Warehouses De Pauw (WDP) announces that it has entered into an agreement with Van Maercke Immo France for the joint realization of 2 new projects in Northern France. WDP will invest €35 million in these 2 projects and double its total portfolio in France to 140,000 m². With these new projects the total intended WDP investment programme for 2007-2008 amounts to almost€ 100 million and 217,000 m².
After a successful first joint project of WDP and Van Maercke Immo France in Neuville-en-Ferrain in the north of France last year, WDP has signed a new agreement with Van Maercke Immo France. WDP will now acquire 2 new projects to the south of Lille, 12,000 m² in Seclin and 60,000 m² in Libercourt. The total investment for the 2 projects amounts to 35 million euros. WDP is planning a high quality new construction project for both sites that will be completed in the second semester of 2008. WDP will bear the initial risk of the construction of both properties but with a 3-month lease guarantee. The initial return on the investment on the sites will amount to 8.33% gross. For WDP this expansion in the Lille region means a doubling of its French portfolio to 140,000 m². With the investment amount of €35 million, the total WDP investment programme intended and to be executed for 2007-2008 amounts to almost €100 million and 217,000 m².
Source: WDP
