ARGAN and WDP agree €13bn all‑share merger to create major European logistics REIT

ARGAN and WDP have agreed a friendly all‑share cross‑border merger that will create a €13 billion European logistics real estate platform spanning eight countries, with more than €700 million in annualised rental income and ~13 million sqm of logistics space.

WDP logistics

Under the terms, ARGAN shareholders will receive three newly issued WDP shares for each ARGAN share, alongside an exceptional €11 per‑share distribution to be paid prior to completion. Based on WDP’s closing share price of €22.74 on 23 July 2026, the total implied valuation is €79.22 per ARGAN share, representing a 21% premium to ARGAN’s closing price of €65.40.

The merger is unanimously supported by both boards and by key reference shareholders, including the Le Lan family, Jos De Pauw family, and Crédit Agricole Assurances, whose voting commitments represent ~52% of ARGAN’s and ~19% of WDP’s voting rights.

The combined group will form the largest listed Western European logistics real estate platform, with a €5 billion national logistics business in France, integrating ARGAN’s market‑leading position with WDP’s European network. The companies said the merger will unlock significant development potential, including ARGAN’s 750,000 sqm landbank, supported by €700 million of combined annual self‑funding capacity.

The transaction is expected to deliver +3% EPRA EPS accretion, +7% EPRA NTA accretion, and +10% total accounting return for WDP shareholders, driven by €10 million of identified synergies and €250 million of targeted disposals. WDP expects to maintain its Moody’s A3 and Fitch BBB+ credit ratings, with the merger described as broadly leverage‑neutral.

Extraordinary general meetings are planned for November 2026, with completion targeted for Q1 2027, subject to regulatory approvals, shareholder votes, a French tax ruling, and ARGAN’s planned hivedown of its French operations. WDP also intends to obtain a new listing on Euronext Paris ahead of completion to strengthen capital markets access.