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Nov 2018
Joint Bookrunner
€ 45.0 million
Accelerated Bookbuild Offering


Joint Bookrunner

Kempen acted as Joint Bookrunner in the successful €45 million capital increase of WDP

Transaction highlights

  • The successful placement of 292,827 shares in WDP raised €34m in proceeds for the reference shareholder, the Jos De Pauw Family. The shares were placed at €115.00 per share representing a 3% discount to the last share price prior to launch and an 81% premium to EPRA NAV
  • The €34m placement marks a first step in the transaction for the (indirect) contribution in kind of three new projects in the Netherlands, specifically the preleased project in Veghel (two phases) and the partially preleased project in Tiel, both for Kuehne + Nagel, as well as the preleased project in Bleiswijk for Konings-Zuivel, which will result in a strengthening of WDP shareholders’ equity totalling approx. €45 million by way of a contribution in kind of the claim arising from completion of these projects
  • The orderbook was well oversubscribed and was supported by strong demand from long only investors
  • The top 10 investors in the book taking up over 86% of the placement
  • Allocations were significantly skewed towards dedicated real estate funds and supporting long only accounts

Company description

  • WDP is a Belgian real estate company specializing in industrial/logistics warehouses with properties located across Europe
  • WDP has been actively growing its portfolio over the past decade, allowing it to become a market leader in the sector
  • WDP is currently on track with implementing its growth strategy in which they have committed over €900m in investments out of the €1,250m planned for 2020

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