WDP

Accelerated Bookbuild Offering

€ 300 million
Joint Global Coordinator & Joint Bookrunner
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WDP

Joint Global Coordinator & Joint Bookrunner

Kempen & Co acted as Joint Global Coordinator and Joint Bookrunner in the €300 million Accelerated Bookbuild Offering of WDP

Transaction highlights

  • Capital increase via an accelerated bookbuilding of 12,931,035 new shares, corresponding to 6.8% of the company’s outstanding capital prior to the capital increase, at an issue price of €23.20 per share, generating gross proceeds of €300 million for Warehouses De Pauw (WDP)
  • The issue price of €23.20 per share represented a discount of 5.9% compared to the price of the WDP share immediately prior to suspension of trading on the launch day (€24.66 per share), and a premium of 5.5% to the 30 September EPRA NTA (€22.00 per share) reported earlier that day 
  • The transaction was launched on the back of a selective market sounding exercise, which resulted in indications of interest in excess of the total deal size prior to launch
  • The order book was covered within 30 minutes post launch and the final order book was almost three times covered, with the majority of shares allocated to existing long-only shareholders and real estate specialist investors from continental Europe, the United Kingdom and the United States
  • Prior to launch, reference shareholder Jos De Pauw Family had expressed its intention to submit an order of €20 million, which was, as the total demand for the new shares was substantially greater than the envisaged transaction size, partially allocated in line with other long-only investors
  • WDP intends to use the proceeds to: (i) finance the accelerated realisation of its Energy as a Business strategy on top of the execution of its pipeline of pre-let real estate projects; (ii) maintain the current robust and liquid balance sheet in a volatile macroeconomic environment and rising interest rate climate, including a changed credit cycle; and (iii) have capacity to respond to investment opportunities in the current challenging environment

About Warehouses De Pauw

  • 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 €4.8 billion as of 18 October 2022

Kempen & Co Real Estate credentials 

  • Kempen & Co 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

Contact

Thomas ten Hoedt
Birgit Brekelmans

Transactions