Kempen acted as Joint Global Coordinator and Joint Bookrunner in the successful €200 million capital increase of Warehouses De Pauw
This transaction marks the first ever Accelerated Bookbuild Offering for a Belgian GVV (Gereglementeerde Vastgoed Vennootschap) following implementation of new legislation earlier this year
The transaction represents a c. 5% increase in share capital, and was placed at a discount of only 1% to last price prior to suspension of trading, while the company was trading at a 101% premium to EPRA Net Asset Value
The transaction was launched on the back of a limited wall-crossing exercise, covering a range of new and existing investors who provided indications in excess of the full deal size
The orderbook was multiple times covered and the majority was allocated to long-only real estate investors from both the US and Europe
WDP intends to use the net proceeds from the capital increase to finance its existing committed investment pipeline, thereby maintaining its financial strategy to match property investments by simultaneous issuance of capital
WDP is a Belgian real estate company specialised in industrial/logistics warehouses with properties located across Europe. The company has been actively growing its portfolio over the past decade, allowing it to become a market leader in the sector, with activities in Belgium, the Netherlands, Luxembourg, France, and Romania.WDP is currently on track with implementing its €1.5 billion growth strategy and expects to reach the 500 million euro threshold in the first year of its 2019-2023 growth plan.
Kempen Real Estate credentials
Kempen has advised on Real Estate transactions in 13 different countries in Europe since 2017. This transaction underpins our #1 position in European Real Estate ECM since 2011. The deal represents Kempen’s 7th real estate ECM transaction for the year, including deals with Vonovia, Arima and Aedifica, totaling €1.9 billion.