Accelerated Bookbuild Offering
WDP
Kempen & Co acted as Joint Global Coordinator and Joint Bookrunner in the successful €200 million capital increase of Warehouses De Pauw
Transaction highlights
- Second capital increase via accelerated bookbuild offering (ABB) for Warehouses De Pauw (WDP) in the last two years, following the ABB of €200 million in November 2019
- The €200m transaction, representing c. 4% of the pre-deal outstanding share capital, priced at €29.25 per share, a 3.3% discount vs. the suspended share price on 3 February 2021 of €30.24
- The transaction was launched on the back of a selected market sounding exercise, covering a range of new investors and existing shareholders, which resulted in indications of demand covering the full deal size prior to launch
- Books were covered within 30 minutes and the final orderbook was multiple times oversubscribed, with the majority of newly issued shares allocated to long-only investors, including Real Estate specialists, from both Europe and the US
- WDP intends to use the net proceeds of the transaction to increase its financial purchasing power and strengthen its balance sheet. The net proceeds of the transaction will be used to finance the business plan 2019-23 of which the targets have recently been increased
Company description
- WDP is a Belgian real estate company specialising in industrial/logistics warehouses with properties located across Europe in Belgium, Netherlands, Luxembourg, Romania, France and Germany
- The company has been actively growing its portfolio over the past decade, allowing it to become a clear market leader in the logistics real estate sector
- WDP is currently on track with implementing its growth strategy targeting a portfolio of €6 billion by the end of its 2019-2023 growth plan
Kempen Real Estate credentials
- Kempen has advisedon 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 5th transaction as Global Coordinator on a WDP related ECM transaction in the last five years, following the €178 million capital increase in 2016, the €16 million secondary placement in 2017, the €38 million ABB in 2018, and the €200 million ABB in 2019
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