Logistics specialist WDP said it is investing further in its Romanian joint venture as part of plans to grow the portfolio in the country to €500 mln.
Following the capital increase, WDP's unit in Romania will be largely owned by WDP, with an 80% share, while its partner Jeroen Biermans will retain a 20% stake, down from 49& previously.
The investment in the unit, WDP Development RO, was made by converting a subordinated shareholder’s loan into shareholder’s equity.
The transaction is part of the company's plans to increase the Romanian portfolio to €500 mln by 2020, up from €230 mln at present.
From now on, WDP will fully consolidate the Romanian business in its IFRS statements as at 1 January 2018, instead of using the equity accounting method as in the past.
Jeroen Biermans, General Manager of WDP Romania said: 'The reinforcement of WDP Romania ensures that the local team and I will be ready to continue to grow our business and help build the infrastructure to support the Romanian economy.'
