Belgian firm Montea enters the Italia market and expands through its joint venture with WLP, worth 383 million

Montea will also further increase its involvement in the development of Skechers in Liège, in Belgium, by increasing its stake in the Wlp X joint venture (established in 2025, through which it is developing a bespoke €140 million facility in Belgium for the renowned footwear company) from 40 per cent to 49 per cent. The transaction represents a total investment of 39 million euros, including the advance payment of the second instalment of 28 million euros relating to the development stake, covering the 40 per cent share held by Montea, which was previously due by the end of 2027. The second and final instalment also reflects the additional investments associated with the expansion of the complex, from 215,000 square metres to 230,000 square metres, following increased space requirements from Skechers. The additional 9 per cent stake (€11 million) further increases Montea’s exposure to the project’s financial benefits. Under these agreements, Montea will benefit from an immediate income guarantee from WLP until rent payments from Skechers commence, which are scheduled for the end of 2027.

Montea will issue 2,643,715 new shares to Wlp at the Epra net asset value per share as at 31 March 2026 (€82.97), representing a premium of 28 per cent over the current share price and 1.3 per cent over the latest EPRA net asset value of €81.92. The new shares will carry dividend rights from the 2027 financial year onwards.

Subject to approval by the extraordinary general meeting on 3 December 2026, the transaction is expected to be completed around 15 December. Wlp will become a shareholder with a 10.1 per cent stake, creating a strong alignment with a view to future value creation, with the transaction fully supported by the De Pauw family, Montea’s controlling shareholder.

The issue price of the first tranche represents a premium of 28 per cent over the closing price of Montea shares, which stood at 64.80 euros on 29 October 2026, the last relevant date prior to this announcement, and a premium of 29 per cent compared with the volume-weighted average price over the last three months.

“For centuries, Italia has linked European industry with Mediterranean trade, making this the logical next step for Montea, which continues to focus on the main European logistics hubs,” said Jo De Wolf, CEO of Montea. The market fundamentals are sound, with high demand and limited high-quality supply, which translates into steady growth in rents. We are entering the market from a position of strength, with Weerts Logistics Parks as a trusted partner offering local development expertise, and with the ambition to establish a significant presence from day one.”