Montea, the Belgian logistics real estate investment trust, reported on Friday that 95% of its €1.15 billion Track27 growth program has been secured, up from 81% at the end of 2025. The remaining €54 million is fully funded, with €815 million already deployed and €92 million in execution. The portfolio, valued at €3.2 billion across 2.4 million square meters in Belgium, the Netherlands, France and Germany, saw shares rise 3.33% to $68.20.
The Track27 plan targets €180 million in investments for 2026 at an average net initial yield above 6.5%, including €60 million earmarked for green projects. EPRA earnings per share increased 5% year-over-year to €2.47 in H1 2026, while net rental income grew 10% to €74.6 million. Total property results reached €78.0 million, an 8% increase, with the operating margin steady at 87.5% and a target of 90% by the end of 2027. EPRA net tangible assets per share rose 4% to €80.4, and the EPRA net initial yield stood at 5.0%.
Leasing activity surged to 255,000 square meters in H1 2026, including 145,000 square meters of re-lettings and 110,000 square meters of pre-lettings. The company achieved an average 16% rent uplift on existing leases, with 72% of new leases signed by clients new to Montea. E-commerce accounted for 33% of leasing volume, followed by construction (27%), retail (20%) and logistics (18%). Portfolio occupancy reached 99.4%, outperforming the broader market rate of approximately 94.4%, with a weighted average lease break of 6.2 years.
Major transactions included a 47,600-square-meter facility in Willebroek, Belgium, leased to JD.com for a Belgian and Luxembourg hub, and the Tiel DC Quartz development in the Netherlands, a 67,400-square-meter project 70% pre-let to BSH Home Appliances on a minimum 10-year lease. The Port of Antwerp saw a 55,000+ square-meter pre-lease to DP World under a 15-year triple net lease, and Skechers secured a 20-year lease for a 215,000-square-meter distribution center in Liège, Belgium, through a joint venture with Weerts.
Montea’s landbank expanded to 3.9 million square meters, including 1.4 million square meters of yielding land and 1.2 million square meters under option. The company’s 2026 guidance projects EPRA EPS of €5.23, a 7% year-over-year increase, and a dividend of €4.19 per share, also up 7% YoY at an 80% payout ratio. For 2027, Montea targets EPRA EPS of €5.60 and minimum like-for-like rental growth of 2.5%.
