TIDMEBOX TIDMBOXE
RNS Number : 1431J
Tritax EuroBox PLC
14 August 2023
Tritax EuroBox secures two new leases in Italy and Germany
Tritax EuroBox plc (the "Company"), which invests in Continental
European logistics real estate assets, has agreed two new leases.
The first is the successful letting of Unit 1 (14,150 sqm) of the
28,300 sqm speculatively developed Settimo asset in Italy. The
second is a new seven-year lease for Unit 3 (8,300 sqm) at Bochum,
Germany. Collectively, these leases secure an additional EUR1.3
million in contracted rent and de-risk income previously subject to
rental guarantees.
Settimo Torinese, Italy: successful letting of speculatively
developed 14,150sqm asset
-- The letting is for unit 1 at the Company's 28,300 sqm
two-unit development, well-located adjacent to the A4
"Turin-Trieste" motorway in Settimo Torinese, 14km east of Turin
and 125km west of Milan.
-- Six-year green lease, which includes a further six-year
extension option and includes annually reviewed inflation linked
uplifts.
-- Rental level in line with Estimated Rental Value (ERV) and
consistent with the development funding underwrite - signed within
three weeks of practical completion of the building.
-- The unit is let to a leading Italian logistics specialist.
-- The building targets a BREEAM Very Good rating, and includes
a roof-mounted solar PV scheme and other sustainability features
that reduce the environmental impact.
-- Brownfield regeneration of a former tyre manufacturing
warehouse, with the completed development improving the local
environment and providing new employment opportunities for local
communities.
Bochum, Germany: asset management secures new seven-year lease
32% above the current passing rent
-- The new letting is for unit 3 at the Company's four-unit
prime asset located near Bochum, in the Rhine-Ruhr region of
Germany, a core, established logistics location.
-- Agreed a new seven-year green lease (with a three-year
extension option) with 100% CPI indexation reviewed annually.
-- The letting is 32% above the current passing rent and 16%
ahead of the ERV as at 31st March 2023.
-- The unit is let to a German specialist catering equipment company.
-- Green lease clauses agreed, committing the customer to use
the building sustainably, along with an obligation to share
resource usage data.
Company commentary
Phil Redding, CEO of Tritax EuroBox plc, commented:
"These lettings, combined with our recently announced asset
disposal in Hammersbach, Germany, provide further evidence of the
successful delivery of our strategy. They demonstrate strong
occupier demand in Italy as well as robust ERV growth in Germany,
which we have been able to capture as we pursue the portfolio's 15%
[1] reversionary potential. These leases highlight our ability to
target the embedded opportunities within our portfolio and secure
additional income from our assets.
"The high-quality nature of our portfolio is reflected in the
pace at which we are able to let newly developed assets and the
rental levels we are achieving. Through asset management activities
we are adding long-term rental income to the portfolio at
attractive levels from high-calibre customers."
Further information
Tritax EuroBox plc
+44 (0) 20 8051 5070
Phil Redding - CEO
Mehdi Bourassi - CFO
Kekst CNC (Media enquiries)
Neil Maitland / Guy Bates
+44 (0) 7971 578 507 / +44 (0) 7581 056 415
tritax@kekstcnc.com
Notes:
Tritax EuroBox plc invests in and manages a well-diversified
portfolio of well-located Continental European logistics real
estate assets that are expected to deliver an attractive capital
return and secure income to shareholders. These assets fulfil key
roles in the logistics and distribution supply-chain focused on the
most established logistics markets and on the major population
centres across core Continental European countries.
Occupier demand for Continental European logistics assets is
undergoing major long-term structural change principally driven by
the growth of e-commerce. This is evidenced by technological
advancements, increased automation, and supply-chain
optimisation.
The Company's Manager, Tritax Management LLP, has assembled a
full-service European logistics asset management capability
including specialist "on the ground" asset and property managers
with strong market standings in the Continental European logistics
sector.
Further information on the Company is available at:
tritaxeurobox.co.uk
The Company's LEI is: 213800HK59N7H979QU33.
[1] As at 31(st) March 2023
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END
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August 14, 2023 02:00 ET (06:00 GMT)
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