Montea has unveiled plans to develop the first carbon-free building for logistical activities in Belgium under the name of “Lummen Carbon free”. The c. 30,000m² scheme will be erected at a strategic location near the Lummen interchange on a 5.5-hectare site in the immediate vicinity of the Albert Canal. The energy needed for the entire building will be generated thanks to a substantial investment in solar panels on the roof in combination with high-tech water pumps.
The purchase of the 5.5-hectare plot of land was combined with the sale-and-rent-back of the adjoining industrial buildings of Bosal Emission Control Systems. The existing scheme consists of a warehouse of 8,000m² with 2,400m² related offices and parking facilities. The entire development has been rented for a fixed 16-year term.
This acquisition and sale-and-rent-back together represent a total investment value of c. €31.7m, which is expected to generate a net initial return of 6.3% upon delivery.
Peter Demuynck, Montea COO, said: “With this project, Montea gives overriding priority to innovation. We have surrounded ourselves with energy specialists to achieve this ambition of an entirely carbon-free building. As such, Montea focuses not on absolute growth but on maximal value creation. More specifically we are creating a valuable building for our shareholders and future tenants – a building that will prove beneficial to all in the long term.”
Hylcke Okkinga, Manager, Netherlands, commented: “Montea is focusing more and more on its own development projects at a strategic location.This sale will generate new funds which we can use to finance these growth ambitions. A healthy rotation in the portfolio thus supports the sustainable, quality growth thereof.”