Progress on investments and leasing reinforces occupier demand

Research evidence excerpt

Progress on investments and leasing reinforces occupier demand

Deutsche Bank

Research

Rating Company Date

Buy Montea 2 July 2026

Company Update

Europe

Belgium

Reuters Bloomberg Exchange Ticker Price at 1 Jul 2026 (EUR) 66.40

MONTE.BR MONT BB BRU MONTE

Price Target (EUR) 73.00

Real Estate

52-week range (EUR) 78.40 - 63.50

Progress on investments and leasing

Valuation & Risks reinforces occupier demand

Thomas Rothaeusler

Progress on investments and leasing reinforces occupier demand Research Analyst

The latest Montea announcement represents a meaningful step-up in Belgian +49-69-910-43054

logistics development, with EUR65m of investment across Antwerp and Brussels,

Sheetal Jaimalani

alongside the successful lease-up of the recently acquired Beringen site. This rapid Research Associate

leasing success highlights strong market demand for strategically located logistics

properties and supports our positive view on the sector. The announcement also

brings Montea substantially closer to securing its EUR1.2bn investment target Price/price relative

under the Track27 plan. 100

The EUR65m investment includes the development of a new 55k sqm logistics hub 75

in the Port of Antwerp. The deal involves no acquisition capex and EUR47m of

development capex, which is expected to generate a 6.6% net initial yield. The 50

2024 2025 2026

facility is fully pre-let to a logistics operator under a fixed 15-year triple-net lease

agreement, thereby de-risking the development pipeline. Construction is Montea – (Rebased)

scheduled to begin in 2Q27, with completion expected in 2Q28. This project adds Performance (%) 1m 3m 12m

to the existing execution pipeline of EUR59m as of 1Q26, increasing it to EUR106m.

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