Montea Montea announces 19.2m Contribution in Kind in Beringen

Montea announced the acquisition via contribution in kind (CiK) of the former Euro-Shoe site in Beringen for €19.2m. The multifunctional site spans 53.5k sqm with a 20k sqm warehouse and 2.5k sqm offices from 2005 (renovated 2023). Thanks to the spacious parking, Montea believes there is expansion capacity and it expect a NOI yield of at least 7%. The site is vacant at the moment (offered by CBRE), but Montea is in negotiation with a tenant. The location is close to the E313 highway connecting Antwerp to Liege. It runs parallel to the Albert canal that only recently increased the clear passage for container shipping from 6.7m to 9.1m. The Beringen site is adjacent to the canal (see picture). It is located north of the busy Lummen crossing with the E314 and hence in a better location than further South like Tongeren (Montea permits). The CiK creates 271,672 shares at €70.66 per share (30-day VWAP). This transaction leads to a capital increase of 19.2m. The new shares are expected to start trading on 4/12.