WEB announces two major mergers and calls an extraordinary general meeting

Warehouses Estates Belgium SA (WEB) formalized on February 27, 2024, its intention to proceed with the absorption of two real estate companies, “SA Le Beau Bien” and “SA Grafimmo”, belonging to SA Société Patrimoniale à Portefeuille. These companies hold significant properties in Gosselies and Fleurus, geared towards commercial leases and warehouse space.

The operation, evaluated by the Committee of independent directors with the support of the expert Tandem Capital, aims to diversify and strengthen WEB's portfolio, while allowing a reduction in debt of 1.94%. These planned mergers are considered strategically advantageous, despite certain identified risks, particularly relating to the compliance of buildings with fire standards and soil decontamination.

The structure of the operation provides for the issue of 336,545 new shares of WEB, thus increasing the company's equity by almost 14 million EUR. An extraordinary general meeting is convened for April 23, 2024 for shareholder approval.

Despite the advantages, the Sole Administrator of WEB notes that the buildings concerned do not meet ESG requirements in terms of energy performance, a point on which the company remains vigilant.