Property Week - April 2, 2009
Shareholders of closed-end real-estate investment company WDP have approved a proposal for the company to acquire three logistics sites from international courier DHL. The sites located in the axis between Breda in the Netherlands and Brussels have a total construction potential of 85,000 m2.
DHL will lease back the properties, making WDP the largest provider of real estate space to the firm in Belgium. WDP's shareholders also approved the issuance of 807,733 new shares at EUR 27.15 each to pay for the non-cash transaction.
The transaction will take the form of a merger and three partial de-mergers involving the new shares and the transfer of debt. This will result in a total investment value of EUR 29.7 mln for a gross initial return of 8.7%.
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