Monday, February 02, 2009

DHL Enters EUR 30 Million Sale Leaseback of Three Logistics Properties in Belgium

PropertyEU - January 30, 2009

Warehousing group WDP has expanded its Belgian portfolio with the acquisition of three logistics sites from DHL's parent company Deutsche Post for a total of nearly EUR 30 mln. The all-share transaction reflects a gross yield of 8.7%. The sites, with a total area of 85,000 m2, will be leased back by DHL, WDP said on Thursday.

The transaction will take the form of a merger and three partial de-mergers whereby WDP will issue shares for an amount of nearly EUR 22 mln and will be transferred debt of EUR 8 mln. The deal is due for completion in the first quarter of 2009.

The assets consist of the Belgian 33,000 m2 head office of DHL Exel Supply Chain in Mechelen, a site of 33,923 m2 leased with a five- to nine-year contract and a 19,000 m2 site in Meer. The total rent amounts to EUR 2.7 mln per year. Sphere: Related Content

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