General meeting approves Immo Wever transaction

Earlier this year, closed-end real-estate company WDP anounced an agreement in principle (subject to a number of customary suspensive conditions with Immo Weversstraat for the acquisition of a site in Londerzeel for € 3.4 million through a partial split. Today, 21 September 2012, an extraordinary general meeting of shareholders of WDP approved the transaction, which has resulted in a capital increase of € 3.4 million and the issue of 84,226 new WDP shares. These shares will be listed starting Monday, 24 September 2012. The issue price is € 40.37 (rounded per share.

The acquisition of the property in Londerzeel has been effected through a partial split and payment via the issue of new WDP shares. The issue price of the new shares is € 40.37 (rounded per share, which is equal to the average intra-day weighted average price of the shares over the thirty trading days prior to today's extraordinary general meeting. The deal bolsters the company's equity by € 3.4 million , of which (around € 0.7 million is allocated to "capital" and (around 2.7 million to the "share premium" account.

The property transferred under the deal is an old industrial site with approximately 10,000 m² of built surface on a total land area of approximately 30,000 m². The site is currently let to Crown-Baele nv, a manufacturer of bottling machines, for a remaining lease term of 9 months at an annual rent of € 300,000. After expiry of the short-term lease, WDP will be able to maintain this new client within its portfolio by the re-location to a more adapted building – also in Londerzeel – through a new long-term lease contract (9 year firm. Furthermore, WDP aims to demolish the old buildings, remediate the site, and start its redevelopment through the construction of a modern logistics complex – dependent on leasing opportunities.

Through this transaction, WDP acquires a 30,000 m² strategic site with direct access to the A12. The realisation of the transaction under the form of a partial split also offers the benefit that the resulting equity boost will enable WDP to in the future finance additional acquisitions using debt.

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