Warehouses De Pauw Double deal with Kris de Leeneer for EUR 60m

WDP announced a EUR 60m real estate deal in partnership with logistics service provider Kris De Leeneer (KDL). The deal includes the development of a new sustainable warehouse of around 18k sqm and the sale-and-leaseback of KDL's existing automated high bay facility of around 25k sqm in the Lokeren E17 industrial park. Additionally, a temporary lease in Zele will bridge the development period of the new project. This integrated transaction solidifies WDP's presence in this highly connected industrial park. The investment budget amounts to approximately EUR 60m, with the projected yield. We estimate yield between 6-7%, but notice the relative high value/sqm of approx. 1400/sqm. This is a reflection of the automation level and height of the projects. The transaction is expected to be completed in 2H25, subject to permit. WDP has recovered from recent lows, despite the current tariff mayhem as it executes on track with its Blend27 targets.