Warehouses De Pauw Acquires historic Renault site for re-development

WDP pays EUR 100m for the 190k sqm “Renault” site that has been owned by Family Moorkens since the closure in 1997. WDP will gradually redevelop the site that has now an approx. 7% yield. It is currently leased to different formats for car storage/leasing, distribution for Ici Paris XL and some city services. The re-development could span the next 10 yrs as the site is already yielding. That is a big difference with a greenfield landbank. The rent reversal potential is huge as the rent/sqm is now EUR 35. WDP will redevelop for high-end logistic use like last-mile into BXL, also the multi-modal character is very interesting (Rail, Water, Air, Road). We like the brownfield strategy that favours the larger developers due to the complexity of these projects. WDP will present on KBCS Brownfield panel on 19/3 together with CTP, Montea and VGP. The current EPRA PE of 12x is too low.