Announcement • Jul 25

Warehouses De Pauw SA (ENXTBR:WDP), Famille LE LAN, Predica and Jos De Pauw family agreed to acquire Argan SA (ENXTPA:ARG) from Famille LE LAN, the Jos De Pauw family and Predica for approximately €1.7 billion.

Warehouses De Pauw SA (ENXTBR:WDP), Famille LE LAN, Predica and Jos De Pauw family agreed to acquire Argan SA (ENXTPA:ARG) from Famille LE LAN, the Jos De Pauw family and Predica for approximately €1.7 billion on July 23, 2026. The consideration consists of common equity of Warehouses De Pauw SA at a ratio of 3 per common equity of Argan SA. As part of consideration €1.73 billion is being paid by Warehouses De Pauw SA. Jos De Pauw family, Le Lan family and Crédit Agricole Assurances, through its subsidiary Predica expected to hold ~14%, ~9% and ~4%, respectively, of the combined group immediately following completion. Through the proposed combination, ARGAN and WDP will take a defining step in that journey: bringing together two highly complementary logistics real estate platforms and creating a leading core European logistics real estate portfolio exceeding €13 billion GAV with more than €700 million of annualised rental income, ~13 million m² of high-quality logistics space and a committed pipeline of around €1 billion. The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders and by the key reference shareholders: the Le Lan family, the Jos De Pauw family and Crédit Agricole Assurances, through its subsidiary Predica. Separate voting commitments represent ~52% of ARGAN’s and ~19% of WDP’s voting rights. The deal has been unanimously approved by the board. The expected completion of the transaction is January 1, 2027 to March 31, 2027. Rothschild Belgium Nv acted as financial advisor for Warehouses De Pauw SA. Van Lanschot Kempen NV acted as financial advisor for Warehouses De Pauw SA. Eubelius acted as legal advisor for Warehouses De Pauw SA. Bredin Prat & Associes acted as legal advisor for Warehouses De Pauw SA. Deloitte Belgium acted as accountant for Warehouses De Pauw SA. BNP Paribas SA acted as financial advisor for Argan SA. Brandford-Griffith & Associés acted as legal advisor for Argan SA. CMS Francis Lefebvre tax division acted as accountant for Argan SA. Bredin Prat & Associes Tax dividion acted as accountant for Warehouses De Pauw SA. Crédit Agricole Corporate and Investment Bank S.A. acted as financial advisor for Predica. BDGS Associés acted as legal advisor for Predica.

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Warehouses De Pauw SA (ENXTBR:WDP), Famille LE LAN, Predica and Jos De Pauw family agreed to acquire Argan SA (ENXTPA:ARG) from Famille LE LAN, the Jos De Pauw family and Predica for approximately €1.7 billion.

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