Tritax EuroBox PLC Completion of a lease re-gear in Belgium (2758L)
05 Settembre 2019 - 8:01AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 2758L
Tritax EuroBox PLC
05 September 2019
05 September 2019
Tritax EuroBox plc
(the "Company")
COMPLETION OF A LEASE RE-GEAR IN BELGIUM TO ONE OF THE
WORLD'S LEADING EYE CARE COMPANIES
The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE
(Euro)), which invests in Continental European logistics real
estate assets, is pleased to announce the completion of a lease
re-gear at the Company's property in Bornem, a prime logistics
location near Antwerp in Belgium.
This modern, well specified facility was acquired by the Company
as part of a portfolio in October 2018 and was let to two occupiers
with interconnected business activities. The principal tenant was
Alcon-Couvreur NV, one of the world's leading eye care companies,
on a lease expiring on 31 August 2027 with a break option in August
2022. The second tenant was Pharma Distri Centre ("PDC"), a
third-party logistics supplier to Alcon, occupying the property on
a lease expiring on 31 January 2020.
The Company has negotiated a re-geared lease whereby Alcon
Laboratories Belgium ("Alcon") will take occupation of the entire
premises and remove the 2022 break option, delivering a combined
WAULT to expiry of 7.2 years. Swiss based, Alcon Pharma Ltd will be
the guarantor to the new lease.
This asset management initiative lengthens the income profile
and enhances the value of this well-located asset and follows the
successful letting of the adjacent vacant unit in March 2019 to
Belgische Distributiedienst NV ("BD NV"), part of the BD myShopi NV
group. This unit had been vacant for over 18 months prior to the
Company's acquisition of the property.
Bornem is located in the prime logistics corridor in Belgium,
between Antwerp and Brussels, and benefits from good port and
airport connectivity, with the Port of Antwerp c.35km north and
Brussels Airport c.35km to the south.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"We are delighted to continue to deliver our identified business
plans in Belgium so soon after acquisition, demonstrating not only
the quality of the property and its location, but also the value of
our informed stock picking, identifying assets where we can add
value in the near term"
This lease re-gear, along with the letting of the adjacent unit
in March this year has increased and lengthened the income profile
and enhanced the value of this well-located asset."
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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUGUWCBUPBPGC
(END) Dow Jones Newswires
September 05, 2019 02:01 ET (06:01 GMT)
Grafico Azioni Tritax Eurobox (LSE:BOXE)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Tritax Eurobox (LSE:BOXE)
Storico
Da Apr 2023 a Apr 2024