Euronext-listed REIT Warehouses De Pauw (WDP) has signed the final purchase agreement to buy the Lakeside logistics portfolio from a developer in the Netherlands for EUR 105 mln. The portfolio comprises eight new logistics and semi-industrial sites with a gross lettable area of 150,000 m2, which have long-term lease contracts with an average duration of 12.5 years.
Euronext-listed REIT Warehouses De Pauw (WDP) has signed the final purchase agreement to buy the Lakeside logistics portfolio from a developer in the Netherlands for EUR 105 mln. The portfolio comprises eight new logistics and semi-industrial sites with a gross lettable area of 150,000 m2, which have long-term lease contracts with an average duration of 12.5 years.
The investment reflects an initial rental yield of 7.8%.
WDP, a closed-end real-estate investment company, said the acquisition is part of its growth strategy. Following the deal, the value of the company's Dutch portfolio climbs to EUR 300 mln of assets. Dutch bank ABN Amro provided EUR 20 mln financing for the transaction.
WDP owns 1.5 million m2 of property spread over 100 sites in Belgium, France, the Netherlands, the Czech Republic and Romania. The total portfolio was valued at EUR 922 mln at end-December 2011. Belgium is WDP's main market, with EUR 580 mln of assets.
