Warehouses De Pauw (WDP), a leading Belgian real estate investment trust (REIT) specializing in logistics and industrial properties, reported record financial and operational results for 2024, reinforcing its position as a key player in the European logistics market. The company invested €1 billion, including a major expansion in France, strategically aligning with market conditions. Structural changes have also been implemented to support WDP’s goal of building a €10 billion real estate portfolio, setting a strong foundation for its 2027 objectives. The company sees a positive shift in rental market dynamics at the start of 2025, positioning it for further growth.

WDP’s EPRA earnings increased by 15% year-on-year to €333.7 million, driven by pre-leased projects, acquisitions, and organic growth of 2.6%. The occupancy rate remained high at 98%, with 500,000 m² of lease agreements renegotiated, achieving an average rental increase of 12%. A positive revaluation of the portfolio added €154.9 million to equity value, while the return on equity grew by 10%, reinforcing the company’s ability to generate profitable long-term growth.

The company’s strong financial position, with a loan-to-value ratio of 38% and €1.7 billion in unused credit lines, allows it to seize new investment opportunities. WDP currently manages a high-quality, diversified real estate portfolio worth €8 billion, consisting of logistics and industrial warehouses in key European locations. With an additional €1.1 billion in ongoing developments, WDP is well-positioned for future expansion.

WDP is expanding its presence in Romania, where it owns a €1.5 billion logistics portfolio, covering 1.95 million m² across 79 strategic locations. In a significant development, WDP has acquired its Romanian partner’s 15% stake, securing full ownership while retaining its Country Manager to oversee operations. Romania continues to be a key market, with strong growth potential.

The company has also secured a €250 million financing package from the European Investment Bank (EIB) to fund renewable energy projects, including solar panel installations, battery storage, and EV charging infrastructure. Additionally, WDP obtained a €300 million green loan from the International Finance Corporation (IFC) to support new sustainable logistics developments in Romania, with an interest margin linked to WDP’s sustainability targets.

Looking ahead, WDP confirms its 2027 goal of reaching €1.70 EPRA earnings per share. For 2025, EPRA earnings are expected to grow by 7% to €1.53 per share, with an estimated dividend of €1.23 per share, payable in 2026. With its strong market positioning and commitment to sustainability, WDP remains focused on delivering long-term value to shareholders and clients.

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