Pan-European logistics developer-investor WDP has agreed a €440 mln syndicated loan facility with a consortium of international banks as part of its green finance framework.
The loan will be structured as a euro-denominated bullet-type term loan with a 7-year tenor, maturing in early 2030.
Due to the pre-hedging instrument put in place in January 2022, the effective fixed interest rate on the loan amounts to 1.5%. The transaction is expected to close in mid-January 2023.
The lending consortium will be led by China Construction Bank as bookrunning mandated lead arranger and as agent.
Belgium-based WDP said the loan will strengthen its debt maturity and diversification profile at a time when financing has become more restrictive. The proceeds will be used to finance sustainable projects in the categories green buildings, renewable energy, energy efficiency, and clean transportation as defined in WDP’s green finance framework.
Mickael Van den Hauwe, CFO of WDP, commented: ‘The execution of WDP's business plan has always been based on solid and diversified financing. We are pleased by the strong support in this transaction which contributes to a more diversified debt book.
‘As a result of our prudent financial policy, which was reflected by both credit ratings, and the pre-hedging instrument put in place, we secured funding at attractive terms despite the current volatile environment with higher interest rates.’
WDP’s portfolio of semi-industrial and logistics buildings amounts to more than 6.5 million m², spread across Belgium, France, the Netherlands, Luxembourg, Germany, and Romania.