Montea secures its first site in the Port of Antwerp, making it the latest deal signed as part of its strategy to invest in premium locations, particularly multimodal transport hubs. Montea plans to conduct a major, sustainability-led refurbishment of the 20,000m² warehouse.
A well-known industrial complex comprising 11 units, the Luithagen site is strategically located at the A12/E19/Noorderlaan interchange to the north of the city. The site has been leased over a long period to various companies that provide support services to the port, such as spare parts, maintenance, cleaning and courier services.
Montea is acquiring the site with plans for a comprehensive long-term refurbishment project that prioritizes sustainability. The units, which have been in use for 40 years, will be gradually upgraded in accordance with Montea's guiding principles for new investments.
The planned upgrades include replacing joinery and façades, adding extra insulation, improving the roof, and installing solar panels, heat pumps, and charging points. This will ensure that the buildings not only meet current standards but also contribute to a more sustainable future.
Montea’s acquisition of the site represents an investment of approximately €10.85m, with an expected yield of around 8.00%. Bridgegap and Mertens Vastgoed provided advice on the transaction.
“With this investment, Montea takes its first step into the Port of Antwerp, a critical transport and distribution hub, and an economic powerhouse in Belgium. The Luithagen site has consistently demonstrated its value thanks to its strategic location and flexible warehouse structure. Our planned building upgrades will ensure the long-term success of the site,” said Xavier Van Reeth, Montea's Country Director for Belgium.
This acquisition was completed via a contribution in kind of the site to Montea. The contribution wascompleted in exchange for the issue of 147,578 new Montea shares. The new shares were issued as
part of a share capital increase, approved by Montea's sole director under the statutory authorization regarding authorized capital. The issue price was set at €73.52 per share. The transaction strengthens the equity by €10,8m, of which €3m is share capital and €7.8m is share premium.
The new Montea shares are in the same class as Montea’s existing shares and have the same rights (including the dividend right for the 2024 financial year, which began on January 1, 2024). These new shares are expected to be listed on Euronext Brussels and Euronext Paris no later than October 30, 2024, under the same ISIN code as the existing Montea shares (BE0003853703).
Image provided by Montea.
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