Montea Capital Markets Day starts today in Brussels

Montea holds a 1.5 day CMD around the airport of BXL with a mix of presentations and site visits. The location is conveniently chosen for foreign visitors as well as some assets nearby (DHL and Delhaize Vorst). The first day presentations see 2 country manager present on France and Germany. These are 2 regions for future growth (FR 11.2%, GE 1.4% of FV). The investment case update by CFO Els Vervaecke is set for the second day. We do not expect new targets as the recent update was given only at 3Q23. On Wednesday, we also get updates from country managers BE (46.6%) and NL (40.8%). Taxation in NL in FY25 will be interesting. After completing its Track24 investment program, Montea invests at a run-rate >200m annually over the next 2 years (cost-to-come). That should add around 600k sqm GLA for 550m Capex. Despite a slow economic outlook, near-shoring and supply chain optimisation keeps demand for logistics space buoyant in their core markets. The price/NTA now stands around 10% premium.