Warehouses De Pauw Expansion in the Benelux, Luxembourg doubles, MSCI noise
This morning, WDP announced 2 (3 sites) acquisitions in Benelux. WDP acquired two multi-tenant sites in Luxembourg and a distribution center in Courcelles, Belgium for approx. 90k sqm of GLA. The investment is EUR 122m, generating an expected 6.3% NOI yield. The acquisitions include the "Site Industriel" in Hautcharage (LU), with 40k sqm GLA, and the Foetz (LU) site with 17k sqm GLA. In Courcelles (BE), WDP acquired a 30k sqm distribution center. These investments will double its position in Luxembourg. After recent big acquisitions in Bollène (FR, 315m,) and a brownfield in Vilvoorde (BE, 100m), WDP adds to its Blend27 strategy with selective acquisitions. The recent results presentation already indicated >1.5m sqm of additional GLA over FY24-27. This comes on top at a relatively interesting yield. We believe the share price has been suffering from noise on the MSCI Developed Europe. This will play out tomorrow. After that, the market should refocus on the valuation and start speculating on a re-entry. We believe that most ETF's will not sell WDP, thanks to a broader selection.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.