April 22 (SeeNews) - Belgian logistics property developer Warehouses de Pauw (WDP) plans to expand its portfolio in Romania from 500 million euro to 1 billion euro ($1.08 billion) by 2023, it said on Wednesday.
With the purpose of increasing its local portfolio in line with the WDP strategic growth plan 2019-23, the company has signed a new financing package of approximately 205 million euro with the International Finance Corporation (IFC), the World Bank Group's private sector arm, in order to finance new logistics projects in Romania, it said in a news release.
The proceeds will be used exclusively to fund newbuild sustainable development projects at important logistics hubs that will be EDGE (Excellence in Design for Greater Efficiencies) certified.
"This financing package is a recognition of our mission to develop high-quality logistics infrastructure and promote sustainability across the supply chain in order to support the real economy," WDP Romania general manager Jeroen Biermans said in the news release.
IFC will issue several loans directly and through mobilization of third-party resources. The loans will have a duration of up to nine years and will be structured as term loans, with part of them denominated in euro and part in dollars, with WDP intending to hedge the currency risk.
"With this large-scale green investment, we are supporting efforts to increase competitiveness and productivity in Romania, contributing to long-term sustainable growth," IFC director for Europe and Central Asia, Wiebke Schloemer, said.
WDP develops and invests in logistics property, namely warehouses and offices and has a property portfolio of around 5 million sq m. This international portfolio of semi-industrial and logistics buildings is spread over more than 250 sites at prime logistics locations for storage and distribution in Belgium, France, the Netherlands, Luxembourg and Romania.
($=0.9205 euro)