WDP

Sale of existing shares via club deal

€ 49.1 million
Joint Bookrunner
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WDP

Joint Bookrunner

Kempen & Co acted as Joint Bookrunner in the €49.1m sale of existing WDP shares via club deal following a contribution in kind

Transaction highlights

  • On 10 November, WDP announced the second closing of the acquisition of seven logistics real estate assets in Wallonia from Sedimmo and Sedis Logistics for a total consideration of approximately €120 million
  • The acquisition was financed via a phased contribution in kind, with the first phase (€67.5 million) realized on 14 September and the second phase (€52.8 million) on 10 November, leading to a doubling of WDP’s portfolio in Wallonia in 2022
  • Following the second closing, Kempen & Co sold 1,883,510 WDP shares for Sedimmo and Sedis Logistics, via a club deal, corresponding to c.0.9% of WDP’s market capitalization and c.3.9x the 6-month average daily trading volume of the WDP share
  • The shares were placed via market sounding with a very selective group of primarily Real Estate specialist investors at an issue price of €26.08 per share, thereby generating gross proceeds of €49.1 million for Sedimmo and Sedis Logistics
  • The sale price represented a limited discount of 2.0% and 1.7% compared to WDP’s closing price respectively two-day volume weighted average price ahead of transaction announcement
  • Even whilst reaching out to a very limited group of investors only, allocations were strongly scaled back on the back of demand exceeding the transaction size
  • More than 75% of the shares were placed with Real Estate long-only specialist investors, with two anchor investors taking >70% of the deal
  • In the two phases combined, Kempen & Co sold 4,041,510 shares for Sedimmo and Sedis Logistics, equivalent to c.2.1% of WDP’s market capitalization

About WDP

  • 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
  • The company has actively grown its portfolio over the past decade to €6.9 billion as per 30 September 2022
  • WDP is listed on Euronext Brussels and Euronext Amsterdam, with a pre-transaction market capitalization of €5.4 billion as of 9 November 2022

Kempen & Co Real Estate credentials 

  • 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 and the logistics sector in particular
  • The deal represents Kempen’s 8th transaction as Global Coordinator or Bookrunner on a WDP-related ECM transaction in the last seven 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, the €68 million secondary placement and the €300 million ABB in 2022

Contact

Thomas ten Hoedt
Birgit Brekelmans

Transactions