Closed-end real estate investment company WDP (Euronext: WDP) has signed an agreement with Immo Weversstraat nv, subject to a number of customary closing conditions, for the acquisition of a site in Londerzeel for 3.4 million.
The acquisition is taking place through a partial split and payment via the issue of new WDP shares. It concerns a 30,000 m² strategic site with direct access to the A12.
Strengthening the strategic position along the A12
The acquisition of the property in Londerzeel encompasses an old industrial site with approximately 10,000 m² of built surface on a total land area of approximately 30,000 m². The site is currently let to Crown-Baele nv, a manufacturer of bottling machines, for a remaining lease term of one year at an annual rent of 300,000.
After expiry of the short-term lease, WDP aims to demolish the old buildings, remediate the site, and start its redevelopment through the construction of a modern logistics complex - dependent on leasing opportunities.
WDP and Immo Weversstraat nv will present the split proposal today, July 23, 2012, to the Clerk of the Commercial Court. The partial split is subject to a number of customary closing conditions, and the approval of the WDP shareholders.
The extraordinary general meeting (EGM) of WDP is expected to take place on September 4, 2012. If the attendance quorum is not reached, a second EGM, expected on September 21, 2012, will decide on the partial split.