Montea concluded a partnership agreement with MG Real Estate in December 2013 to develop the sustainable logistics parc “MG Park De Hulst” in Willebroek, with a total of 150,000 m² logistics space to be developed. Montea buys a high-quality distribution centre for Decathlon as final part of this successful agreement. In addition, Montea buys the remaining plots of land for € 3.2 million adjacent the existing developments of Dachser and Federal Mogul.
The development for Decathlon is on a plot of land of ca 71,000 m² and comprises 46,274 m² storage space, 1,022 m² offices and 256 parking places. The entire distribution for Decathlon Benelux is organized from this development (www.decathlon.be). Decathlon, already tenant of Montea for his workplace in Bornem, will rent the building for a minimum fixed period of 10 years.
This operation represents a total investment value of € 31.6 million and will generate a gross initial yield of ca. 6.5%. This growth is financed with funds that Montea obtained recently through an increase of capital of € 68 million. There was a discussion between Montea and MG Real Estate about this project at the time of the capital increase, so this project is not part of the previously announced projects in progress for an amount of € 79 million.
Jo De Wolf, CEO Montea: “We are particularly delighted to add this development to our portfolio. This transaction confirms that a major player such as Decathlon has firmly taken root in Belgium. This acquisition, which is generating rental income immediately, will also contribute to Montea’s EPRA result of 2017.”