%
Total energy from shared services 7,501 7,364 7,501 7,364 7,501 7,364
Total energy submetered to tenants 978 1,214 978 1,214 978 1,214
Total landlord obtained energy 8,479 8,578 8,479 8,578 8,479 8,578
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Absolute portfolio Like for like portfolio
Belgium Total
Impact areas 2024 2023 2024 2023 2024 2023
Greenhouse gas emissions (tCO
2
e)
Total direct GHG emissions Scope 1 334 517 334 517 334 517
Total indirect GHG emissions Scope 2 (market-based) 0 0 0 0 0 0
Total indirect GHG emissions Scope 2 (location-based) 929 831 929 831 929 831
Total indirect GHG emissions Scope 3 (market-based) 0 0 0 0 0 0
Total indirect GHG emissions Scope 3 (location-based) 156 116 156 116 156 116
Total GHG emissions (market-based) 334 517 334 517 334 517
Total GHG emissions (location-based) 1,419 1,464 1,419 1,464 1,419 1,464
Water (m
3
)
Water from public water supplies - shared services 12,705 14,459 12,705 14,459 12,705 14,459
Water from public water supplies - submetered 0 0 0 0 0 0
Water from rainwater collected directly and stored 0 0 0 0 0 0
Water from groundwater / surface water 0 0 0 0 0 0
Total landlord obtained water consumption 12,705 14,459 12,705 14,459 12,705 14,459
Waste (metric tonnes)
Hazardous waste 0 0 0 0 0 0
Non-hazardous waste 145 126 145 126 145 126
Total weight of waste by disposal route (metric tonnes)
Recycling 44 38 44 38 44 38
Composting 0 0 0 0 0 0
Energy from Waste 78 68 78 68 78 68
Incineration without energy recovery 0 0 0 0 0 0
Landfill 0 0 0 0 0 0
other 23 20 23 20 23 20
Proportion of waste by disposal route (%)
Recycling 30% 30% 30% 30% 30% 30%
Composting 0% 0% 0% 0% 0% 0%
Energy from Waste 54% 54% 54% 54% 54% 54%
Incineration without energy recovery 0% 0% 0% 0% 0% 0%
Landfill 0% 0% 0% 0% 0% 0%
other 16% 16% 16% 16% 16% 16%
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Environmental intensity indicators - Office
Absolute portfolio Like for like portfolio
Belgium Total
Impact areas 2024 2023 2024 2023 2024 2023
Building energy intensity kWh/m
2
/year 88 89 88 89 88 89
Greenhouse gas intensity from building energy kgCO
2
e/m
2
/year 3.5 5.3 3.5 5.3 3.5 5.3
kgCO
2
e/revenue/year 0.1 NR 0.1 NR 0.1 NR
Building water intensity m
3
/m
2
/year 0.13 0.15 0.13 0.15 0.13 0.15
BREEAM certificates
Total Netherlands Belgium France
2024 2023 2024 2023 2024 2023 2024 2023
BREEAM certifications in place % of retail center GLA
Outstanding 0% 0% 0% 0% 0% 0% 0% 0%
Excellent 15% 8% 10% 10% 0% 0% 100% 100%
Very Good 70% 74% 65% 58% 100% 73% 0% 0%
Good 6% 9% 10% 10% 0% 6% 0% 0%
Pass 0% 0% 0% 0% 0% 0% 0% 0%
Percentage of GLA which is BREEAM rated 77% 83% 73% 78% 78% 79% 100% 100%
Percentage of eligible centers GLA which is BREEAM rated 91% 91% 85% 83% 100% 100% 100% 100%
Energy Performance Certificates (EU EPC)
2024
EU EPC labels in place % of total GLA
A 42%
B 0%
C 12%
D 3%
E 3%
X
1
35%
No label 6%
100%
1 An energy label ‘X’ means that the label is ‘undefined.’ This is a common initial label for commercial assets in Belgium.
The renewable share will be measured over a full reporting year, and after one year, defined labels will be assigned.
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Integrated Annual Report 2024
Wereldhave N.V.
WERELDHAVE N.V.
Nieuwe Passeerdersstraat 1
1016 XP Amsterdam
The Netherlands
P.O. Box 14745, 1015 LV Amsterdam
T: +
www.wereldhave.com