Warehouses De Pauw SA Overview
WDP is one of continental Europe's largest listed specialists in logistics and semi-industrial real estate. It is an owner-developer of essential supply-chain infrastructure, with an €8.7bn portfolio concentrated in the Benelux "logistics gateway". It holds growing positions in France and Germany and a dominant platform in Romania.
The model is built on long-term, CPI-indexed leases with a diversified client base. Growth is driven largely by pre-let development on proprietary land banks, and the company runs an unusually lean, family-anchored operating culture: an operating margin above 90% and about 145 staff.
WDP frames itself as a "net investor with execution power" that compounds EPRA earnings per share through a multi-driver approach. That approach combines indexation, reversion, development, value-add acquisitions and on-site energy (solar and batteries).
The company holds a Moody's A3 rating and targets more than €2.00 EPRA EPS by 2030. Its proposed all-share merger with France's ARGAN, announced in July 2026, would create a €13bn+ pan-European logistics REIT. ING describes the combined group as the sector's number three behind Prologis and CTP.
Company's own description
WDP's investor materials describe the company as a "net investor with execution power" offering an "irreplicable portfolio" and an "attractive risk/reward profile" (H1 2026 investor presentation). Its standard boilerplate describes a high-quality, diversified portfolio of "essential supply chain infrastructure" in Belgium, the Netherlands, France, Luxembourg, Germany and Romania.
The 2025 Annual Report is titled "Disciplined growth: What matters, delivered". Management characterises 2025 as the year of executing a fully funded pipeline and strong leasing, while extending growth ambitions to 2030 on the back of top-tier credit quality and self-financing capacity.
Business model
WDP generates almost all of its revenue from rental income on logistics and semi-industrial buildings. It has four supporting value levers:
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Pre-let development (build-to-suit). WDP develops warehouses on its own land reserves or acquired land, typically fully pre-let before or during construction. In H1 2026 it delivered projects at a 6.7% NOI yield. The development pipeline was more than 80% pre-let at year-end 2025.
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Acquisitions. These are selective core, core-plus and value-add purchases, including sale-and-leasebacks and contributions in kind paid in WDP shares. Recent examples are two Le Havre port buildings bought from AG Real Estate for €58M (January 2026) and a 100,000 m² land reserve at Zwijndrecht contributed in kind (September 2026).
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Organic rental growth. Leases are CPI-indexed and capture reversion on renewals. Like-for-like growth was 2.6% in 2024 with +12% rental uplift on about 500,000 m² reviewed (FY2024). It was 1.6% in H1 2026, with guidance of about 2% for FY2026.
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Energy solutions. These are rooftop solar PV, batteries and heat-pump installations sold to tenants or the grid. Third-party commentary describes this as an emerging second income stream (De Belegger, 2025).
Revenue model mix
| Revenue type | Approximate share | Comment |
|---|---|---|
| Rental income (leases) | Large majority | Long, indexed leases with high occupancy (97.2% at H1 2026) |
| Energy income (solar/battery) | Minority; exact share n/d | Reported within property result |
| Service charges / recoveries | Pass-through | Not a margin driver |
| Licensing / subscription | — | Not applicable |
The FY2025 annual report shows total revenues of €451.76M (financialfilings.com summary of the annual report filed 31 March 2026). H1 2026 rental income was €238.7M (+8.1% y/y) and the property result was €250.4M (+9.7%).
Value-chain position, customers and end-markets
WDP sits at the real-asset layer of the supply chain. It owns the distribution centres, cross-docks, cold stores and urban logistics sites through which goods move.
Its clients include:
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logistics service providers (3PLs);
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retailers and e-commerce operators;
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food and FMCG producers;
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industrial and manufacturing firms;
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pharmaceutical and healthcare companies.
The specific top-10 client list for 2025 is n/d in the sources reviewed. Named project tenants in Romania include Dr. Max (Cluj-Napoca), and DHL is a heat-pump partner.
End-markets: Benelux gateway logistics (Antwerp, Rotterdam, Zeebrugge and the inland corridors), French port and urban logistics (for example Le Havre), German logistics, and Romanian modern logistics (Bucharest, Cluj, Timișoara).
Independent characterisation
WDP is best understood as a low-cost, developer-led logistics compounder. Its edge is not cheap capital alone, though an A3 rating helps. It is the combination of three things:
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land banks in supply-constrained Benelux locations;
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a pre-letting culture that de-risks development;
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an unusually lean cost base.
