Warehouses De Pauw –
Warehouses with Brains

Presentation of WDP

A highly individual approach
Warehouses De Pauw (WDP) is currently the leading operator in the Belgian semi-industrial property market. The WDP cepic focuses its activities on developing a high-quality logistics and semi-industrial property portfolio, which it pursues in practice by:

• development of specific storage and distribution premises;
• completion of customised projects at the user’s request;
• investment in spaces for customers who wish to engage in sale and leaseback transactions;
• investing in existing buildings that have been leased.

The multifunctional nature of a building plays a crucial role in each investment. The useful life of the building is in fact determined by the potential for leasing it again after the departure of the present tenant. Furthermore, WDP retains the projects it has acquired or completed within its portfolio, so that the added value achieved remains within the closed-end property investment company. In terms of the geographic location of premises, WDP systematically selects strategic intersections for storage and distribution. WDP also places great importance on the development of long-term relations with its customers. The cepic strives to become a genuine partner to them and assist in resolving their property problems. This objective is clearly demonstrated in its slogan: ‘WDP – Warehouses with brains’.

Portfolio

On 31 December 2009, WDP held 93 sites in its portfolio, located in five countries: Belgium, France, the Netherlands, Romania and the Czech Republic. The total surface area of land at the sites in the portfolio was 3,755 million m², along with 1,303 million m² of buildings, with over 70.000 m² in the development pipeline. In accordance with the IAS 40 fair value measurement, the market value of WDP’s property portfolio amounted to EUR 815,4 million at the end of 2009.

Stock market listing and capitalisation

The WDP cepic has been listed on Euronext Brussels since 28 June 1999. Since 2003 it has been included in the ‘next prime’ segment of European mid-caps and the VLAM21 index, as well as the EPRA (European Public Real Estate Association) index since 2004. In 2005, WDP was also included in the Euronext Bel Mid index. Since 17 December 2004, WDP shares have also been listed on Euronext Paris. At the end of 2009, the closed-end property investment company’s market capitalisation² exceeded EUR 400 million.

WDP targets investors in logistics properties who are interested primarily in a stable dividend policy.

Shareholders

WDP developed from the assets of the family group Jos De Pauw from Merchtem, Belgium, which remains the reference shareholder with a 31% strategic stake in the closed-end property investment company (for an overview of the company’s evolution, see ‘7. Key dates in the history of WDP’ on 75 in the financial section).

Other than that, its shareholders are mainly Belgian and foreign private and institutional investors, none of which have reported holdings of more than 3% of the total number of shares.

2  Market capitalisation is calculated as follows: net asset value excluding IAS 39 result) before profit distribution multiplied by the number of shares at the end of the period.

Robert, Anne, Tony and Kathleen De Pauw entered into an agreement to act in mutual consultation concerning:

• the exercise of their voting rights with a view to a long-term common policy;
• the property, acquisition or transfer of shares.

WDP has only one category of shares. Holders are entitled to one vote per share at the Annual General Meeting of Shareholders (also see note XII on page 40 in the financial section).

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