For more than a decade, Montea has created “Space for Growth.” Although the world has changed substantially in recent years, we remain true to our mission. We firmly believe that creating “space” and fostering “growth” are pillars of sustainable value creation. 

2023 was an exceptional year for Montea. We announced that we would put no less than 1 million m² of our land bank to work, by the end of 2025. This is the first time in our company’s history that we will launch so many projects using our extensive land bank. Altogether, these projects will generate €35 million of additional rental income, at an initial yield of 7% on our investment. From here on out, our ambition is to make new investments of €200 million each year. At €260 million, we’ve set the bar even higher for 2024.

Our existing building portfolio has also generated strong results. For the full year of 2023, occupancy was at 100%. What is more, the occupancy of our portfolio has been consistently above 99% since 2018. This is the best proof point that we’re offering our clients the right logistics solutions at the multimodal locations they seek.  

We ended 2023 with a strong balance sheet. Based on these resilient fundamentals, EPRA earnings per share rose again, this time by 9% to €4.45. And that’s not all. Thanks to Montea’s recognition as a Dutch REIT (FBI) in the Netherlands until 2022, we were exceptionally able to add another €0.45. We are proud to confirm that over the last 10 years, our earnings per share have increased by an average of 8% annually. We intend to further increase our earnings per share to €4.55 in 2024 and to €4.65 in 2025. Due to a successful capital increase in November, our debt ratio is now only 33.5%. Our cost of debt is under control and will remain so. 

On the sustainability front, we received recognition several times for our excellent Environmental, Social & Governance (ESG) strategy. The improvement in our Systainalytics score from 17.5 to 11.0 earned us a place among the top 20 companies in Belgium as part of the BEL® ESG Index. We also won the EPRA sBPR Gold Award for the second time in a row and maintained our GRESB sustainability score of 77%.  


By redeveloping grey and brownfields with or without contaminated soil, we create sustainable added value. At Petroleum Zuid in Antwerp, for instance, we are transforming this site into a multimodal smart city hub. At the former Lipton site in Forest, we are building a home shop delivery center for Delhaize. In Tiel, we’re giving new life to an old glass factory. These facts demonstrate our tangible and measurable commitment to sustainability.

Land scarcity, increased interest rates, grid congestion, increasing nitrogen restrictions, and slow government action have created a major scarcity in the logistics real estate market in recent years. Demand for sustainable real estate solutions, however, remains high. This is why we have invested heavily in new developments at our land positions. As always, we are listening to our clients’ needs, investing with them in greening, setting up smart logistics chains, and using available space as efficiently as possible. 

In each of our four home countries, we have a strong team ready to go. Monteaneers are entrepreneurs, pure and simple. With their focus, expertise, and team spirit, they are the foundation of our success. As I see it, their critical and creative eye is the seed of innovation, which enables us to create out-of-the-box solutions for our clients. That’s why we also provide “Space for Growth” in our own organization. Today, we’re proud to call sixty people of diverse backgrounds Monteaneers, double the number we had two years ago. The figures speak for themselves: Montea is performing extremely well, and we look to the future with confidence and optimism. 

Our exceptional performance gives me immense satisfaction, especially since we always feel strengthened by the confidence of our stakeholders: clients, partners and shareholders. Thank you for continuing to give us that Space for Growth.

Jo De Wolf,
CEO Montea