Warehouses De Pauw

Joint Global Coordinator and Joint Bookrunner

Van Lanschot Kempen acted as Joint Global Coordinator and Joint Bookrunner in the €300 million Accelerated Bookbuild Offering by Warehouses De Pauw (“WDP”)

Transaction highlights

Capital increase via an accelerated bookbuild offering of 12,116,317 new shares, corresponding to c.5.8% of the company’s outstanding shares prior to the capital increase, at an issue price of €24.76 per share, generating gross proceeds of €300 million for WDP
The issue price of €24.76 per share represented a discount of 2.98% compared to the share price immediately prior to suspension of trading on the launch day (€25.52 per share), representing the tightest discount in continental European real estate capital increases since March 2022. Therewith, WDP broke the only 1.5 week old pricing record set in Montea’s recent capital increase with Van Lanschot Kempen in a Global Coordinator role
The tight pricing resulted from a selective market sounding exercise with primarily real estate specialist investors, which provided demand indications well in excess of the target transaction size and allowed for guidance at launch that the transaction was expected to price at a discount between 0% and 3%
Prior to launch, reference shareholder Jos De Pauw Family had furthermore expressed its intention to submit an order of €30 million
The order book was covered within 15 minutes post launch and the final order book was almost five times subscribed for, with the majority of shares allocated to real estate specialist investors and existing shareholders
The net proceeds will primarily be used to finance a package of new investments of approximately €250 million at an average initial net rental yield of 9%, and in particular for: (i) investments in France and Germany to further develop into a pan-European logistics property platform; (ii) a high-yield acquisition of an urban logistics cluster in Romania; and (iii) additional proprietary developments in core markets Belgium and the Netherlands on top of the existing project pipeline of the company
We are proud to have received the vote of confidence from a valued long-standing client, further solidifying our reputation as a real estate specialist house

Company description

WDP is a Belgian real estate company specializing in industrial/logistics warehouses with properties located across Europe in Belgium, the Netherlands, France, Romania, Luxembourg and Germany
Over the past decade, the company has actively grown its portfolio to €6.6 billion in GAV with c.7.1 million sqm of warehouse space, as of 30 September 2023
WDP is listed on Euronext Brussels and Euronext Amsterdam, and is part of the BEL® ESG Index

Background Van Lanschot Kempen European Real Estate

The deal represents Van Lanschot Kempen’s ninth transaction as Global Coordinator or Bookrunner on a WDP-related ECM transaction in the last seven years, following more than €1 billion of capital increases and secondary placements in the share since 2016. Moreover, this capital increase marks Van Lanschot Kempen’s seventeenth logistics real estate transaction since 2020. The aggregated deal volume since, amounts to c.€5.3 billion, among which:

€1.2 billion public takeover of Deutsche Industrie REIT-AG by CTP, advising CTP

€948 million initial public offering of CTP

€625 million green loan raise by DHG

€500 million of accelerated bookbuild offerings by WDP

€480 million of capital increases by Tritax EuroBox

SEK 4.9 billion of capital increases by Catena

€126 million of accelerated bookbuild offering by Montea

Contacts

Warehouses De Pauw

Transaction highlights

Company description

Background Van Lanschot Kempen European Real Estate

Contacts

Thomas ten Hoedt

Birgit Brekelmans

Ronald Evers