Warehouses De Pauw in frame for EUR 80 mln EIB loan for Romanian warehouses

Newsroom 25/01/2010 | 10:55

The European Investment Bank (EIB) could lend up to EUR 80 million to logistics developer Warehouses De Pauw, fueling the establishment of four logistics centers in Romania, according to a recent EIB announcement. The four projects, which come with a total investment cost of EUR 200 million, would be built close to Bucharest, in Corbii Mari and Fundulea, while a third and a fourth unit will be located close to Ploiesti and Pitesti, respectively. The lending is under consideration by the EIB.

WDP, which is listed on the Brussels and Paris stock exchanges, builds and rents warehouses in Belgium, the Netherlands, the Czech Republic, France and Romania.

“In 2008 and 2009 WDP obtained the required PUZ permits in phases for the various sites in Romania. The company has decided for the time being not to start any projects involving risk here, and to concentrate on the construction of properties that have been pre-let. Consultations are currently ongoing with potential lessees to consider whether customized projects can be started up in the course of 2009,” WDP wrote in its most recent annual report. “This will be undertaken via WDP Development RO, in a 51:49 joint venture with the entrepreneur and specialist for Romania, Jeroen Biermans,” added the company.

Last year the company started a share issuance, which resulted in EUR 37 million of additional capital raised for ongoing projects.

“These will comprise pre-let own developments or acquisitions of one or more premium-quality sites in Belgium, France, the Netherlands or Romania,” the company has said.