Belgium-based shed developer WDP has accelerated its European expansion with a deal which doubles its French portfolio.
The acquisition of two prime, sustainable logistics sites (Bollène and Puceul) from real estate group Altarea for €315 mln will nearly double WDP’s French holdings by 2026. These fully leased properties, totalling 305,000 m2 (including 76,000 m2 under development), offer a 5.2% initial yield and a medium-term rental potential of 15%.
These acquisitions strategically expand WDP’s presence in France’s key logistics corridors (La Dorsale and l’Arc Atlantique), offering regional and international distribution capabilities. Furthermore, these sustainable, BREEAM-Excellent certified properties (over 80%) feature 25 MWp of installed solar capacity.
WDP leverages its robust financial position to fully debt-finance the acquisition. A low loan-to-value ratio (36.6%), healthy net debt/EBITDA (6.9x), and substantial available credit lines (€1.8 bn) ensure ample capacity for further investments. WDP can invest at least €800 mln without impacting its key financial metrics. The company believes current market conditions - with stabilised property valuations and a shifting interest rate cycle - present a favourable acquisition opportunity, making this deal immediately earnings-per-share accretive.
Kristof De Witte, country manager BELux and France WDP, commented: ‘WDP gains critical mass in France – with over €450 mln of investments over the past year – and is in an excellent position for further sustainable growth. We will continue to develop this core market by leveraging the full spectrum: from acquisitions, such as core and value add to in-house project development; always with a client-centric approach and a strong emphasis on profitability.’
The Bollène logistics park on the A7 motorway between Lyon and Marseille offers 190,000 m2 of Class A warehousing (completed in 2023/2024) and a further 76,000 m2 under development (2026 delivery). The site houses five fully leased warehouses serving prominent clients (including ID Logistics, Intermarché, and Gerflor) across various sectors, with leases averaging 7 years.
The Puceul logistics platform (Oseraye, Loire-Atlantique region) provides a 38,000 m2 newly built distribution centre, fully leased to Logéos for five years.
Of the €315 mln total investment, €221 mln will be for the existing buildings and €94 mln for the projects under development in 2026.
