Management Report

1. Introduction

WDP continued its investment programme in 2009, despite the challenging economic environment, and completed several new acquisitions early in the year. These included a ‘sale and leaseback’ operation with the logistics division of DHL, making WDP the largest lessor of this company in Belgium.

A successful capital increase in June reinforced the basis for further growth of the portfolio. The EUR 73,6 million raised was used to reduce the short-term debt position, and to finance new projects in Belgium and abroad (some EUR 39 million).

These funds have now been fully allocated to various projects:

• the construction of a building of 13.000 m² for the Ter Beke food group in Nijmegen (Netherlands) – project value EUR 15 million
• the construction of a new logistics centre for Kühne & Nagel in Tilburg (Netherlands) – project value EUR 11 million
• the installation of solar panels on the DHL site in Willebroek – project value EUR 6 million
• the construction of a distribution centre of 16,000 m2 for Terumo Europe in Genk – project value EUR 7 million.

The overall occupancy rate of the portfolio remained on par during the year. At the end of June it was 97,2%, having nudged down only slightly from the historically high occupancy rate of 99% at 31 December 2008. At the end of the third quarter a decrease was recorded, as expected, and on 31 December 2009 the occupancy rate was 92%. This equates to an average of 95% for the full year 2009 (see also ‘6. Leases in 2009’ on page 61).

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