The Belgian logistics developer WDP, locally present through WDP Development Ro, acquired an area of approximately 130,000 square meters of real estate, consisting of both new projects and customer acquisitions, following an investment totaling about 75 million euros.
Belgian developer of industrial and logistics projects WdP, one of the largest players on the Romanian market, will build two new warehouses near Bucharest, in Stefanestii de Jos, with a total area of approximately 80,000 square meters, of which one a 58,000-square-meter building that will be completed in stages by the beginning of 2020 and will be occupied by the Metro retailer for 10 years.
The second building ready for construction, delivered in the second quarter of 2019, is a distribution center of about 22,000 square meters which will be leased for 10 years by the LPP clothing retailer. In the same area they rented Decathlon and Carrefour. For these projects, an investment budget of around 43 million euros is foreseen.
In parallel, WdP acquired an existing warehouse in the logistics park in Cluj-Napoca with an area of approximately 33,000 square meters, working with the Profi supermarket chain, WdP becoming the owner of the entire logistics park, nearly 70,000 square meters.
The investment budget for this acquisition is about 22 million euros. WdP will build a new warehouse in Buzau for the Ursus Breweries breweries, about 20,000 square meters, near the existing beer factories, rented for ten years. The investment budget is in this case about 10 million euros. After the completion of this new investment package, the total value of the real estate portfolio will reach about 450 million euros, close to 500 million euros (15% of the total portfolio of WdP) by the end of 2019.
WdP took over a logistics park in Timisoara, with an investment of about 21 million euros. The park is leased to several companies, including Procter & Gamble. Thus, WdP has reached a portfolio of 19 projects in Romania with a leasable area of 434,000 square meters, fully occupied.
The Belgian investor is developing in Romania projects totaling 114,600 square meters, given that it has more than 3,2 million square meters of land for future projects.
The market value of the land and the 19 projects in Romania is 337.7 million euros, or 12% of the portfolio owned by WdP in Europe. Completed projects in Romania are valued at 231.5 million euros, while projects under development are worth almost 60 million euros. The land is valued at 46.7 million euros. WDP is one of the leading Belgian players in the industrial and semi-industrial property market, being controlled by the DePauw family, with Tony De Pauw as CEO, with a fortune estimated at 423.7 million euros.