Vastned
Half Year Results 2025
29 July 2025
Paris - 29 Rue des Francs Bourgeois - Nespresso
Agenda
Operational results 3
Financial results 7
Financing position 11
Reverse cross-border legal merger 14
Retail real estate market 16
Outlook 19
Gent - Zonnestraat 6/8 - AS Adventure
Operational results
Madrid - Calle José Ortega y Gasset 15 - Jimmy Choo
Portfolio spanning four countries
Netherlands France Belgium SpainAntwerp
2
19
5
Leuven
Ghent
4
2
3
5
3
Brussels
2
Liège
León
Madrid
6
Málaga
#
Lille
29
Paris
13
Lyon
2
16
Bordeaux
Nice
2
Amsterdam
Zwolle
39
4
Utrecht
6
17
2
7 2
2
5
3
2
5
8
5
3
Nijmegen
3 2
Breda
6
Maastricht
Number of assets (or 1 if not given)
30 June 2025 | Netherlands | France | Belgium | Spain | Total |
Net property value | 36.5% | 29.6% | 26.6% | 7.3% | 100.0% |
Net property value (in million EUR) | 458.5 | 371.7 | 334.3 | 91.3 | 1,255.8 |
Occupancy | 98.6% | 97.6% | 99.4% | 100.0% | 98.6% |
31 December 2024 | Netherlands | France | Belgium | Spain | Total |
Net property value | 36.7% | 29.6% | 26.8% | 6.9% | 100.0% |
Net property value (in million EUR) | 454.1 | 365.8 | 330.9 | 85.2 | 1,236.0 |
Occupancy | 97.6% | 99.7% | 99.0% | 100.0% | 98.7% |
Rental activities
Like-for-like | 30/06/2025 | 30/06/2024 |
Netherlands | 0.9% | 2.0% |
France | 5.0% | 7.9% |
Belgium | -0.3% | 2.0% |
Spain | 16.2% | -6.1% |
Total | 2.3% | 2.9% |
59
Like-for-likeNew rent vs ERV* | 30/06/2025 | 31/12/2024 |
Netherlands | 2.0% | 7.5% |
France | 16.0% | 7.7% |
Belgium | 3.7% | 6.7% |
Spain | 0.5% | 5.3% |
Total | 5.2% | 7.1% |
5.2%
* Only contains 6 months of rent contracts, compared to 12 months for 2024.
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