Montea has acquired a logistics distribution centre at the Business Park Vosdonk, located in Etten-Leur, between Breda and Roosendaal, right on the A58 motorway (Exit 19). The logistics distribution centre consists of 6,870 m² storage space and 1,730 m² office space and is rented to Bas Logistics.
Montea has also acquired a 20,808 m² adjoining plot of land for the development and rent of an extension of the existing distribution centre for Bas Logistics. The building will consist of ca. 9,900 m² storage space, a mezzanine of ca. 900 m² and a workplace of ca 570 m². The build-to-suit project will be operational by April 2018.
Bas Logistics has signed a triple-net lease for a fixed period of 13 years for the existing distribution centre and for a fixed period of 12.5 years for the extension. The company is an all-round logistics service provider with branches in Etten-Leur (Netherlands), Cambiago (Italy) and Bratislava (Slovakia) (www.bas.eu).
This transaction represents a total investment value of € 14 million (in line with the investment value defined by the real estate expert), financed by bank debt, and will generate a net initial yield of about 6.0%.
During the successful increase of capital of September 2017, Montea already announced projects in progress for an amount of € 79 million. Taking into account the above investment, this amount is raised to € 93 million.