The trade-off is a modest organic growth profile in a maturing rental cycle, plus rising refinancing costs as legacy hedges roll off. Management guides to a cumulative +85bp organic cost-of-debt reset toward 2030 (FY2025 presentation). The ARGAN merger marks a strategic shift from organic, Benelux-led expansion to M&A-driven European scale.
Strategy
Stated strategy themes
"#BLEND" (2024–2027): "blending" internal opportunities (indexation, reversion, energy, development on own land) with external growth (acquisitions, platform expansion) to deliver about 6% EPRA EPS CAGR. The 2027 target is €1.70 EPRA EPS, which management says is "fully on track".
"#BLEND&EXTEND2030 — building the platform of tomorrow": (FY2025 results), with these targets by 2030 against base year 2025:
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EPRA EPS above €2.00 (>6% CAGR);
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DPS above €1.60 (>6% CAGR);
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cumulative total return above 50% (>10% CAGR).
Funding model: €500M of internally funded capex per year via retained earnings, stock dividend and contributions in kind. €250–300M of this is equity, with debt within net debt/EBITDA of about 8x and LTV of about 40%.
Operating values: "customer-driven entrepreneurship, discipline and sustainable growth" (CEO, 9M 2025).
Initiatives in the last 24 months
| Initiative | Date | Detail |
|---|---|---|
| €1bn investment programme | 2,024 | Across development, core+/value-add (7.5% NOI yield) and energy |
| Moody's A3 and EMTN programme | Oct 2025 | Opens access to the public bond market |
| €500M green Eurobond | Oct 2025 | Under the updated Green Finance Framework (Sustainable Fitch SPO: "Excellent") |
| Board internationalisation | Jan 2026 | Two international independent directors |
| Spain and Italy entry | Apr 2026 | Country Managers appointed |
| ARGAN merger | Jul 2026 | €13bn+ pan-European platform |
| Energy platform | Ongoing | Solar, batteries, heat pumps (DHL partnership) |
Guidance
| Item | Guidance |
|---|---|
| FY2026 EPRA EPS | €1.60 (+5% y/y), confirmed at H1 2026 |
| FY2026 DPS | €1.29 (payable 2027) |
| Occupancy | ≥97% |
| Like-for-like rental growth | About 2% |
| 2027 EPRA EPS | €1.70 |
| 2030 EPRA EPS | >€2.00 |
| 2030 DPS | >€1.60 |
| Leverage | Net debt/EBITDA about 8x; LTV about 40% |
Products & Services
WDP has no consumer "products". Its offering is a set of real estate solutions, catalogued below by type.
Launch years for individual offerings are not disclosed; the formats are long-standing parts of WDP's model.
Product Portfolio
| Offering | Description | Target customer | Pricing model | Flagship / example |
|---|---|---|---|---|
Build-to-suit / pre-let development | Custom warehouses developed on WDP land and pre-let before completion | 3PLs, retailers, manufacturers | Long-term indexed lease; NOI yield about 6.6–6.9% on cost | WDPark Bucharest–Dragomirești expansion: about 47,000 m² climate-controlled facility plus about 11,000 m² ambient, about €52M budget, EDGE Advanced certified |
Standard logistics warehouses | Lettable distribution centres in WDP parks | Logistics operators, e-commerce | Indexed lease | Nijverdal (NL) |
Cross-dock / last-mile | Urban and cross-dock facilities | Parcel and last-mile carriers | Indexed lease | Six cross-dock warehouses in France for €50M (ROIC.ai profile) |
Cold-chain / climate-controlled | Refrigerated and freezer cells | Food, pharma | Indexed lease | Dragomirești cold-store project (Romania) |
Urban logistics | Inner-city small sites | Last-mile, retail | Indexed lease | Timișoara standalone site of about 26,000 m² |
Sale-and-leaseback | Acquires owner-occupied logistics assets and leases them back | Corporates freeing capital | Indexed lease | Not individually named in 2025–26 sources |
Brownfield redevelopment | Converts industrial plots to modern logistics | Varied | Indexed lease after redevelopment | Value-add acquisitions at about 7.5% NOI yield (FY2024 plan) |
Contribution in kind | Sellers receive WDP shares for property | Family owners, developers | Share issuance at set issue price | Zwijndrecht land reserve (Sep 2026); €87M of in-kind contributions in 2025 |
Healthcare-type logistics | Pharma distribution centres | Pharmacy chains | Indexed lease | Dr. Max centre, Cluj-Napoca (about 11,000 m²) |
Energy: solar PV | Rooftop PV across portfolio | Tenants, grid | Power purchase / energy sales | Installed MWp n/d in sources reviewed |
Energy: batteries | Behind-the-meter and grid batteries | Tenants, grid | Energy revenue | — |
Energy: heat pumps | Heating/cooling on logistics campuses | Tenants | Service fees / rent | Partnership with DHL (ROIC.ai profile) |
Financial Narrative
Accounting basis. WDP reports under IFRS as a Belgian REIT. Its key performance metric is EPRA Earnings (recurring result excluding portfolio revaluations and hedge fair-value changes), not EBIT or EPS in the industrial sense. Conventional "gross profit" is not meaningful for a REIT and is not reported.
