Montea Montea monte la barre (raises the bar)
On the CMD in June, Montea already earmarked the French market as a prime target for growth. Rumours soon surfaced about Montea bidding for a logistic portfolio from Tristan Partners. The “Reverso” portfolio is a subset of a portfolio that Tristan Capital opportunistically acquired in 2020 in a sale-lease-back from Jacky Perrenot (after LBO). Montea increases the scale of its portfolio in France significantly. The deal is announced at a yield of 5.6%, but Montea believes it can crank the yield on Cost to 7.0% through further developments. The EUR 154m rights issue reduces LTV to around 34% and leaves ample headroom for this. We believe their EPS guidance in the Track27 outlook is aggressive, but Montea has not disappointed in the past. We return to our Accumulate rating and target price of 90 Euro.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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