Warehouses De Pauw Asset rotation deal from Liège (BE) to Le Havre (FR)

WDP started 2026 well with the acquisition of a prime logistics site in the Port of Le Havre, France's main container terminal, for €58m. At the same time, WDP disposed of a vacant asset in Liège (Airport), Belgium, generating €35m. Both are on long term concession land. The Le Havre site includes two Grade A logistics buildings (65k sqm) and a 40k sqm container yard, fully let to Seafrigo under a triple net lease until 2033. This investment yields a 6.0% NOI and strengthens WDP's critical mass in France with multimodal access. The vacant asset in Liège was sold to an end-user in the logistics sector. That area was well covered by other logistic end-users and became hard to let. We believe WDP generated a high single digit FV gain on the sale. This “asset rotation” will also reduce vacancy as a vacant building returns are invested in a fully let. WDP CEO will present on the EPRA Insight panel this evening at 18h30. We consider WDP a top-pick for 2026.