In 2020, Weerts Group and Ethias entered a 50/50 joint venture (Weerts Logistic Parks Holding, WLPH) for the acquisition of income-producing logistics projects developed by the Weerts Group.
In light of its substantial pipeline of more than 1 million square meters under development (in addition to the circa 500k sqm already delivered), Weerts Group together with Ethias decided to identify a new partner to allow WLPH to continue to invest in a diversified portfolio of core logistics real estate in Western Europe. Today, Weerts Group and Ethias are proud to announce they found that new partner in Primonial REIM France.
With EUR 33.5 billion of assets under management, employing 400 professionals, and a real estate portfolio located in 11 European countries, Primonial REIM is one of Europe’s largest real estate investment managers.
Under the terms of the agreement, Primonial REIM France is acquiring 33% of WLPH and has committed to continue to invest in income-producing logistics real estate assets developed by Weerts Group, alongside Ethias and Weerts Group, via a right of first refusal granted to WLPH. With an equity commitment of EUR 240 million for each of the 3 joint venture partners and a target leverage not to exceed 50% LTV, WLPH is now funded to acquire most of the logistics projects that will be delivered by Weerts Group in the next 2-3 years.