Montea invests €42m in Dutch and Belgian property

Listed logistics and semi-industrial property trust Montea is investing a total of €42 mln in four new projects in the Netherlands and Belgium.

Montea, which is headquartered in Aalst, Belgium, said it is increasing its portfolio in the Netherlands by €25.6 mln following the launch of a 25,600 m2 build-to-suit project in Oss and the acquisition of a 19,500 m2 logistics distribution centre in Waddinxveen.

The transactions were brokered by Cushman & Wakefield.

Peter Demuynck, chief commercial officer at Montea, said: 'Just three months after Montea’s first purchase in the Netherlands, we are very pleased to add two outstanding logistics platforms to our property portfolio. We have full confidence in the investment potential of the Dutch logistics market. We also firmly believe in the Netherlands for the further expansion of long-term partnerships.'

In Belgium, Montea increased its portfolio by €16.6 mln as a result of the start-up of a 9,000 m2 build-to-suit project at MG Park De Hulst and a second project of 3,500 m2 in Vorst.

The four transactions, with an average fixed term of 14 years, will generate rental income of €3.3 mln on completion during 2014, based on an initial gross yield of 7.8%.

Montea's logistics and semi-industrial portfolio covered 546,000 m2 at 33 locations in the Benelux and France at end-September 2013.