Acquisition Lake Side Portfolio
March 2012
■ 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
Agenda
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)
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
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 42.980 44.423 100% 2,5 15,3
Zwolle Logistic Kuehne + Nagel 35.826 19.765 100% 1,2 7,6
Helmond Industrial Prinsen 16.874 13.025 100% 0,7 15,0
Veghel Industrial Vetipak 10.000 9.820 100% 0,5 9,1
Oss Industrial Vetipak 10.089 11.074 100% 0,5 14,0
Roosendaal (*) Industrial BIS Industrial Services 32.000 9.091 100% 0,8 10,0
Oss Logistic Movianto 21.600 16.905 100% 0,9 10,0
Beek (Maastricht-Airport) (*) Logistic Koninklijke Mosa 38.200 25.197 100% 0,9 15,0
Total 207.569 149.300 100% 8,2 12,5
(*) Under construction with deliveries scheduled in 2H12
Portfolio analysis
Portfolio by type of property (m²) Portfolio by state of property (m²)
Strategic rationale
■ Excellent quality assets
■ Long duration leases
■ Complementary to existing portfolio
■ 2010-13 growth plan
■ Strengthening Benelux market leadership
■ Building strong platform in the Netherlands
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
Impact on WDP portfolioWDP as per FY11
WDP pro forma
Geographical breakdown (*) Lease duration (**) Breakdown by type (***)
(*) By fair value and excluding solar panels
(**) Including solar panels
(***) By rental income
Appendix – Overview properties
Zwolle
Site area 35,826 m²
Floor area 19,765 m²
Construction year 2009
Lease term October 2019
“Hessenpoort” (Lippestraat 15)
Nieuwegein
Site area 42,980 m²
Floor area 44,423 m²
Construction year 2012 (BREEAM certified)
Lease term May 2027
“Het Klooster” (Inundatiedok 34)
Helmond
Site area 16,874 m²
Floor area 13,025 m²
Construction year 2012 (BREEAM certified)
Lease term February 2027
“Bedrijventerrein Zuidoost Brabant”
(Sojadijk 2)
Veghel
Site area 10,000 m²
Floor area 9,820 m²
Construction year 2006
Lease term March 2021
“Doornhoek” (Doornhoek 3765)
Roosendaal – BIS Industrial Services
Site area 32,000 m²
Floor area 9,091 m²
Construction year 2012 (foreseen early September)
Lease term August 2022
“Borchwerf” (Aanwas 9)
Beek – Koninklijke Mosa
Site area 38,000 m²
Floor area 25,197 m²
Construction year 2012 (foreseen early December)
Lease term November 2027
“Aviation Valley Business Park” (Steutgensweg)
Oss (1)
Site area 10,089 m²
Floor area 11,074 m²
Construction year 2010
Lease term February 2026
“Vorstengrafdonk” (Menhirweg 15)
Oss (2)
Site area 21,600 m²
Floor area 16,905 m²
Construction year 2012
Lease term March 2022
“Vorstengrafdonk” (Keltenweg 70)
Question time