Closed-end real estate fund Warehouses De Pauw (WDP) said it is purchasing a 50,000 m[sup]2[/sup] site in Venlo, a logistics hotspot in the Netherlands. The company will be redeveloping the site, which is currently home to cable producer Belden's EMEA head office. Belden is to rearrange its activities and will reduce the area it uses from 130,000 m[sup]2[/sup] to 80,000 m2, while the remaining 50,000 m[sup]2[/sup] will go to WDP. WDP plans to build a 28,000 m[sup]2[/sup] logistics centre on the site by 2008. The overall project will cost EUR 19 mln.
Closed-end real estate fund Warehouses De Pauw (WDP) said it is purchasing a 50,000 m2 site in Venlo, a logistics hotspot in the Netherlands. The company will be redeveloping the site, which is currently home to cable producer Belden's EMEA head office. Belden is to rearrange its activities and will reduce the area it uses from 130,000 m2 to 80,000 m2, while the remaining 50,000 m2 will go to WDP. WDP plans to build a 28,000 m2 logistics centre on the site by 2008. The overall project will cost EUR 19 mln.
WDP is also purchasing a semi-industrial building in the Belgian town of Nijvel for EUR 3 mln. WDP will renovate the 10,000 m2 building up to mid-2008 and lease it out. The company, which published its results for the first nine months of the year on Tuesday, said that operating profit came to EUR 19 mln compared with EUR 16.3 mln over the same period last year. WDP's portfolio value rose by EUR 126.9 mln to EUR 590.9 mln in the third quarter, while the occupancy rate of the WDP portfolio was also up further to 98.4%. Net asset value amounted to EUR 34.92.