Tuesday, 4 August 2026
WDP reported continued growth during the first half of 2026, supported by strong leasing activity, new investments and the proposed merger with French logistics real estate specialist ARGAN, which would create one of Europe’s largest logistics property platforms.
During the first six months of the year, WDP increased its EPRA earnings to €0.79 per share, representing a 5% year-on-year increase. The company attributed the performance to a combination of organic growth, ongoing investments, high operating margins and competitive financing costs.
The proposed combination with ARGAN represents a key milestone in WDP’s #BLEND&EXTEND2030 strategy. If completed, the enlarged platform would manage logistics assets valued at more than €13 billion and generate annual rental income exceeding €700 million, significantly strengthening WDP’s presence across Europe’s logistics property market.
Operational performance remained strong throughout the period. Portfolio occupancy stood at 97.2%, while approximately 75% of leases due to expire during 2026 had already been renewed or secured. WDP signed around 200,000 sqm of new lease agreements, excluding renewals, and completed acquisitions and pre-let developments totalling 190,000 sqm, achieving a net operating income yield of 6.7%.
The company’s property portfolio remained broadly stable in value, recording a positive revaluation of €9.4 million, or 0.1%, during the first half of the year. WDP reported an EPRA Net Initial Yield of 5.5%, while indicating that the portfolio offers further income growth potential as assets continue to mature and rental levels adjust to market conditions.
WDP also maintained a strong financial position, supported by €1.4 billion of available liquidity and annual self-financing capacity of approximately €500 million. The company confirmed that its A3 credit rating has been reaffirmed following the announcement of the proposed ARGAN merger.
Alongside the merger plans, WDP continued expanding its investment programme, securing approximately €300 million of new investments after completing €116 million of selective asset disposals. Its active development pipeline now totals €760 million, supporting future rental growth while facilitating disciplined expansion into markets including Spain and Italy.
The company reaffirmed its guidance for 2026, forecasting EPRA earnings of €1.60 per share, representing annual growth of approximately 5%, together with a proposed dividend of €1.29 per share, payable in 2027.
Romania remains a key growth market
Romania continues to play an important role within WDP’s European portfolio. The company owns logistics assets in the country valued at more than €1.6 billion, representing over 2 million sqm of gross lettable area across more than 80 strategic locations.
Several development projects are currently underway. In Bucharest–Ștefănești, WDP is constructing a 14,000 sqm extension for Auchan, supported by a 10-year lease agreement and an investment of approximately €9.1 million, with completion scheduled for the second quarter of 2027.
A second expansion for Auchan is progressing in Deva, where a 9,400 sqm extension incorporating both ambient and temperature-controlled warehouse space is expected to be delivered during the fourth quarter of 2026 under another 10-year lease. The investment amounts to approximately €7.6 million.
In Sibiu, WDP is developing a new 15,000 sqm industrial facility for Siemens under a 15-year lease agreement. The €14 million project is scheduled for completion in the fourth quarter of 2027 and will support advanced manufacturing through the integration of automation, robotics and digital production technologies.
With a high occupancy rate, a growing development pipeline and continued investment across key European markets, WDP said it remains on track to deliver its medium-term growth objectives while advancing its ambition to build a pan-European logistics real estate platform.
