Closed-end real-estate investment company Warehouses De Pauw (WDP) has concluded a binding agreement to acquire the Lake Side Portfolio from an unnamed Dutch private construction company. The deal amounts to a total of EUR 105 mln, reflecting an initial rental yield of 7.8%.
Closed-end real-estate investment company Warehouses De Pauw (WDP) has concluded a binding agreement to acquire the Lake Side Portfolio from an unnamed Dutch private construction company. The deal amounts to a total of EUR 105 mln, reflecting an initial rental yield of 7.8%.
The package includes eight brand-new logistics and light-industrial sites with a gross lettable area of 150,000 m2 located in the cities of Roosendaal, Oss (2), Veghel, Helmond, Nieuwegein, Zwolle and Beek (Maastricht-Airport). They are all let with long term contracts with an average duration of 12.5 years and provide an annual rent of EUR 8.2 mln.
'The acquisition is part of WDP’s growth strategy and represents a substantial expansion of the Dutch portfolio of which the investment value climbs to more than EUR 300 mln', WDP said in a statement.
'We are delighted to be able to continue our strong and profitable growth within the Dutch market through this important strategic transaction which secures the position of WDP as a key player on the Benelux market,' said WDP CEO, Joost Uwents.
The transaction is scheduled to close on 27 April 2012.
The deal lifts the value of WDP's portfolio to nearly EUR 1.1 bn.
