Tritax EuroBox PLC Acquires new asset in the Netherlands (7444X)
23 Dicembre 2019 - 08:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 7444X
Tritax EuroBox PLC
23 December 2019
23 December 2019
Tritax EuroBox plc
(the "Company")
ACQUIRES NEWLY DEVELOPED 46,000 SQM LOGISTICS PROPERTY AT BREDA,
THE NETHERLANDS FOR EUR50.3 MILLION
The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE
(Euro)), which invests in Continental European logistics real
estate assets, announces that it has acquired a prime newly
developed logistics property at Breda, in the Netherlands, for a
total consideration of EUR50.3 million on the corporate acquisition
(excluding purchaser's costs), reflecting a net initial yield of
4.6%, with the potential to add value through the letting of the
vacant units.
This new, well-specified property, purpose-built in November
2019, is situated in an established logistics location along the
main east-west logistics corridor in the Southern Netherlands.
Strategically located next to a junction of the A27 motorway, the
property benefits from immediate motorway access and the
surrounding road network offers excellent domestic and
international connectivity. The property also benefits from good
railway and port connectivity with the ports of Rotterdam and
Antwerp c.50km to the north and c.50km to the south,
respectively.
The property has a gross internal area of 46,185 sqm and is
divided into four units, with an eaves height of 12 metres and with
significant yard area and parking. The building is fitted with LED
lighting and solar panels and is expected to achieve the "Very
Good" BREEAM certification.
This investment is fully income producing from one lease and a
rental guarantee and offers attractive scope for value and income
enhancing opportunities. Two units with a combined gross internal
area of 20,415 sqm are leased to Abbott Logistics B.V. ("Abbott
Logistics") on a new 10-year lease term. Abbot Logistics is part of
Abbott Laboratories, a medical devices and healthcare company
listed on the New York Stock Exchange with a market capitalisation
of c.$150 billion. The lease is subject to annual indexation of
2.0% per annum.
The remaining two units with a combined gross internal area of
25,857 sqm benefit from a 12-month third party rental guarantee to
the Company. The Manager will be seeking to let these two units in
the near term and has already received expressions of interest from
several potential occupiers. Designed and constructed to the latest
modern logistics specifications, the units are well suited to meet
occupier requirements.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"We are delighted to announce the eleventh investment for Tritax
EuroBox plc, and our first acquisition in the Netherlands. This
newly developed, high specification sustainable asset is situated
in Breda, a prime logistics location, which benefits from excellent
transport connectivity and a robust labour market.
We are confident of delivering the identified business plan to
produce further value from this asset, capitalising on this
attractive logistics location with increasingly strong
supply/demand fundamentals, which will further support the
Company's delivery of secure long-term income to shareholders and
an attractive total return."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group +44 (0) 20 7290 1616
Nick Preston
James Dunlop
Jefferies International Limited +44 (0) 20 7029 8000
Gary Gould
Stuart Klein
Kempen & Co N.V. +31 (0) 20 348 8500
Dick Boer
Thomas ten Hoedt
Akur Limited +44 (0) 20 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
Maitland/AMO (Communications
Adviser) +44 (0) 20 7379 5151
James Benjamin 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,
set against a backdrop of resurgent economic growth across much of
Continental Europe.
The Company is targeting, on a fully invested and geared basis,
an initial Ordinary Share dividend yield of 4.75% p.a.(1) , which
is expected to increase progressively through regular indexation
events inherent in underlying lease agreements, and a total return
on the Ordinary Shares of 9.0% p.a.(1) over the medium-term. The
Company intends to pay dividends on a quarterly basis with
shareholders able to receive dividends in Sterling or Euro.
Further information on Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
1. Euro denominated returns, by reference to IPO issue price.
These are targets only and not profit forecasts. There can be no
assurances that these targets will be met and they should not be
taken as indications of the Company's expected or actual future
results.
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END
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