Belgium-based warehouse property group WDP has unveiled a EUR 72 mln capital increase with preferential rights to fund new projects and to pay down short-term debt.
Belgium-based warehouse property group WDP has unveiled a EUR 72 mln capital increase with preferential rights to fund new projects and to pay down short-term debt.
The closed-end real estate fund, which is listed on Euronext in Paris and Brussels, intends to issue a maximum of 3.1 million new shares at EUR 23.5 each. This corresponds to a discount of 16.1% on the closing price on 9 June 2009.
The Family Jos De Pauw, which holds A 31.4% stake in WDP, has undertaken to exercise all its preferential rights.
ING Belgium and Petercam will act as joint bookrunners. Dexia Bank (Belgium) is the co-manager.
The subscription will be open to the public in Belgium and France from 11-25 June.
About EUR 37 mln of the net proceeds would be used to finance new projects. The remainder will go towards reducing the firm's short-term debt.
The company owns warehouse properties in Belgium, the Netherlands, France, Romania and the Czech Republic. WDP's holdings were valued at EUR 350 mln in 2005 and the company plans to grow the portfolio to EUR 700 mln by the end of 2009.
