A new home for Puma's French B2B operations
The Vendenheim facility handles Puma's French business-to-business operations across four halls. Argan acquired the property after its development by LCR - Les Constructeurs Réunis.
Although the inauguration is recent, operations began at the end of 2025, according to Loginfo24. ID Logistics moved its Puma operations from Landersheim to Vendenheim, transferring employees and training them to use the new equipment. Staffing averages about 100 people and can reach 150 during peak periods.
Puma and ID Logistics began their French logistics partnership in 2016. Around the opening of the Vendenheim site, they extended that relationship for another six years, according to Warehouse Automation.
Automation capacity and energy features
The facility's AutoStore installation uses 98 robots and can process up to 57,000 order-preparation lines a day. Its initial 70,000-bin capacity fits within a 2,600 m² area in one of the warehouse halls, Warehouse Automation reports.
The system serves as a buffer for roughly 6,000 to 7,000 product references out of an assortment of about 35,000. Workers use 15 picking stations and 12 product induction stations, while the Reflex warehouse management system connects with Puma's SAP ERP.
The installation allows for expansion by 2030 to more than 85,000 bins and 104 robots. Those figures describe its potential expanded configuration, rather than its current capacity.
The building also has BREEAM Excellent certification, photovoltaic panels that supply power for on-site consumption, and LED lighting. Argan says these features are intended to reconcile "real estate performance, energy consumption control and environmental requirements".
Argan's portfolio and rental income outlook
Vendenheim adds to Argan's presence in eastern France, where the company says it is continuing to develop its logistics portfolio. It already owns another facility in Vendenheim, developed for Auchan. Stéphane Cassagne, director of development and asset management, said the Puma project illustrates "the role of ARGAN as a long-term real estate investor".
At June 30, 2026, Argan held nearly 110 warehouses in metropolitan France, totaling 3.9 million m². The portfolio's value, excluding transfer duties, was €4.3 billion, and its annualized rental income was approximately €224 million.
Revenue for the first nine months of 2026 reached €166.2 million. Argan again increased its full-year rental income target to at least €222 million, representing 5% growth over 2025.
Reaching that annual target depends on the timing of three remaining project deliveries. The company also cited the risk of delays or cost revisions on projects under way.
Shareholders to consider WDP merger in November
Argan shareholders are scheduled to vote on the proposed WDP merger at the company's combined general meeting on November 20, 2026. A merger auditor's report released to shareholders on October 20 concluded that the proposed exchange of three WDP shares for each Argan share was fair.
The July 23, 2026, merger announcement put the prospective group's gross asset value above €13 billion. The combined business would span eight countries, with approximately 13 million m² of logistics space and more than €700 million in annualized rental income.
The announced terms imply a total value of €79.22 for each Argan share, including an exceptional €11-per-share distribution to be proposed before the merger closes. That valuation represents an implied premium of about 21% over Argan's July 23 closing price of €65.40.
According to the joint announcement filed with the SEC, WDP intends to secure an additional Euronext Paris listing before the shareholder meetings. The combined group would retain the Argan brand for its commercial activities in France, and a Le Lan family representative, through Kerlan, is expected to join WDP's board.
WDP will hold its own extraordinary general meeting on Tuesday, November 24, 2026, at 9:00 a.m. CET at its registered office in Wolvertem (Meise), Belgium. Commitments to support the transaction account for approximately 52% of Argan's voting rights and 19% of WDP's. Completion is expected in the first quarter of 2027, subject to conditions that include approval by both companies' shareholders.
