Tritax EuroBox PLC Acquisition (3605L)
24 Dicembre 2018 - 08:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 3605L
Tritax EuroBox PLC
24 December 2018
24 December 2018
Tritax EuroBox plc
(the "Company")
ACQUISITION OF A NEW LOGISTICS FACILITY NEAR LODZ, IN CENTRAL
POLAND
FOR EUR55 MILLION AND LET TO CASTORAMA
Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)),
which invests in Continental European logistics real estate assets,
announces that it has exchanged contracts to conditionally acquire
a prime, modern national logistics facility at Strykow, Lodz, in
central Poland, let to Castorama Polska Sp.Zo.o., trading as
Castorama ("Castorama"), one of Europe's leading DIY retailers and
part of Kingfisher plc. The total consideration payable by the
Company is EUR55 million (excluding purchaser's costs), reflecting
a gross initial yield of 5.8% on the asset acquisition.
Phase I of this high specification facility, constructed in 2017
with Castorama in occupation, has a gross internal area of 49,379
sqm. Phase II is being acquired on a forward funded basis and the
property is let to Castorama under the existing lease. Practical
completion of the development is targeted for May 2019. During the
construction of Phase II, the Company will receive an income return
from the developer equivalent to the annual rent from the occupier.
Castorama is the market leader and a growing brand in Poland with
76 stores, over 11,000 employees and annual turnover of EUR1.49
billion. This new facility plays a critical role in Castorama's
national supply chain.
The facility, developed by Panattoni Europe, is strategically
located in Strykow, 15km north east of Lodz, Poland's third largest
city, which benefits from excellent infrastructure and connectivity
to the country's road, motorway and rail networks. Central Poland
is an established logistics location that has seen rapid take up by
numerous blue-chip tenants in the last five years, with continuing
high tenant demand and a low vacancy rate. Lodz has benefited from
inward investment from numerous multi-national companies and is a
hub for manufacturing and commerce, attracting a number of high
profile occupiers such as Arvato, DPD, H&M, Lidl, Spedimex and
UPS. Poland is one of Europe's fastest growing economies with a
strong and flexible labour pool.
Upon practical completion, this combined facility will have a
total gross internal area of 101,555 sqm and will be entirely let
to Castorama, with an unexpired lease term of nine years. The lease
is subject to annual upward only indexation. This well specified
cross-docked facility will have a maximum eaves height of 10
metres, significant yard area and parking and a site cover of
42%.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"We are delighted with our eighth investment for Tritax EuroBox
plc, bringing our total amount invested to over EUR550 million.
This modern high specification national distribution facility is
let to a strong tenant covenant in Castorama and will generate an
attractive income return for the next nine years.
Strategically located in an established logistics location in
central Poland, this asset benefits from excellent transport and
infrastructure connectivity. With strong and growing tenant demand
and a constrained supply of available logistics buildings, this
off-market investment is at an attractive yield and provides good
income growth potential."
For further information, please contact:
Tritax Group via Newgate below
Nick Preston
James Dunlop
Ben Freeman
Jefferies International Limited
Gary Gould
Stuart Klein +44 (0) 20 7029 8000
Kempen & Co N.V.
Dick Boer
Thomas ten Hoedt +31 (0) 20 348 8500
Newgate (Communications Adviser) +44 (0) 7747 113 930
James Benjamin tritax@newgatecomms.com
The Company's LEI is: 213800HK59N7H979QU33
NOTES:
Tritax EuroBox plc intends to acquire and manage 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 will 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. Accordingly, potential investors should not place any
reliance on these targets in deciding whether or not to invest in
the Company and should decide for themselves whether the targets
are reasonable or achievable.
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END
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