Moody's Ratings (Moody's) has today assigned a provisional (P)A3 senior unsecured rating to the Euro Medium-Term Note (EMTN) programme proposed by Warehouses De Pauw NV/SA (WDP or the company, A3 stable). We expect to assign a definitive A3 rating to the €500 million green notes to be issued under t...
Belgian telcos: Digi launches new mobile offer at €7 per month with 30GB D'Ieteren: Belgium Sept car registration, Febiac cuts 2025 outlook to 405-410k new cars Dutch insurance: Achmea Sixth Steet JV done, new entrant for buyouts for ASR and NN Heijmans: I'm a steamroller baby Prosus: Just Eat Takeaway offer unconditional WDP: €22m investment in Romania
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...
In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...
Over the past month, the EPRA BELUX index has underperformed (total return) the EPRA Developed Europe index by 3.2%, the STOXX50 by 5.4%, and the BEL20 by 3.6%. This underperformance relative to the EPRA Developed Europe Index can be attributed to the stronger performance of UK real estate compared to eurodenominated stocks, as UK equities led the recovery following a selloff in August. Additionally, the BELUX region had already posted strong year-to-date performance, which limited further upsid...
Moody's upgraded WDP's long-term issuer rating to A3 from Baa1 with a stable outlook. This reflects its solid operating performance and prudent financial policy. We expect WDP to end FY25 with an LTV around 40% and a Net Debt to EBITDA around 7.3x. The average cost of debt now stands at 2.3%. This will increase gradually as new investments and debt maturities kick in. However, a better debt rating will slow the increase. We estimate this can reduce borrowing costs by 20-30 bps as the company now...
Moody's Ratings (Moody's) has today upgraded Warehouses de Pauw NV/SA's (WDP's) long-term issuer rating to A3 from Baa1. The outlook has been changed to stable from positive. "The rating upgrade reflects WDP's gradual business profile improvements of its logistic real estate portfolio over the las...
Last week’s EPRA conference provided cautious optimism on listed European real estate. The segment offers a mix of risks and opportunities, with discounted valuations presenting attractive entry points. We downgrade Care Property Invest (Underperform vs Neutral, TP €12 vs €13.5); we lower our TPs for British Land, Landsec, Shurgard, and Xior Student Housing; we raise our TPs for URW, Wereldhave and VGP. In conclusion we favour logistics, retail, Spain, and CEE for growth, and Switzerland remains...
Melexis: update on the share buy-back program Press release - Regulated Information Ieper, Belgium – 22 September 2025, 17.45 hrs CET Further to the initiation of the share buy-back program announced on 10 December 2024, Melexis reports the purchase of 14,249 Melexis shares on Euronext Brussels in the period from 15 to 19 September 2025. Trade dateTotal shares purchasedAverage price (€)Min price (€)Max price (€)Buyback amount (€)15/9/20253,00064.8364.8065.00194,50216/9/20254,00064.6464.4565.00258,58017/9/20255,00064.0163.3064.50320,03418/9/202559164.6764.4565.0038,21719/9/20251,65864.68...
Melexis: update over het aandeleninkoopprogramma Persbericht - Gereglementeerde informatie Ieper, België – 22 september 2025, 17.45 uur CET Naar aanleiding van het aandeleninkoopprogramma dat op 10 december 2024 werd aangekondigd, maakt Melexis bekend dat er 14.249 eigen aandelen ingekocht werden op Euronext Brussel tussen 15 en 19 september 2025. InkoopdatumAantal verworven aandelenGemiddelde prijs (€)Laagste prijs (€)Hoogste prijs (€)Aankoop bedrag (€)15/9/20253.00064,8364,8065,00194.50216/9/20254.00064,6464,4565,00258.58017/9/20255.00064,0163,3064,50320.03418/9/202559164,6764,4565,00...
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