Core Viewpoint - The company is conducting an investor call to discuss recent transactions and strategic moves, including capital rotation in Spain and asset acquisitions [1]. Group 1: Capital Rotation Strategy - The company is implementing a capital rotation strategy in Spain, highlighted by the sale of retail parks and the acquisition of a new shopping center named Bahia Sur [2]. - The acquisition of a stake in Pradera is viewed as a significant strategic move for the company [2]. Group 2: Asset Rotation in South Africa - There is ongoing asset rotation work in South Africa, which will be briefly updated during the call [2]. - A trading update covering performance in South Africa, Spain, and Portugal is expected to be released soon, with positive sentiments expressed regarding trading in these markets [3].

Core Insights - Wereldhave has successfully executed a series of strategic transactions, including the sale of the Full Service Center Sterrenburg in Dordrecht, the acquisition of Ville2 in Charleroi, and securing new long-term financing, which collectively enhance the company's balance sheet [1][2][3][4]. Group 1: Sale of Sterrenburg - The Full Service Center Sterrenburg in Dordrecht was sold for gross proceeds of €60 million, which aligns with the asset's book value, and the transfer occurred on December 24, 2025 [2]. Group 2: Acquisition of Ville2 - The acquisition of shopping center Ville2 in Charleroi, Belgium, was completed, funded by €82 million raised through a rights issue and €40 million in new debt from core banks, with the asset transfer taking place on December 17, 2025 [3]. Group 3: New Financing Arrangements - Wereldhave Belgium secured €30 million through a private placement with Royal London Asset Management for a 10-year term and extended €55 million in existing bank facilities, significantly increasing the average debt maturity from 3.2 years to 4.2 years [4]. Group 4: Management Commentary - The CFO of Wereldhave highlighted the successful execution of the capital rotation strategy, which involved disposing of three Dutch assets and making accretive acquisitions while maintaining a solid balance sheet [5].