Sale of existing shares via club deal

€ 61.5 million
Joint Bookrunner
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WDP

Joint Bookrunner

Kempen & Co acted as Joint Bookrunner in the €61.5m sale of existing WDP shares via club deal following a contribution in kind

Transaction highlights

  • On 14 September, WDP announced the acquisition of seven logistics real estate assets in Wallonia from Sedimmo for a total consideration of approximately €120m. The acquisition was financed via a phased contribution in kind, with the first phase (€68m) realized on 14 September, and will lead to a doubling of WDP’s portfolio in Wallonia in 2022 
  • Following that announcement, Kempen & Co sold 2,158,000 WDP shares for Sedimmo via a club deal, corresponding to c.1.1% of WDP’s market capitalization
  • The shares were placed with a very selective group of primarily Real Estate specialist investors at an issue price of €28.50 per share, thereby generating proceeds of €61.5 million for Sedimmo
  • The  sale  price represented a  limited discount  of 2.0%  compared  to  the closing price of the WDP share ahead of transaction announcement, despite very volatile market circumstances on the back of global inflation and interest rate hike concerns  
  • Kempen & Co brought in a specialist anchor investor which took more than 40% of the deal
  • More than 90% of the shares were placed with Real Estate specialist investors

About WDP

  • WDP is a real estate company specialising in semi-industrial and logistics buildings with 270 sites located across Europe in Belgium, the Netherlands, Luxembourg, Romania, France and Germany
  • With its FY 2021 results in January, WDP introduced its growth plan 2022-25, targeting an annual increase in EPRA EPS of 8% as well as €2 billion of portfolio growth, thereby aiming to get to a portfolio of €8 billion by 2025
  • WDP has a €5.4 billion market capitalization and is listed on Euronext Brussels and Euronext Amsterdam

Kempen & Co's 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
  • The deal represents Kempen’s 6th transaction as Global Coordinator or Bookrunner on a WDP related ECM transaction in the last six 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

Contact

Thomas ten Hoedt
Birgit Brekelmans

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