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 A...
Automation and Energy investments increase the value per sqm of landbank. Tenants are inclined to sign longer lease contracts to protect their significant investments. We expect to see more large warehouse automation projects over the next 12-18 months as the ROI increases thanks to technological innovations. The decision process seems to take longer due to the size of the investments. We believe the logistic segment offers an interesting investment opportunity. WDP trades at only 3% premium...
Montea operates by the rule, “no tenant, no building” and almost completely avoids speculative development. On the recent analyst call, CEO JO De Wolf explained that speculative development remains possible if a single building is already more than 50% pre-let and is located in a sought after area. Currently, Montea has 322k of permitted land ready to start construction and is in exclusive negotiations for a large part of it. These take longer due to the size and complexity of new projects on a...
3Q25 results were good with a solid 3.3% organic rent performance and recurring EPS up 8% YoY. Guidance is reconfirmed; the company is fully focused on delivering its 2027 plan on which we have good visibility considering that c.80% of the investments are secured. While rent dynamics give us comfort so far (driven mainly by indexation), we would like to see more evidence regarding demand for new developments coming. Besides the pipeline, more action on the investment front in Germany or France (...
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Montea reported broadly in line 9m25 results, with EPRA earnings rising 22% to €83.0m and EPRA earnings per share to €3.61 vs. €3.67 expected (KBCS). EPRA EPS grew 8% excluding FBI impact. Net rental income grew 25% yoy, driven by the NL Intergamma completion, reaching €103.7m. The portfolio maintained a high occupancy of 99.8% and achieved like-for-like rental growth of 3.3% (mainly indexing). The cost of debt declined to 2.1% vs. 2.3% FY24. Montea's financial position remains solid, with LTV a...
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