Closed-end real estate investment company Warehouses De Pauw will start developing its portfolio in Romania early this year. The move follows a EUR 75 mln finance agreement concluded between WDP and the EIB (European Investment Bank) to finance the Romanian development.

WDP will use the EIB financing for the development of logistics and industrial centres on its sites in Romania. WDP has already concluded a first lease contract with the Italian division of the German company Röchling-Automotive, AG&Co for the construction of 5,000 m2 for its new Romanian home base on the WDP site in Oarja (Pitesti).

In 2007 WDP opted for Romania as a future market for further development in addition to its home market (Benelux and France). WDP launched its 51% subsidiary WDP Development RO in a joint venture with real-estate specialist Jeroen Biermans.

Over the last three years WDP Development RO purchased 10 sites, comprising a total surface area of almost 850,000 m2. The sites are situated at three different axes in the vicinity of Bucharest, along the roads to Constanta, Pitesti and Ploiesti.

WDP CEO Joost Uwents: 'We are very happy to take off and start developing our portfolio in Romania. We opted for Romania in 2007 because of its outstanding growth potential. Because of the economic circumstances of recent years we approached the market rather cautiously and opted to
sign lease contracts before starting construction. With this first project for Röchling and the finance agreement with the EIB we can now start our development in Romania, where we will very soon dispose of this first reference, which will enable us to accelerate our future developments in the
country.'

WDP constructs, develops and lets semi-industrial and logistics property (warehouses and offices) and has more than 1.2 million m² of property in its portfolio.