Management Report

5. New acquisitions

Belgium

• Nivelles – rue Buisson aux Loups: as part of the agreement with Blount Europe NV, which has moved to the new logistics building in Courcelles, WDP definitively acquired the former industrial site of Blount with a surface area of 51.000 m² for an amount of EUR 2,7 million in June (see also ‘4. Additional potential’ on page 59). The price paid is in line with the valuation by independent property surveyors, in addition to which demolition costs need to be taken into account.

On 28 January 2009, the Boards of Directors of WDP and Deutsche Post approved the agreement in principle signed by WDP with DHL Supply Chain in December 2008. This concerns the acquisition of three prime logistics sites in an excellent location. DHL Supply Chain is leasing these sites back, which make WDP the largest lessor for DHL in Belgium. Specifically, it concerns the following locations that have a total surface area of 85.000 m²:

•     Mechelen – Zandvoortstraat
•     Meer – Seoulstraat
•     Willebroek – Victor Dumonlaan

The ‘sale and leaseback’ transaction was structured as a merger and three partial demergers, for which WDP shares were issued. This led to a capital increase of EUR 21,8 million and the transfer of debts of some EUR 8 million. The deal was approved at an Extraordinary General Meeting on 31 March 2009.

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