WDP invests 55 million euros in build-to-suit redevelopment for Delhaize in the Zellik logistics cluster
WDP has secured a high-bay redevelopment project of more than 20,000 m² GLA for long-standing client Delhaize in Asse, within its established Zellik logistics cluster. From 2027 onwards, WDP will invest approximately 55 million euros in this build-to-suit redevelopment, alongside Delhaize’s own investment of 120 million euros in the project. The project is fully pre-let to Delhaize under a fixed 20-year lease agreement, providing long-term income visibility at a return in line with WDP’s target hurdle rate for new developments. The project will deliver a state-of-the-art, temperature-controlled high-bay logistics facility tailored to Delhaize’s operational requirements. The building will be BREEAM certified and will include approximately 2 MWp of rooftop solar capacity. Development is intended to start in 2027, with delivery planned for 2029.
Delhaize is proud to realise this logistics growth plan with the support of WDP. WDP has been a long-standing real estate partner of Delhaize. WDP’s valued expertise and experience will play an important role in this project.
Zellik is a unique logistics cluster where additional development opportunities are exceptionally scarce. Building on our long-standing partnership with Delhaize and our development and commercial expertise, we have been able to unlock a tailored solution adjacent to their existing supply chain operations. It is a strong example of growing alongside our partners and creating long-term value, exactly the type of disciplined growth we are looking for in Belgium.
Building out WDP’s Zellik logistics cluster at the gateway to Brussels
The project is being realised on a site of around 42,000 m² owned by BelOrta, with WDP entering into a long-term ground lease agreement. Located north-west of Brussels, Zellik is an established industrial and logistics zone strategically positioned for domestic distribution. Its central location provides direct access to the Brussels consumer market and strong connectivity to Belgium’s main economic centres, including Antwerp and Ghent, via the Brussels Ring, A12 and E40.
Upon completion of the new Delhaize project, WDP’s position in the Zellik cluster will comprise 11 buildings representing more than 163,000 m² of lettable area and further development potential of approximately 21,000 m². WDP’s existing portfolio in the cluster currently represents a fair value of approximately 165 million euros, with the new Delhaize project representing an additional investment of approximately 55 million euros. The buildings are leased to a diversified portfolio of high-quality clients. The project supports WDP’s #BLEND2030 growth ambitions and reflects its disciplined approach to capital allocation, contributing to above-average earnings growth with a below-average risk profile.
