Montea GE Acquisition doubles GE exposure
Montea acquired a logistics park in the Port of Hamburg from Tristan Capital partners. Total site of 89k sqm, leased from the Hamburg Port Authority. It comprises five buildings built in 1993 (Approx. 50%) and the rest in 2018 and 2019. The total investment amounts to ca. EUR 50m, but offers additional redevelopment potential. The older part (50%) can be redeveloped over time. The lease runs another 20 years of 25 and can be renewed of sold back at market value. We estimate the yield between 6.5% and 7.0% due to the redevelopment potential and ground lease (typical in harbour environment). We hosted Montea on our Real Asset conference where they explained the mix of own development and acquisition. This deal offers a bit of both at what we believe an attractive yield. The deal almost doubles Montea GE presence where scale is an important factorMontea 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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