Warehouses De Pauw Conference Call Feedback
The call started with a pre-recorded message from the CEO and also added a section on the macro situation. At the 3Q24, the company explained that reletting had slowed. Now this situation has stabilised and the retention rate has returned to normal levels. The rental market is recovering, but mainly for smaller units. The conference call also zoomed in on the lease break in Timisoara (ROM) that added 11m to the GRI, but also cut the pre-let level significantly. The project is still in development, but Ericsson apparently decided to pay a lease break-up fee of EUR 17m on a 30m investment. WDP is confident it can let the project by 2Q26. Overall, a confident call that should ease the macro fears and MSCI noise as the underlying fundamentals of an active logistics investor/developer remain intact.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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