Wereldhave updates on exposure to Blokker
Wereldhave N.V. (‘Wereldhave’) provides an update on its exposure to Blokker following the retailer’s request for suspension of payment. Blokker currently leases 7 locations in the Wereldhave portfolio, accounting for 0.7% of the consolidated annual rent roll.
Blokker was the last top 30 tenant for Wereldhave under review. All Wereldhave top tenants are now marked as strong and financially robust business partners. For several years, Blokker had been marked with a ‘red flag’ in Wereldhave’s internal risk analysis and blueprint process. Also, all lease agreements between the parties were set to end by operation of law on various dates in the next years. Following the restructuring process, Wereldhave is now able to accelerate its strategic plans for all Blokker locations.
Blokker stores are typically in prime locations as they were often among the first tenants in our centers. We expect to be able to re-lease these spaces soon as the quality of these locations gives Wereldhave confidence in securing new tenants. Two out of seven Blokker units have already been taken off the market, with one space re-leased to shoe retailer vanHaren and a second in final discussions. Bringing in new, strategically aligned, tenants will not only strengthen the tenant mix of the centers but will also enhance the quality of cash flow.
Wereldhave confirms that Blokker had no outstanding rent arrears at the time of this publication.
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