WDP shares

Share price

The impact of the worldwide economic downturn also affected WDP’s shares in 2009. Moreover investors – initially overreacting to the financial crisis – were inordinately fixated on companies’ gearing. WDP’s share price experienced the consequences of this in the first half year, falling below EUR 30.

WDP was nonetheless able to carry out two successful capital increases in the first half of 2009:

• A capital increase of more than EUR 21,9 million, further to the ‘sale and rent back’ operation entered into with DHL on 31 March 2009, in which DHL received WDP shares as payment for the property contributed;
• In June, EUR 73,6 million was raised via a capital increase in cash with pre-emptive rights.

As a result of the two operations and several other measures the gearing improved from 63% to 55%. This decrease was accompanied in the second half of the year by a stabilisation of the financial markets. WDP’s shares recouped lost terrain as a result, climbing above EUR 30 and closing the year just shy of EUR 34.

The share price recovery and successful capital increases attest to the faith that investors and shareholders have in WDP. The strengths of the closed-end property investment company have not been diminished by the economic crisis. They include the position as the Belgian market leader in semi-industrial property and the favourable tax regime under which the cepic operates in both Belgium and France. In addition, the fact that WDP is a ‘self managed fund’, where the management is performed within the company and is fully at the service of the shareholders is greatly valued by investors. The property portfolio also offers investors immediate benefits of scale in certain regions. The stable dividend yield has also contributed to ensuring that many investors retain their faith in WDP.

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