WDP in EUR 23m capital increase to fund acquisitions

WDP, the Euronext-listed real estate investment company, has signed an agreement in principle to acquire three logistics sites in a sale-and-leaseback transaction from global parcel delivery firm DHL.

WDP will be the largest provider of rental space to DHL in Belgium following the closing of the deal. WDP said the transaction will take the form of a merger and two partial de-mergers with new WDP shares being issued. The acquisition is expected to lead to a capital increase amounting to nearly EUR 23 mln and with the transfer of minor debts. More details about the properties are to be released later.

WDP also announced it has fully rented the 16,000-m² Genk I site before completion to Lidl. The retailer is to use the centre as an extra distribution centre. WDP said it expects an accelerated completion of the site by the end of 2008, meaning that the total of 76,000 m² of space being completed this year has been pre-let.

WDP is listed on the Brussels and Paris Euronext and has a market capitalisation of EUR 350 mln. The company constructs, develops and lets warehouses and office space in the semi-industrial and logistics sector. Its 1.1 million m² portfolio is spread across 80 sites in Belgium, France, the Netherlands and the Czech Republic, with a further 2 million m² ground potential in Romania.