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 sqm of logistics space in Romania, reported a net profit of €73 million in the first half of the year, 12.5 percent 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 €478 million, out of which 15 projects totaling 389,400 sqm are in Romania - where the total investments are estimated at €219 million. 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 €7 million. 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 €505 million, at the end of June, representing 14 percent of WDP's total portfolio (€3.66 billion). The net yield generated by Romanian properties is 7.6 percent, compared to a group average of 5.6 percent.