Montea Montea teams up with Weerts for large Skerchers project
Montea and Weerts Group have partnered to develop a large single-tenant facility, a new European distribution center for Skechers in Liège. Montea will acquire a 40% stake in the project company for a maximum investment of EUR 140m. Weerts is a family owned developer with 700k sqm in portfolio in 7 countries. This project spans a 370k sqm site with a 215k sqm warehouse, located next to Liège Airport. The facility will feature a logistic hub, renewable energy solutions to meet BREEAM Excellent. The JV has a 50-year ground lease agreement with Liège Airport, with an option to extend for an additional 49 years. The JV has a 20-year triple-net lease with Skechers, the US footwear brand (SKX US). On our conference last week, Montea highlighted the potential for JV investments like the existing Cordeel partnerships. An analyst call will be held at 9h00 CET.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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