Wereldhave updates on exposure to FNG Group fashion brands

Wereldhave has taken notice of FNG fashion group brands (Didi, Expresso, Miss Etam) filing for bankruptcy following the bankruptcy of parent company FNG Group in Belgium.

FNG fashion group brands are tenants in 8 Wereldhave centers in the Netherlands, representing 1.5% of Wereldhave’s gross rental income in the Netherlands or 0.7% of Wereldhave’s total gross rental income as per 30 June 2020.

Wereldhave has recognized the challenges the multi-brand fashion segment faced over the past couple of years, which accelerated as a result of the Covid-19 pandemic. In order to proactively act on these challenges, part of Wereldhave’s LifeCentral transformation strategy is an asset-by-asset exercise to develop blueprints for transforming shopping centers into Full Service Centers. Current FNG locations will be repositioned to alternative use or, where applicable, Wereldhave will facilitate a potential restart of selected FNG fashion group brands.

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