"During the first quarter of 2024 we have successfully delivered on our strategic actions. With a careful approach we have taken significant steps in shaping the future of Vastned. While simultaneously addressing our refinancing needs for 2024 by obtaining a bridge financing from our relationship banks ABN AMRO and Rabobank, significant divestments were done to improve the balance sheet and financial ratios.
We decided to divest Rokin Plaza as this allowed us to not only lower the risk of one single large asset in our diversified portfolio, but also to improve our financial ratios and reduce our refinancing requirements significantly with a single transaction. Another notable transaction that we have concluded after the end of the first quarter is the sale of PC Hooftstraat 49-51 in Amsterdam were there was an opportunity to sell this relatively low yielding asset against the right price.
The announced intention from Vastned Retail and Vastned Belgium to propose a reverse cross-border merger should create a new Vastned that is ready for the future."
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Vastned Retail N.V. is a European listed property company focusing on the best retail property on the popular high streets of selected European cities with a historic city centre, also referred to as « core city assets ». The tenants of VastNed Retail N.V. include international and national department stores that are leading in their sector; major luxury, fashion and sports brands; supermarkets; and a wide range of other retailers.
By investing in historic city centres Vastned Retail N.V. contributes to the preservation of the cultural heritage in these city centres. Vastned Retail N.V. also provides a positive contribution to the liveability and safety in city centres by creating and renovating residential space above retail units. In this way, the company endeavours to create long-term value for its shareholders, tenants, employees and society as a whole.
At year-end 2023, the group's real estate portfolio amounted to EUR 1,373 million. Over 80% of the portfolio is comprised of property located in the historic centres of selected European cities. The remainder of the portfolio is mostly made up of Belgian retail parks, supermarkets and high-quality retail property in smaller cities in the Netherlands and Belgium.
VASTNED RETAIL N.V. 
