WDP acquires 75,000m2 of logistics in Belgium

Warehouses De Pauw (WDP) has acquired a 75.000m2 logistics site in Belgium from German fund manager Commerz Real.

WDP, a REIT listed on Euronext Brussels, purchased the property at Cargovil industrial zone in Vilvoorde for €46 mln.

The transaction involved WDP acquiring the shares in the companies that owned the site, which is let in full to French retail giant Carrefour. Vilvoorde is about 19 kilometres northeast of Brussels.

The lease with Carrefour runs until the end of 2018 with a break option at end-2015. The annual rental income is €3.7 mln, which implies an initial gross rental yield of 8%. WDP financed the deal from available credit facilities.

The transaction supports WDP's strategy to grow its portfolio by 50% between 2013-2016. The company had €1.2 bn of semi-industrial and logistics real estate in Belgium, the Netherlands, France and Romania.