Acquisition Lake Side Portfolio March 2012

Transcription

1 Acquisition Lake Side Portfolio March 2012

2 Agenda Key transaction highlights Transfer & other transaction terms Overview assets Portfolio analysis Strategic rationale Funding on closing & post closing Impact on WDP portfolio Appendix Overview properties

3 Key transaction highlights Lake Side Portfolio transaction (*) Acquisition of a high quality, long leased logistics portfolio in the Netherlands 8 modern logistics/industrial facilities rented out to quality tenants Financial details Asset deal of 8 freehold properties for a total investment of EUR 105m (**) Annualized rental income of EUR 8.2m generating a gross initial yield of 7.8% (***) Strategic fit Further deployment in second home market the Netherlands Strengthening portfolio quality & lengthening lease duration (*) WDP has signed a binding agreement in principle that is subject to a number of customary closing conditions (such as a due diligence) (**) Including transaction costs (***) Calculated by dividing the annualized gross rental income by the purchase price (including transaction costs)

4 Transfer & other transaction terms Deal structure Transfer of 6 finished & rented properties end of April for circa EUR 83m (*) Purchase of 2 pre-let developments on completion in 2H12 for circa EUR 22m (**) Closing Anticipated on April 27, 2012 Subject to a number of customary closing conditions (a.o. due diligence) (*) The economic transfer of the properties that generated rental income at the start of the current calendar year is foreseen on January 1, 2012 (**) These 2 properties are expected to be delivered in early September and early December respective amounts of circa EUR 10m and circa EUR 12m

5 Overview assets Location Type Tenant Site area (m²) Gross Lettable Area (m²) Occupancy rate Gross annual rent (EUR m) Lease duration (y) Nieuwegein Logistic V&D % 2,5 15,3 Zwolle Logistic Kuehne + Nagel % 1,2 7,6 Helmond Industrial Prinsen % 0,7 15,0 Veghel Industrial Vetipak % 0,5 9,1 Oss Industrial Vetipak % 0,5 14,0 Roosendaal (*) Industrial BIS Industrial Services % 0,8 10,0 Oss Logistic Movianto % 0,9 10,0 Beek (Maastricht-Airport) (*) Logistic Koninklijke Mosa % 0,9 15,0 Total % 8,2 12,5 (*) Under construction with deliveries scheduled in 2H12

6 Portfolio analysis Portfolio by type of property (m²) Portfolio by state of property (m²)

7 Strategic rationale Excellent quality assets Long duration leases Complementary to existing portfolio growth plan Strengthening Benelux market leadership Building strong platform in the Netherlands

8 Funding on closing & post closing Proposed financing on closing Initial funding through existing credit facilities Maximum temporary impact on debt ratio of 4% Funding post closing Optional dividend will be offered to the shareholders at the AGM of April 25, 2012 Assets held for sale (*) and retained earnings over 2012 Capital structure Financial flexibility to be maintained Gearing ratio anticipated of 57% at year-end 2012 (*) In the accounts per 31 December, 2011, 4 smaller non-strategic assets have been classified as assets held for sale for a total consideration of EUR 14.3m

9 Impact on WDP portfolio Geographical breakdown (*) Lease duration (**) Breakdown by type (***) WDP pro forma WDP as per FY11 (*) By fair value and excluding solar panels (**) Including solar panels (***) By rental income

10 Appendix Overview properties

11 Zwolle Hessenpoort (Lippestraat 15) Site area 35,826 m² Floor area 19,765 m² Construction year 2009 Lease term October 2019

12 Nieuwegein Het Klooster (Inundatiedok 34) Site area 42,980 m² Floor area 44,423 m² Construction year 2012 (BREEAM certified) Lease term May 2027

13 Helmond Bedrijventerrein Zuidoost Brabant (Sojadijk 2) Site area 16,874 m² Floor area 13,025 m² Construction year 2012 (BREEAM certified) Lease term February 2027

14 Veghel Doornhoek (Doornhoek 3765) Site area 10,000 m² Floor area 9,820 m² Construction year 2006 Lease term March 2021

15 Roosendaal BIS Industrial Services Borchwerf (Aanwas 9) Site area 32,000 m² Floor area 9,091 m² Construction year 2012 (foreseen early September) Lease term August 2022

16 Beek Koninklijke Mosa Aviation Valley Business Park (Steutgensweg) Site area 38,000 m² Floor area 25,197 m² Construction year 2012 (foreseen early December) Lease term November 2027

17 Oss (1) Vorstengrafdonk (Menhirweg 15) Site area 10,089 m² Floor area 11,074 m² Construction year 2010 Lease term February 2026

18 Oss (2) Vorstengrafdonk (Keltenweg 70) Site area 21,600 m² Floor area 16,905 m² Construction year 2012 Lease term March 2022

19 Question time