M&A Activity • Dec 18, 2013
M&A Activity
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REGULATED INFORMATION UNDER EMBARGO UNTIL 18/12/2013 – 5.45 PM
PARTNERSHIP AGREEMENT WITH MG REAL ESTATE (DE PAEPE GROUP) FOR DEVELOPMENT OF THE "MG PARK DE HULST" SUSTAINABLE LOGISTICS PARK IN WILLEBROEK - TOTAL DEVELOPMENT POTENTIAL OF 150,000 M² OF LOGISTIC REAL ESTATE
Montea and MG Real Estate (De Paepe Group) have signed a partnership agreement for the development of the 40 hectare MG Park De Hulst in Willebroek, centrally located between the A12 and E19 Brussels/Antwerp motorways. This logistics park includes a buildable area of 30 hectares, with 10 hectares of green zone buffering. MG Park De Hulst aims to use its total development potential of 150,000 m² of logistics space to become the benchmark for sustainable logistics real estate. Given the extensive scale of the park, attention will be paid during development to providing additional
services, such as the grouped purchase of green power, centralised waste collections and security. With its central location on the Brussels-Scheldt canal and its proximity to the container terminal at Willebroek, the park also benefits from multimodal access.
The partnership consists of Montea investing EUR 4.50 million in the development cost of the park infrastructure. In exchange for this investment, Montea will have a preferential right over any development at the site, based on a predetermined yield and depending on the parameters of each separate subproject. MG Real Estate (De Paepe Group) and Montea will also combine their commercial resources to attract users for the development. The overall development has an estimated total value of EUR 120 million at completion. The partners estimate the full realisation of the project will take for 3 to 5 years.
Jo De Wolf, CEO Montea: "We are very pleased to be able to take part through this partnership, in the development of a significant parcel of land along Belgium's main logistical axis. In contrast with neighbouring countries, Belgium has almost no integrated logistics business park. By entering at this early stage, Montea aims to keep control over the overall site. In the future, this will provide us with the opportunity to offer an extensive range
of services. Along with the sustainability that MG Park De Hulst aims to achieve, the partnership also underscores our ambition to grow further in the development of high-quality property solutions. We are also looking forward to joining forces again with MG Real Estate (De Paepe Group) as we have already worked with them in the past on the development of Brucargo West. The complementarity of our skills and expertise will certainly contribute to the successful development of this ambitious project."
Montea has signed a contribution agreement with MG Real Estate (De Paepe Group) for the contribution of the shares of NV Ghent Logistics, which owns a recently built logistics platform (2011) located in the Port of Ghent. The site extends in total to approximately 18,000 m², comprising 11,950 m² of warehousing and 1,000 m² of office space. The building is equipped with an ESFR sprinkler system and has a free height of 10 metres. The building is leased to SAS Automotive Belgium for a period of 13 years, with the first break option at 7 years.
SAS Automotive Group is the market leader worldwide in the development and assembly of cockpits. SAS Automotive Belgium
handles the assembly, engineering and logistics of cockpits for Volvo Ghent. NV Ghent Logistics obtained a concession from the Ghent Port Authority for this development. The transaction represents an investment value of EUR 6.50 million, based on an initial yield of 8.5%.
Peter Demuynck, CCO Montea: "With this second investment in the Port of Ghent, we strongly believe in the economic potential of airport and sea port property. The ambition of the Port of Ghent is that it will handle, by 2020, annual maritime transhipments of goods of 30 million tons, with another 20 million tons via inland waterways. This ambition underlines our strategy. We are also delighted to be able to welcome a strong group such as SAS Automotive as a new tenant at Montea as this will further diversify our tenant portfolio."
The contribution of the NV Ghent Logistics shares will take place on 19th December 2013 by way of a capital increase of EUR 6.47 million through the issue of new shares as remuneration for the contribution, within the framework of the authorised capital and provided a number of conditions precedent have been met by that date.
The issue price for the new shares will be calculated based on the average closing price for Montea shares (ISIN code BE0003853703) on the Euronext Brussels market during the period of 30 calendar days prior to 18th December 2013 (i.e. EUR 31.30) minus the estimated gross dividend of EUR 2.00 per share for the financial year ending on 31st December 2013.
Consequently, the issue price for the new shares is EUR 29.30.
Montea and Globis have signed a new lease agreement, effective from 1st January 2014 and for a term of 9 years, to rent the remaining office space of 740 m² at the Montea site in Erembodegem. Software developer Globis is already established in the Aalst area and provides parametrisation solutions for business processes (barcode scanning, EDI integration, E-business, etc.).
Montea and DHL Supply Chain Belgium NV have signed a new lease agreement for a term of 3 years for the site in Mechelen. The agreement comprises 10,208 m² of warehousing and 207 m² of office space and replaces the lease agreement with Pomax, which will vacate the premises early.
Montea Comm. VA is a public property trust under Belgian law (Sicafi – SIIC), specialising in logistics and semi-industrial property in the Benelux and France. The company is a leading player in this market. Montea literally offers its clients room to grow through flexible and innovative property solutions. This enables Montea to create value for its shareholders. As of 30/09/2013, Montea's property portfolio represented total floor space of 545,610 m², spread across 33 locations. Montea Comm. VA has been listed on NYSE Euronext Brussels (MONT) and Paris (MONTP) since the end of 2006.
Jo De Wolf +32 53 82 62 62 [email protected]
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