On June 7, 2013, closed-end real estate investment company WDP acquired 100% of the shares in the real estate investment companies holding the rights to an existing logistic site of about 75,000 m², for a total investment value
of €46 million.
The entire logistic site, strategically located in the Cargovil industrial zone in Vilvoorde, is leased out in full to Carrefour. This acquisition supports WDP in its goal of expanding its existing portfolio by 50%, as set out in its recently announced 2013-16 growth plan.
Multiple sites in the strategically located Cargovil industrial zone in Vilvoorde have long been part of WDP's diversified portfolio. Prior to this transaction, WDP already owned three properties in the Havendoklaan, totalling more than 30,000 m² in logistic premises.
On Friday 7 June 2013, WDP concluded a deal with Commerz Real, a German real estate investment fund, in which it acquired 100% of the shares in the real estate companies holding the rights to an existing 75,000 m² logistic site comprising thirteen warehouses on a 145,000 m² plot of land.
The entire site is rented out to Carrefour with respect to the organisation of the logistics for its non-food activities. The Cargovil zone is easily accessible, making it an excellent multimodal location conveniently positioned near a container terminal, canal, motorways and Brussels Airport.
The deal consists of WDP acquiring all shares in two Commerz Real real estate companies that together hold the rights in rem to the site. The price paid for the shares is based on a total investment value of the real estate held by these companies of €46.1 million.
The lease with Carrefour runs until the end of 2018 (with a break option for the tenant at the end of 2015). The annual rental income is approximately €3.7 million, which implies an initial gross rental yield of 8.0%. WDP financed the deal from available credit facilities.
“We are delighted to further consolidate our position in our historic home market via this complementary site located on a multimodal logistic hub,” said WDP CEO Joost Uwents, adding that “With this acquisition, WDP is creating a unique logistic site covering more than 100,000 m² , just north of Brussels.”