Income statement and per-share data
Sources and notes:
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FY2024 release (30 Jan 2025): EPRA earnings €333.7M (+15% y/y); EPS €1.50, of which €1.47 recurring plus €0.03 one-off break fee; DPS €1.20 (+7%); revaluation +€154.9M (+2.0%).
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FY2025 release (30 Jan 2026): EPS €1.53 (+2% reported, +7% underlying); DPS €1.23; revaluation +€71.1M (+0.8%).
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FY2023 EPS of €1.40 reported (€1.35 underlying after a +€0.05 one-off) per the FY2025 presentation footnote.
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FY2025 revenues and net result per financialfilings.com, from the annual report filed 31 March 2026.
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FY2025 EPRA earnings in absolute terms are n/d. The July 2025 sell-side consensus was €349.8M.
Interim trajectory (2026)
Sources: H1 2025 release; De Belegger; Quartr summary of H1 2026; WDP H1 2026 release. Q1 2026 EPRA EPS was €0.38 (+6% y/y).
Margins
Notes:
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Operating margin: "90%+ operating margin" per the H1 2025 release.
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Payout ratio: an 80% payout basis is cited by De Belegger for the 2025 dividend; 2024 DPS/EPS = 1.20/1.50 = 80%.
The FY2025 net margin derived as net result over total revenues is 353.92 / 451.76 ≈ 78%. This is a derived figure, and it includes revaluation gains.
Balance sheet
Notes:
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FY2025 equity raised of €279M: optional dividend €108M, retained earnings €84M, contributions in kind €87M.
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FY2025 LTV and net debt/EBITDA are given as "about 40%" and "about 8x" in the FY2025 release.
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At 30 June 2025 the ratios were 41.3% and 7.7x.
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At 30 June 2026: portfolio €8.7bn and EPRA NTA €21.4.
Liquidity: €1.4bn of undrawn credit lines (Q1 2025).
Debt instruments outstanding (selected):
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€500M green Eurobond, 3.175%, due 2031 (a TradingView listing shows a 3.125% bond due 15 Jan 2031; this is a coupon discrepancy to verify against the final terms);
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€500M green USPP (2022, 10-year);
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€100M green USPP (2018, 11-year, 2.62%);
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bank facilities.
Bonds due 1 April 2026 (2.5% fixed and FRN) appear in listings and are presumed repaid at maturity.
Goodwill and intangibles are immaterial for WDP. Working capital and the cash split are n/d.
Cash flow and capital allocation
Notes:
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FY2024 investment of €1bn per the FY2024 release.
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The €500M per year internally funded capex is the FY2025 target.
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No buyback programmes were identified, consistent with the REIT model (zeros reflect no programme identified).
Operating cash flow and free cash flow are n/d in verified form.
Ratios
ROIC, current ratio and the cash conversion cycle are n/d or not meaningful for a REIT.
Commentary
EPS growth. EPRA EPS grew from €1.35 underlying (2023) to €1.53 (2025), roughly a 6% underlying CAGR. That matches the #BLEND2027 trajectory. Reported growth in 2025 (+2%) was suppressed by two factors: the non-recurrence of the 2024 break fee (€0.03) and the Dutch FBI abolition (about –€0.05).
Drivers. Growth came from three sources:
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about €1bn of 2024 investments delivered at about 6.6–6.7% NOI yields;
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indexation (2.6% in 2024);
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reversion (+12% uplift on reviewed leases in 2024).
These were partly offset by an 8% increase in the average share count from 2023–24 capital strengthening (FY2024 release).
Valuations. Valuations troughed in 2023 and recovered modestly: +2.0% in 2024, +0.8% in 2025 and +0.1% in H1 2026, at a stable EPRA Net Initial Yield of about 5.4–5.5%.
