Clifford Chance advised on WDP’s Inaugural €500 Million Green Bond Issuance Under EMTN Programme

Global law firm Clifford Chance advised the global coordinators BNP Paribas and ING Bank, alongside joint bookrunners ABN AMRO, Belfius, KBC, Morgan Stanley, and Natixis, on the establishment of Warehouses De Pauw’s (WDP) EMTN programme and its inaugural €500 million green senior unsecured bond issuance.

This transaction marks WDP’s debut on the public bond market and follows Moody’s recent upgrade of WDP’s long-term issuer rating to A3 (stable outlook) from Baa1. Proceeds from the issuance will be allocated under WDP’s updated Green Finance Framework, which received an “Excellent” rating from Sustainable Fitch. The transaction supports WDP’s #BLEND2027 growth plan and reinforces its position among Europe’s highest-rated listed real estate companies.

Our team was led by Wim Aerts and Sonia Belhassen (GFM), with Thomas Linard de Guertechin and Sherine Denisse advising on tax matters. This transaction highlights our continued commitment to supporting sustainable finance and complex capital markets transactions across Europe.