Belgian closed-end investment fund WDP has signed a letter of intent with Wereldhave to acquire a logistics portfolio in the Netherlands for EUR 42 mln. The acquisition, which is subject to a number of conditions, covers six logistics sites, five of which leased to DHL Express with an average of three years to first expiry option date. A sixth site in Alphen aan de Rijn is leased with a 9.5-year rental agreement to Iron Mountain.

The properties are mainly located in the Randstad conurbation, including the cities of Alkmaar, Amsterdam, Amersfoort, Utrecht and Rosendaal, and generate a total yearly income of over EUR 4 mln.

The acquisition, which is part of WDP's new growth plan launched in mid-February, increases WDP's portfolio in The Netherlands by 25%, representing a total value of EUR 200 mln.

'This acquisition means a significant strengthening of our presence in the Dutch market, where we aim to grow further and become a reference player. Having achieved FBI status at end-2010 and expanded our commercial team, this transaction is a new accelerator to our growth in the Netherlands,' said WDP's CEO, Joost Uwents.

As part of its growth strategy, WDP aims to boost net current results per share by 20% between now and end-2013. WDP said the deal increased its gearing by less than 2% to 57%, allowing the company to grow further with own developments. Uwents: 'As well as developing the potential of our existing portfolio and the CO2 investment plan, acquisitions are a third pillar of our plan to achieve further growth.'