Montea Rights Issue 150m for French Acquisition, Track27 increased
Montea announced a EUR 154m rights issue (1 for 9) to finance the acquisition of 17 properties (Reverso portfolio) in France. The deal is announced at a yield of 5.6%, but the development potential is expected to lift the yield over time to 7.0%. The rights issue price is set at 67.0, a discount to TERP of 9.3%. On the CMD in June, Montea already earmarked the French market as a prime target for growth. Rumours about Montea bidding for a logistic portfolio from Tristan Partners soon surfaced (Tijd article 25/7). France was about 12% of the portfolio at FY23 and will increase to approx. 20% by FY24-end. Montea has invested over the last couple of years to get more boots on the ground in France. We like that they are now increasing the scale of the portfolio. We move our rating from Accumulate to Suspended till after the closing of the transaction. The transaction will close on 8/10 and founders will subscribe proportionally.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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