Leverage. Leverage drifted from 38.3% LTV and 7.2x net debt/EBITDA (2024) to about 40% and 8x (2025), which is at the edge of policy (<40% and <8x). This leaves limited debt-funded headroom outside self-funding and share-based deals. That helps explain the all-share structure of the ARGAN merger.
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View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Notes |
|---|---|---|
Belgium (incl. Luxembourg) | Home market around the Antwerp–Brussels–Ghent logistics triangle; HQ in Wolvertem | Latest land addition: 100,000 m² at Zwijndrecht (Sep 2026) |
Netherlands | WDP Nederland: large distribution centres along the Rotterdam/Venlo/Tilburg corridors (e.g. Nijverdal) | FBI tax status abolished from 2025 |
France | WDP France: port and urban logistics, cross-docks (e.g. Le Havre) | Portfolio more than doubled to €700M in 2024 |
Germany | Developments and acquisitions | Smaller, growing segment |
Romania | WDP Romania: about 80 locations and 1.9M m² GLA (Q1 2025) | €1.5bn portfolio value (Q1 2025) |
Energy | Solar PV, batteries, heat pumps | Reported as part of the property result |
Revenue by Segment
| Segment (portfolio value, EUR Mn) | FY2024 | FY2025 |
|---|---|---|
France | 700 | — |
Romania | — | 1,500 |
Group total portfolio (EUR Mn) | 8,000 | 8,600 |
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View Subscription PlansIncome Statement and Per-Share Data
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
EPRA Earnings (EUR Mn) | — | 333.7 | — |
EPRA EPS reported (EUR) | 1.40 | 1.50 | 1.53 |
EPRA EPS underlying (EUR) | 1.35 | 1.47 | 1.53 |
Total revenues (EUR Mn) | — | — | 451.76 |
IFRS net result (EUR Mn) | — | — | 353.92 |
Gross dividend per share (EUR) | — | 1.20 | 1.23 |
Portfolio revaluation (EUR Mn) | — | 154.9 | 71.1 |
Key Financials and Per-Share Data
| Metric | H1 2025 | H1 2026 |
|---|---|---|
EPRA Earnings (EUR Mn) | 171.2 | 186.7 |
EPRA EPS (EUR) | 0.75 | 0.79 |
Rental income (EUR Mn) | — | 238.7 |
Property result (EUR Mn) | — | 250.4 |
IFRS net result (EUR Mn) | 139.2 | 186.6 |
EPRA NTA per share (EUR) | — | 21.4 |
Margin Analysis (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Operating margin (%) | — | 90 |
EPRA payout ratio (%) | 80 | 80 |
Balance Sheet and Per-Share Data
| Metric | FY2024 | FY2025 |
|---|---|---|
Portfolio fair value (EUR Mn) | 8,000 | 8,600 |
Total assets (EUR Mn) | — | 8,910 |
Total equity (EUR Mn) | — | 5,020 |
Equity raised in year (EUR Mn) | — | 279 |
EPRA NTA per share (EUR) | 21.1 | 21.9 |
Loan-to-value (%) | 38.3 | 40 |
Net debt / EBITDA adj. (x) | 7.2 | 8.0 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Investment volume (EUR Mn) | — | — | — | 1,000 | — |
Internally funded capex capacity (EUR Mn p.a.) | — | — | — | — | 500 |
Optional (stock) dividend take-up (EUR Mn) | — | — | — | — | 108 |
Retained earnings (EUR Mn) | — | — | — | — | 84 |
Share buybacks (EUR Mn) | 0 | 0 | 0 | 0 | 0 |
Margin Analysis (%) and Financial Ratios (x)
| Ratio | FY2025 | Basis |
|---|---|---|
ROE (%) | 7.0 | Derived: 353.92 / 5020 |
ROA (%) | 4.0 | Derived: 353.92 / 8910 |
Average cost of debt (%) | 2.3 | H1 2025 release |
Cost-of-debt target (%) | <2.5 | #BLEND2027 |
Debt/equity (x) | 0.70 | MarketInOut, third-party |
Interest coverage (x) | 5.3 | — |
Capital Markets
| Item | Value | Source / date |
|---|---|---|
Share price | About €21.3–21.9 | Snowball, Börse Stuttgart (Aug–Oct 2026) |
Market cap | About €5.1–5.2bn | TradingView, Snowball |
1-year performance | +3.85% | Börse Stuttgart (Aug 2026) |
YTD return (OTC line) | +2.62% (vs BEL 20 +11.98%) | Yahoo (31 Jul 2026) |
P/E (EPRA basis, FY2026E) | About 13.4x | €21.5 / €1.60 |
Dividend yield (FY2026E DPS) | About 6.0% | €1.29 / €21.5 |
Price / EPRA NTA | About 1.0x | €21.5 / €21.4 |
Analyst target range | €23–32 | TradingView |
Barclays price target | Cut to €26.30 from €29.30 | ROIC.ai news (date n/d) |
Per-Share Data
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Gross DPS (EUR) | 1.20 | 1.23 | 1.29 |
Per-Share Data and Capital Markets Data
| Metric | FY2025 | FY2026 | FY2027 |
|---|---|---|---|
EPRA EPS (EUR) | 1.54 | 1.62 | 1.70 |
DPS (EUR) | 1.23 | 1.30 | 1.36 |
EPRA NTA per share (EUR) | 22.0 | 23.3 | 24.7 |
EPRA Earnings (EUR Mn) | 349.8 | 372.9 | 400.3 |
LTV (%) | 40 | 40 | 40 |
Analyst Conclusions
Guidance and consensus
FY2026: EPRA EPS €1.60 (+5%) and DPS €1.29, with occupancy ≥97% and like-for-like rental growth of about 2%.
