Belgian logistics investor and developer Montea has announced the acquisition of the Reverso portfolio, comprising 17 logistics assets located throughout France.
The acquired sites, totaling approximately 80,000 m2 of built-up area and 650,000 m2 of land, are primarily located along the major corridors of Lille, Paris, Lyon, Marseille, and the Atlantic arc – Toulouse, Bordeaux, Nantes, and Caen.
The portfolio, valued at nearly €150 mln, offers an initial net yield of 5.6% with potential for growth to 7% due to redevelopment opportunities. Jacky Perrenot, a leading French mass distribution carrier, currently occupies the majority of the sites.
Jo De Wolf, CEO of Montea, said: ‘Our growth plans include a mix of development projects on the extensive land bank, acquisitions of both existing buildings and plots of land and improvements to our existing portfolio. Montea is also investing in solar panels, battery energy storage and other sustainable solutions in the markets in which Montea is currently active.’
Luc Merigneux, country manager of Montea in France, commented: ‘At Montea, we strongly believe in long-term value creation. With this portfolio acquisition, we are purchasing a significant land bank leased to a leading player in the French market. We look forward to working with Jacky Perrenot to create value in these strategic locations.’
The latest investment increases the value of the French portfolio from €255 mln to €406 mln, with a total of 35 sites.
Montea plans to leverage the portfolio's strong environmental potential, aligning with its commitment to invest €75 mln in green projects by 2027 and reduce CO2 emissions by 45%. The company aims to double its solar panel capacity to 135 MWp and increase battery energy storage capacity to 100 MWh.
The real estate company has also launched a new growth plan (Track27) that aims to reach a cumulative investment volume of €1.2 bn between 2024 and 2027, which is expected to increase the value of its portfolio by 50% to €3.5 bn. Over 35% of this investment target has already been committed or is in the process of allocation. Montea anticipates a 6% average increase in EPRA earnings per share, reaching €5.6 by 2027.
To finance the full launch of Track27, including the Reverso portfolio, the company is carrying out a capital increase of up to €156 mln, carried out through a public offering of new shares in Belgium and a subsequent accelerated private placement of securities. The subscription period will run from 26 September to 3 October.
