Romanian investments drive up Belgian developer WDP’s profit
Belgian developer of logistics and industrial space WDP, which manages a portfolio of over 620,000 square meters of logistics space in Romania, reported a net profit of EUR 73 million in the first half of the year, 12.5% higher compared to the similar period of last year. Romania is one of the engines for the WDP business globally, the company commented.
“The positive evolution comes from the strong growth of the WDP portfolio in the period 2018-2019 through the projects contracted on the Romanian and Dutch markets,” the company’s report states.
The developer currently pursues 28 projects, involving investments worth EUR 478 mln, out of which 15 projects totaling 389,400 square meters are in Romania -- where the total investments are estimated at EUR 219 mln. Six of the projects launched in Romania are scheduled for completion this year, for final clients such as Carrefour, Ursus Breweries, Aeronamic Eastern Europe, Kitchen Shop, LPP.
According to the financial report, the company continues to invest in the Romanian market. In the first quarter of the year, it launched two new projects, in Dragomirești, worth EUR 7 mln. The final clients of these projects will be Arcese and Media Post, which already signed long-term rental contracts.
The group's portfolio in Romania, including ongoing projects, was valued at EUR 505 million, at the end of June, representing 14% of WDP's total portfolio (EUR 3.66 bln). The net yield generated by Romanian properties is 7.6%, compared to a group average of 5.6%.
(Photo source: the company)