Warehouses De Pauw WDP announces 32k sqm development in Bucharest
WDP announced a new 32k sqm distribution center in WDP Park Bucharest – ?tefane?ti for FAN Courier Group. This marks the completion of the first phase in its largest logistics park. WDP invests around €22m for a 10-year lease. We estimate a YoC of around 8.5% (NOI), close to its 9% target in Romania. This facility will support FAN Courier's parcel operations and further establish ?tefane?ti as a logistics hub. The park now offers over 400k sqm GLA. WDP plans to expand further in this area, using its nearby land options for further development. It is well located in the North of Bucharest and close to the ring road. We welcome this development announcement as a counter balance to the acquisitions that have been announced, mainly in France. Romania has normal vacancy level of 5.1% and grew 7.2% last year to 8.0m GLA. We like the cautious development strategy with high pre-let% and cheap multiple of 13.8x EPRA EPS.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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