WDP

Joint Bookrunner

Kempen & Co acted as Joint Bookrunner in the €61.5m sale of existing WDP shares via club deal following a contribution in kind

On 14 September, WDP announced the acquisition of seven logistics real estate assets in Wallonia from Sedimmo for a total consideration of approximately €120m. The acquisition was financed via a phased contribution in kind, with the first phase (€68m) realized on 14 September, and will lead to a doubling of WDP’s portfolio in Wallonia in 2022
Following that announcement, Kempen & Co sold 2,158,000 WDP shares for Sedimmo via a club deal, corresponding to c.1.1% of WDP’s market capitalization
The shares were placed with a very selective group of primarily Real Estate specialist investors at an issue price of €28.50 per share, thereby generating proceeds of €61.5 million for Sedimmo
The sale price represented a limited discount of 2.0% compared to the closing price of the WDP share ahead of transaction announcement, despite very volatile market circumstances on the back of global inflation and interest rate hike concerns
Kempen & Co brought in a specialist anchor investor which took more than 40% of the deal
More than 90% of the shares were placed with Real Estate specialist investors

WDP is a real estate company specialising in semi-industrial and logistics buildings with 270 sites located across Europe in Belgium, the Netherlands, Luxembourg, Romania, France and Germany
With its FY 2021 results in January, WDP introduced its growth plan 2022-25, targeting an annual increase in EPRA EPS of 8% as well as €2 billion of portfolio growth, thereby aiming to get to a portfolio of €8 billion by 2025
WDP has a €5.4 billion market capitalization and is listed on Euronext Brussels and Euronext Amsterdam

Kempen has advised on Real Estate transactions in 15 different countries in Europe over the last 5 years
This transaction underpins our leading position in European Real Estate ECM since 2011
The deal represents Kempen’s 6th transaction as Global Coordinator or Bookrunner on a WDP related ECM transaction in the last six years, following the €178 million capital increase in 2016, the €16 million secondary placement in 2017, the €38 million ABB in 2018, the €200 million ABBs in 2019 and 2021