Montea Expansion in Port of Ghent via CiK
Montea announced a contribution in kind (CiK) transaction of a 20k sqm site from Tailormade Logistics (TML), who will lease it back for at least 10 yrs. The transaction amounts to EUR 12.2m as Montea issues 148,396 new shares at EUR 82.00 per share. That equals a discount of 3.19% over the last 3 trading days. The yield on the transaction is reported at 6.7%. Montea also enters into an agreement with North Sea Ports. This indicates that the land is most likely in concession (renewed). This would explain the relatively high yield. The CiK increases the share capital by 0.7% and we estimate a small positive effect on debt% of 20bps from 35.8% to 35.6%. Since 3Q23, Montea has increased its Capex budget to 260m for FY24 as “track24” comes to an end. This add-on deal is part of its multi modal strategy, which we like as road traffic is heavily congested in the Benelux. Montea owns 2 other sites in Port of Ghent area.Montea Comm VA, formerly Montea CVA, is a Belgium-based real estate investment trust specialized in logistics and semi-industrial real estate in Belgium, the Netherlands and France. The Company's property portfolio represents approximately a surface of 584,694 Square meters (m2) across 37 sites. Its group companies include, among others, Montea Management NV, Montea Comm. VA, Acer Park NV, Montea Nederland NV, Montea Almere NV, Montea Rotterdam NV, SCI Actipole Cambrai, SCI Sagittaire, SCI Saxo, SCI Sevigne, SCI Socrate and SCI 3R. In addition, the Company also partners with Decathlon.
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