The Belgian logistics property company has announced its results for 2024. Also active in Europe, notably in Luxembourg and France, its profits exceeded expectations, at €376.6m and a net profit of €435.5m, thanks to pre-leased projects and acquisitions, organic rental growth (+2.6%) and a high occupancy rate of around 98%. Its EPRA result was €333.7m.
Its investment volume reached €1bn by 2024. The group still claims to have an investment reserve of €1.1bn in the pipeline. Its portfolio has reached €8bn, and the group’s ambition is to become a European property platform worth more than €10bn.
“2024 was a landmark year for WDP, during which we delivered excellent financial and operational results, as well as achieving significant milestones in building WDP as a leading European platform. The significant investment volume of €1bn at an ideal time in the capital market cycle, culminating in the significant expansion of our footprint in France, confirms our European ambitions. We have also taken important steps in our organisational structure towards a ‘€10bn plus platform.’ Our successes over the past year put us in a strong position to realise our ambition for 2027 and beyond. In addition, since the start of the year we have seen a turning point in the rental market, with an improvement in momentum. Complemented by long-term structural trends that remain positive, WDP is ready to continue capitalising on opportunities,” says CEO Joost Uwents.
In France, the group has taken an important step by doubling its portfolio to €700m. An office has also been opened there, headed by François Le Levier.
The outlook for 2025 is fairly good. WDP says it is seeing a gradual increase in demand and is aiming for profitability by 2027, and is pursuing its growth plan on the basis of a €1.7bn credit line. WDP has a land bank of around 2.1m square metres of built-up area spread across the Benelux countries, France, Germany and Romania.
Rental income from the Luxembourg portfolio amounted to €5.2m, down by €0.8m. It has five lettable sites, covering a total surface area of 76,052m2.
This article was originally published in .