2027: €1.70 EPS (consensus also €1.70).
2030: EPS above €2.00 and DPS above €1.60, a >6% CAGR.
Bull case
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Visible earnings growth. A €760M pipeline at a 6.8% yield plus +9% reversion underpins about 5–6% EPS growth at roughly 13x earnings with a 6% yield.
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Scale re-rating via ARGAN. A €13bn+ platform, a free float of about 73% and a Paris listing could drive index inclusions and narrow the discount to larger peers.
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Credit moat. A3 funding at 80bp spreads, extended to ARGAN's debt, creates financing synergies of about €10M.
Bear case
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Leverage constraint. LTV of about 40% and net debt/EBITDA of about 8x sit at the policy limits, while the +85bp debt-cost reset erodes growth.
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Lower-growth merger partner. Jefferies flags higher debt and lower projected ARGAN growth (ARGAN guides +4% rental growth for 2026) against WDP's mid-to-high single-digit growth.
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Softening operating metrics. Occupancy has slipped from 98.1% to 97.2%, like-for-like growth has decelerated to 1.6%, and NTA growth is flat.
Catalysts and monitorables (next 12 months)
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Q3 2026 results on 23 October 2026;
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ARGAN EGMs in November 2026;
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the French tax ruling and regulatory clearance;
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merger completion in Q1 2027;
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FY2026 results in late January 2027 and the merged-entity guidance;
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refinancing activity and Moody's commentary;
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leasing in Romania and the Netherlands;
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Spain/Italy first investments;
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Prologis–Segro sector consolidation read-across.
Analyst verdict
WDP is a high-quality, conservatively run logistics REIT. Its earnings track record is among the most reliable in European listed real estate. Underlying EPRA EPS compounded at about 6% from 2023 to 2025, and the 2026 guidance of €1.60 was reconfirmed after H1. The company runs a 90%+ operating margin with about 145 staff, and the 2025 Moody's upgrade to A3 gives it a structural funding edge that few peers can match.
Valuation is undemanding. At about €21.5, the shares trade near EPRA NTA (€21.4), on about 13x forward EPRA earnings and with a 6% dividend yield.
The investment debate has shifted decisively with the proposed ARGAN merger. Strategically, the logic is sound. It gives WDP immediate leadership in France, a €13bn+ platform, deeper liquidity, and a credible path to Spain, Italy and Germany. The financial terms are share-based, which preserves the balance sheet in nominal terms, and synergies are concentrated in financing, where WDP's A3 rating has real value. Committed support from holders of about 52% of ARGAN votes and about 19% of WDP votes materially de-risks the shareholder vote.
The cost is a somewhat slower blended growth profile. Leverage remains at policy limits, and the 21% premium to ARGAN holders has to be earned back through cost-of-debt savings and cross-selling.
Operationally, investors should watch the gentle erosion in occupancy and like-for-like growth. They should also watch the cost-of-debt reset, which management itself flags as a headwind toward 2030.
On balance, WDP offers defensive, inflation-linked income with moderate growth and an M&A-driven scale option. Equity is effectively priced at book, so the merger needs to be visibly accretive per share on 2027 numbers to unlock a re-rating. The key test will come with the merged-entity guidance expected around the FY2026 results.
Our verdict is constructive and quality-defensive, with the rating contingent on merger execution and on leverage holding at about 40% LTV.
