WDP proposed a friendly all-share merger with Argan on 23 July that would fold the French logistics property company into the Belgian group, creating a European logistics real estate owner with more than €13bn of assets.
Why WDP (Warehouses De Pauw) is buying Argan SA
WDP said the deal combines two complementary platforms into a group with over €700m of annualised rental income and the top position in France, the Benelux and a leading position in Romania. It expects the deal to be accretive to EPRA earnings per share and net asset value, with leverage broadly stable.
“an industrial project bringing two leading platforms with the same DNA to European scale in one step”
Deal terms and financing
Argan shareholders will receive three newly issued WDP shares for each Argan share, and Argan will pay an exceptional €11-a-share distribution before completion, giving an implied total of €79.22 per share. Adjusted for the distribution, that is a premium of about 28% to the one-month VWAP of €61.82 and about 30% to the three-month VWAP. Voting undertakings cover about 52% of Argan's voting rights and 19% of WDP's. Afterwards the De Pauw family would hold about 14% of the combined group, the Le Lan family about 9% and Crédit Agricole Assurances about 4%.
Regulatory approvals and timing
Extraordinary general meetings of both companies are scheduled for November 2026, and completion is expected in the first quarter of 2027, subject to limited and customary approvals.
Market context
Argan, founded by Jean-Claude Le Lan, is France's largest listed logistics REIT. The combined group targets about €250m of disposals and €10m of cost synergies, and WDP aims to keep its A3 (Moody's) and BBB+ (Fitch) issuer ratings.
