Warehouses De Pauw Conference call feedback, confident on execution
The tone in the call is cautious optimistic on the targets of the Blend27 program. The company stays focused on its 5 countries. In The Netherlands it is slow due to grid limitations. In France they have established a position and work on extending it. In Germany, prices and opportunities in the right regions have not occurred. Romania has just announced a development and acquired 400k sqm land. In Belgium, the Amazon €1bn will be spread over multiple investments and WDP is looking at the Audi approx. 60Ha site in Vorst (BXL). WDP repeated it has enough auto-finance, stock dividend and CiK potential to add an annual base-volume of €500m to its portfolio. If something bigger comes along, they look at the merits on EPS accretion. The recent Moody upgrade gives it a slight edge against lower rated competitors. We believe “boring is good” in the current market, you see what you get.Warehouses De Pauw and its subsidiaries are engaged in investment in the Belgian semi-industrial property market. Co. is a closed-end property investment company which specializes in: development of storage and distribution premises; customized projects in line with the user's request; acquiring premises for customers who wish to engage in sale and leaseback transactions.
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