WDP

• Capital increase via Accelerated Bookbuild Offering of 20,618,556 new shares, corresponding to approximately 8.5% of the company’s outstanding shares prior to the capital increase. The new shares will be entitled to earnings and dividend for the 2026 financial year, payable in May 2027.
• The issue price of €19.40 per share represented a discount of 4.7% compared to the last available share price prior to announcement of the offer.
• The order book was more than five times oversubscribed, with the majority of shares allocated to real estate specialist investors and existing shareholders.
• The company intends to use the net proceeds to accelerate investments beyond its approximately €500 million annual self-financing capacity across three uses: (i) a newly identified €265 million investment package at a 7.2% NOI yield, comprising €75 million of investments in the Rhine-Ruhr region and northern Germany, €60 million for the inaugural investments of the Italian platform in Lombardy, including Milan’s key logistics corridor, and €130 million of four pre-let developments across the core markets of the Benelux and Romania; (ii) €160 million of land positions secured year-to-date, with incremental development capex of approximately €300 million; and (iii) supporting a strong financial starting position ahead of the proposed combination with ARGAN, preserving the enlarged €13 billion platform's top-tier balance sheet, ample liquidity and financial flexibility from day one.
• We are proud to continue our long-standing relationship with WDP. We are also acting as financial adviser on the company's proposed transformational merger with ARGAN, creating a leading €13 billion European logistics real estate platform.

WDP is a leading European logistics real estate platform that develops, owns and manages logistics assets across Belgium, the Netherlands, France, Luxembourg, Germany and Romania, with a growing presence in Spain and Italy. As of 30 June 2026, WDP's portfolio was valued at approximately €9 billion and comprised 9 million m² across around 350 sites. WDP is listed on Euronext Brussels (BEL20) and Euronext Amsterdam (AEX). In July 2026, WDP announced a proposed friendly all-share cross-border merger with ARGAN, creating the largest listed Western European logistics real estate platform with a combined portfolio exceeding €13 billion. Van Lanschot Kempen is acting as financial adviser to WDP on the proposed transaction.

Van Lanschot Kempen has maintained a long-standing relationship with WDP, having acted as Joint Global Coordinator and Joint Bookrunner on six equity offerings since 2016, raising €1.6 billion in equity. We are also acting as financial adviser to WDP on its proposed transformational merger with ARGAN. Moreover, this capital increase adds to Van Lanschot Kempen’s list of achievements in the European Real Estate sector, among which:

 

• €13 billion proposed merger of WDP and ARGAN, advising WDP
• €768 million Accelerated Bookbuild Offering by MERLIN Properties
• SEK 2.8 billion Accelerated Bookbuild Offering by Catena
• €186 million Accelerated Bookbuild Offering by TAG Immobilien AG
• SEK 1.0 billion Accelerated Bookbuild Offering by Cibus
• €300 million Green Bond issuance by Amvest
• €508 million acquisition of Forum Estates by Cibus, advising Cibus
• €1.3 billion Reverse Merger by Vastned Retail with Vastned Belgium, advising Vastned Retail