Source list (principal):
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wdp.eu press releases and presentations: FY2024, H1 2025, 9M 2025, FY2025, Q1 2026, H1 2026 trading update and H1 2026; Board releases dated 30 Jan 2026, 30 Mar 2026 and 2024; green bond releases dated 2018, 2022 and 8 Oct 2025; Board and governance page; analyst consensus page
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ARGAN/WDP merger release (GlobeNewswire, 23 Jul 2026) and ARGAN FY2025 results (GlobeNewswire, 22 Jan 2026)
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Dow Jones/ING (24 Jul 2026); Il Sole 24 Ore/Jefferies; SupplyChain247
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Quartr event summaries; MarketScreener (Le Havre deal); Transilvania Business (Romania 2025); Berocc (Q1 2025); De Belegger (AEX inclusion)
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TradingView, Snowball, Börse Stuttgart, Yahoo Finance, MarketInOut, financialfilings.com
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Clifford Chance (EMTN); Wikipedia (Tony De Pauw)
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background | Compensation |
|---|---|---|---|
Joost Uwents | CEO | Co-CEO from 2010; sole CEO since 1 July 2024 | n/d (see 2025 remuneration report) |
Mickaël Van den Hauwe | CFO | CFO since at least 2015 (signatory on 2018 green USPP) | — |
Alexander Makar | Head of IR & Capital Markets | Named in 2026 releases | — |
Country Managers (Spain, Italy) | Country Managers | Appointed in 2026; names n/d | — |
Board of Directors
| Name | Role | Notes |
|---|---|---|
Rik Vandenberghe | Chairman, non-executive | Chair since 2019 (nominated 1 Feb 2019) |
Joost Uwents | Executive director, CEO | — |
Patrick O | Independent non-executive | Appointed 2024; energy and sustainability expertise |
Bernard Boel | Non-executive (family nominee) | Proposed January 2026 under the family's binding nomination right; grandson of founder Jos De Pauw |
Isabelle De Pauw | Non-executive (family) | Born 1987; daughter of Tony De Pauw; proposed January 2026 |
Barbara Bajorat | Independent non-executive | Proposed January 2026; international profile |
Gwenaëlle de la Raudière | Independent non-executive | Proposed January 2026; international profile |
Other incumbent directors | Various | Full current roster n/d; see the 2025 Annual Report |
Major Shareholders
| Holder | Stake | Source |
|---|---|---|
Family Jos De Pauw (via family structure RTKA) | About 18% pre-merger (derived); about 14% post-ARGAN merger (disclosed) | ARGAN/WDP release; derived from about 19% of WDP votes committed in favour |
Free float | About 73% post-merger | Merger release |
Le Lan family (ARGAN founders) | About 9% post-merger | Merger release |
Predica (Crédit Agricole Assurances) | About 4% post-merger | Merger release |
Competitive Landscape
Key Competitors
| Competitor | Listing | Core markets | Positioning vs. WDP |
|---|---|---|---|
Prologis | NYSE | Global, including pan-Europe | Largest global logistics REIT; pursuing Segro (per ING) |
Segro | LSE | UK, continental Europe | Large; target of Prologis interest |
CTP | Euronext Amsterdam | CEE (Czech Republic, Romania, Poland) | Number 2 in Europe per ING; direct competitor in Romania |
VGP | Euronext Brussels | Germany, CEE, Spain | Belgian developer-led peer; JV model with Allianz |
Montea | Euronext Brussels | Belgium, Netherlands, France, Germany | Closest structural peer (shared De Pauw family origin) |
ARGAN | Euronext Paris | France | Merger partner; premium French warehouses |
Catena | Nasdaq Stockholm | Nordics | Listed logistics peer |
Logicor | Private | Pan-Europe | Large private competitor |
P3 Logistic Parks | Private | CEE / Western Europe | Private competitor |
Panattoni | Private developer | Pan-Europe | Development competitor for build-to-suit |
GLP / Goodman | Private / ASX | Europe | Developer-owners |
Peer Comparison FY2025
| Metric | WDP | ARGAN | Prologis | CTP |
|---|---|---|---|---|
Portfolio (EUR Bn) | 8.7 | 4.3 | — | — |
Rental income FY2025 (EUR Mn) | — | 212.0 | — | — |
Rental growth FY2025 (%) | — | 7 | — | — |
Occupancy (%) | 97.2 | 100 | — | — |
LTV (%) | 40 | 41.1 | — | — |
R&D intensity (%) | 0 | 0 | 0 | 0 |
