WDP reports record financial results for 2024, reinforces European growth ambitions
WDP has announced its financial results for 2024, marking a historic year with exceptional financial and operational performance. The company reinforced its position as a leading European logistics real estate platform through significant investments and strategic expansions.
Strong Financial Performance
EPRA Revenues: WDP reported €333.7 million in EPRA revenues for 2024, a 15% increase compared to the previous year. This growth was fueled by pre-leasing projects, acquisitions, organic expansion (+2.6%), and an 8% rise in shares following capital consolidation.
Occupancy and Market Dynamics: As of December 31, 2024, WDP maintained a high occupancy rate of 98%. Amid rising market rents, the company successfully renegotiated contracts for 500,000 m² of gross lettable area (GLA), achieving an average rental increase of +12%. The profitability potential of the existing portfolio stands at approximately 11%.
Portfolio Revaluation and Equity Return: WDP recorded a positive portfolio revaluation of +€154.9 million (+2% YTD), including a Q4 2024 gain of +€46 million. This was driven by latent capital gains from recent projects and acquisitions. The company’s return on equity increased by 10%, reaching an EPRA NTA of €21.1 per share.
Financial Strength: With a gearing ratio of 38%, net debt/EBITDA (adjusted) of 7.2x, and €1.7 billion in undrawn credit lines, WDP remains well-positioned to pursue further investment opportunities.
Strategic Expansion and Future Growth
Towards a €10bn+ European Real Estate Platform: WDP’s high-quality and diversified portfolio now stands at €8 billion, serving as critical supply chain infrastructure. The company’s active development pipeline adds another €1.1 billion in assets. Management restructuring, including the appointment of a new Country Manager for France and a new COO, will further support its European expansion.
#BLEND2027 Targets Confirmed: WDP remains on track to achieve its earnings target of €1.70 EPRA per share by 2027, driven by its investment strategy and execution capabilities.
2025 Outlook: WDP projects EPRA earnings per share of €1.53 in 2025, reflecting a +7% increase. A dividend per share of €1.23 is estimated for 2025, payable in 2026.
Key Developments in Romania
Market Leadership in Romania: WDP holds a €1.5 billion portfolio in Romania, comprising 1.95 million m² of leasable space across 79 strategic locations.
Stake Acquisition in WDP Romania: After 15 years of successful growth, WDP acquired its Romanian partner’s 15% stake in WDP Romania. The partner remains Country Manager and will continue supporting the company’s expansion.
EIB Financing Package: WDP secured a €250 million financing package from the European Investment Bank (EIB) to fund renewable energy projects, including solar panels, batteries, and EV charging infrastructure. These investments will be implemented across Western Europe and Romania through 2027.
IFC Financing for Romania: In Q1 2024, WDP finalized a €300 million green sustainability-linked loan with IFC, a member of the World Bank Group. The loan, with a maturity of up to eight years, will finance new logistics developments in Romania, aligning with WDP’s sustainability strategy and expanding its solar power capacity.
With strong financial performance, strategic acquisitions, and sustainability-driven investments, WDP is well-positioned for continued growth and leadership in the European logistics real estate sector.
Photo: WDP Bucharest