Tritax EuroBox PLC 13th asset acquired, equity & debt fully deployed (1991H)
02 Dicembre 2020 - 8:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 1991H
Tritax EuroBox PLC
02 December 2020
Acquisition of thirteenth asset and full deployment of equity
and debt
ACQUISITION OF NEWLY BUILT 34,125 SQM LOGISTICS PROPERTY IN
PRIME LOCATION IN BELGIUM FOR EUR31.2 MILLION
Tritax EuroBox plc ("Tritax EuroBox" or the "Company" or,
together with its subsidiaries, the "Group") (ticker: EBOX
(Sterling) and BOXE (Euro)), which invests in high-quality, very
large, prime logistics real estate strategically located across
continental Europe, announces that it has agreed the acquisition of
a EUR31.2 million asset in Nivelles, Belgium.
This is the Company's thirteenth asset, a newly built 34,125 sqm
logistics facility comprising two units (one of 18,140 sqm and the
other 15,985 sqm), located in the attractive logistics market of
Nivelles, south of Brussels in Belgium. The property will be bought
from Logistics Capital Partners ("LCP"), a best in class European
developer, and one of the Company's main development partners.
The Belgian market is currently characterised by a lack of
supply of high-quality logistics space with vacancy rates at
historic lows of around 1% of total stock.
The larger unit is let to Medi-Market Group SA, a Belgian
omni-channel pharmacy retailer on a new nine-year lease. The rent
is subject to annual indexation. The second unit is currently
vacant and has a 12-month rental guarantee. The Company is already
in discussion with various parties interested in leasing the space
and is confident that it will be able to lease the unit quickly and
benefit from any increased value that a new lease may create.
The asset will have roof mounted photovoltaic panels and a power
purchase agreement is in place with Medi-Market. Additionally, the
asset benefits from sustainability features including LED lights,
energy efficient heating and rainwater recycling. A new cycle path
and storage facilities are being provided.
The acquisition price of EUR31.2 million reflects a net initial
yield of 4.8% based on the income from the in-place lease and the
rental guarantee.
Completion of the acquisition is subject to practical completion
of the development that is anticipated in mid-December 2020. LCP
will then continue to manage the asset, as part on its ongoing
management contract across the portfolio.
The Nivelles acquisition takes the Company's loan to value ratio
to approximately 44%, assuming March 2020 valuations, which is in
line with its medium-term target.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"We are delighted to acquire our thirteenth asset which meets
all of our stringent investment criteria as well as offering
additional asset management upside through the leasing of the
second unit. Following this acquisition, we have achieved the
leverage target and are continuing to deliver on our investment
goals set out at our IPO.
Before the Covid-19 pandemic struck we had identified the
structural changes in the European logistics market, with growing
online retailing and supply chain optimisation, leading to
increased demand for the best located logistics properties. The
pandemic has accelerated these trends and further enhanced the
prospects for the sector. We remain confident that these structural
tailwinds, combined with our high-quality portfolio and our ability
to unlock value from it, will help ensure that we will continue to
deliver shareholder value."
For further information please contact:
Tritax Group
+44 (0) 20 8051 5070
Nick Preston
Mehdi Bourassi
Jo Blackshaw (Investor Relations)
Maitland/AMO (Media inquiries)
James Benjamin
+44 (0) 20 7379 5151
tritax-maitland@maitland.co.uk
The Company's LEI is: 213800HK59N7H979QU33.
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 in
the midst of a 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 Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
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