Warehouses De Pauw: Building a European champion: ARGAN is the prize

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Warehouses De Pauw: Building a European champion: ARGAN is the prize

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Warehouses De Pauw

Building a European champion: ARGAN is

the prize

Reiterate Rating: BUY | PO: 28.00 EUR | Price: 23.00 EUR

Creating the leading French & Benelux logistics REIT 24 July 2026

WDP will acquire ARGAN in a friendly all-share transaction valuing the French REIT at Equity

€79.22/share (€2.1bn equity value), including an €11.00/share exceptional dividend

(€289m), equivalent to a 21% premium to the undisturbed share price. The deal creates Marc Mozzi >>

a company with one-third more shares, a €7.2bn market cap, €14.7bn of gross asset Research Analyst

BofASE (France)

value and >€790m of net rental income in 2027E, establishing WDP as the clear #1 +33 1 8770 0374

logistics owner in France and the third-largest logistics REIT in Europe.. Beyond the marc.mozzi@bofa.com

compelling industrial logic, the transaction combines two successful entrepreneurial, Markus Kulessa >>

Research Analyst

family anchored and customer-centric platforms, extending their reach through a larger BofASE (France)

European franchise. Le Lan and De Pauw families will remain key shareholders with +33 1 8770 0382 markus.kulessa@bofa.com

c.11% and c.14% respectively. Predica will own <5%. Thomas Hynes >>

Strong accretive economics underpin the strategic logic ResearchMLI (UK) Analyst

Management expects the merger to be immediately accretive. WDP is acquiring ARGAN +44thomas.hynes2@bofa.com20 7995 9037

at a 16% discount to Jun-26 NTA, 13x earnings and an implied 5.8% cap rate on 2027E.

We estimate c.3% EPRA EPS accretion and c.5% EPRA NTA accretion by 2027, driven by

€10m of synergies (c.60% of ARGAN’s SG&A) and the ability to accelerate development

Stock Dataactivity using the combined balance sheet.