Strategy
Discover our growth plan for the coming years.
Deep dive into our business model and strategy
Find out how our pure player strategy and our activities allow us to create value for all our stakeholders.
Growth plan 2026 – 30: #BLEND&EXTEND2030
With the proven multi-driver model #BLEND, we extend our horizon to 2030 with new long-term ambitions: #BLEND&EXTEND2030
WITH A CLEAR GOAL
To scale into an integrated European platform, offering end-to-end supply chain infrastructure solutions.
WITH AN UNCHANGED FOCUS
Above-average growth with a below-average risk profile. Growth is defined as EPRA Earnings per share growth, combined with strong total returns.
Targets 2030
A proven & scalable multi-driver growth model, driving long-term EPS growth
- Build: Capture robust structural demand
- Load: Pre-let developments, selective acquisitions and new markets
- Extract: Rental growth and active asset management
- Neutralize: Total energy solutions decarbonizing logistics supply chain
- Disciplined: Robust balance sheet and risk-adjusted capital allocation
>2.00€
EPRA Earnings per share
>6% annual growth (CAGR)
>1.60€
Dividend per share
>6% annual growth (CAGR)
>50% cumul. growth
Total Return¹
Annual double digit returns of >10% (CAGR)
- Return on equity, or total accounting return, reflects the annual growth in EPRA NTA, including the gross dividend paid out.
Based on:
- €500M CAPEX P.A
- Self-financing capacity
- Top-tier credit strength
A3
Moody’s credit rating
~8x
Net debt / EBITDA (adj.)
~40%
Loan-to-value
Discover more
Discover more about #BLEND&EXTEND2030 in the 2025 Annual Report on pages 20 – 25.
Assumptions and underlying hypotheses
- Sustained structural demand for logistics property with a gradual recovery in demand.
- Stable operational metrics (high occupancy rate, long lease terms and high client retention).
- The abolition of the Dutch REIT regime implies an annual impact on EPRA Earnings per share of € ‑0.05 of 2025.
These ambitions are based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment.