European logistics property specialist WDP has raised €300 mln through a capital increase to fund new acquisitions.
The transaction, which saw WDP place over 12 million new shares or around 5.8% of its capital prior to the capital Increase, was carried out at an issue price of 24.76 euros per share representing a discount of 2.98% compared to the last price on Wednesday, November 29, 2023.
The company will use the net proceeds largely to finance a package of new investments of €250 mln with an average net rental yield of 9%, in France and Germany as well as the purchase of an urban logistics cluster in Romania, and the funding of additional own developments in the core markets of Belgium and the Netherlands.
'In the current climate of a significantly increased cost of capital, we are convinced that equity funding is the most useful source of financing. Thanks to this capital increase, we can count on a further strengthening of our financial position, as a basis for future growth and structural progress in earnings per share. We are grateful to our shareholders and new investors. The success of the transaction with a demand that was almost five times higher confirms their confidence in WDP and its future prospects,' commented CFO Mickael Van den Hauwe.