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Montea buys logistics center in Belgium with funds from French asset sale

Montea Comm. VA completed the purchase of an approximately 14,000 square meters of logistics floor space to boost its portfolio at its MG Park De Hulst logistics park in Willebroek, Antwerp, Belgium.

Montea paid about €8.8 million to buy the asset, which is expected to bring in a gross initial yield of about 7.1%. The property consists of a roughly 20,900-square-meter site area with 13,100 square meters of storage space, 1,000 square meters of office space, and 45 parking units. The building features refrigeration, freezing and deep-freeze units, a sprinkler system, and 12 loading docks, and it will serve as the logistics operations base of some of the customers of wholesaler Metro Cash and Carry Belgium, which signed a 10-year fixed term lease on the property, according to a release.

The transaction was funded through the sale of Montea's three logistics buildings in France worth €60.4 million. The disposal of the properties in St Cyr en Val and in Tilloy-lez-Cambrai closed Dec. 29, 2016, while the sale of the Savigny-le-Temple asset was completed March 30.