Tritax EuroBox PLC EUR65.5M asset sale in Poland ahead of book value (0228P)
15 Febbraio 2021 - 8:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 0228P
Tritax EuroBox PLC
15 February 2021
15 February 2021
Recycling assets to capitalise on value-add opportunities
EUR65.5 MILLION SALE OF LOGISTICS PROPERTY IN LODZ, POLAND, 15% AHEAD OF LATEST BOOK VALUE
Tritax EuroBox plc ("Tritax EuroBox" or the "Company") announces
that it has agreed the sale of its asset in Lodz, Poland for
EUR65.5 million, 15% above its most recent valuation at 30
September 2020 and, based on the Company's target gearing of 45%,
delivering an attractive geared IRR of 16.5% to shareholders, above
the Company's long term target of 9% total return per annum.
The asset was originally acquired by the Company in April 2019
and included a forward funding pre-let development opportunity to
expand the existing site by a further 52,000sqm, which was
completed in May 2019. Since then, the asset has provided a period
of stable income and capital growth.
With an unexpired lease term of 6.7 years to Castorama and no
other imminent asset management opportunities remaining at the
101,000 sqm asset, the sale allows the Company to realise gains
through the profitable disposal of Lodz and recycle proceeds into
higher returning asset management initiatives and its strong
development pipeline, in line with the Company's refined
strategy.
The sale, to clients of Savills Investment Management, is for
EUR65.5 million before capital gains tax, representing a 4.95%
gross initial yield, compared to a purchase cost of EUR55.0
million, which reflected a gross initial yield of 5.80%.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"The positive structural trends, which underpin the significant
demand for logistics space, are expected to continue to strengthen
further over the long-term. This profitable sale of one of our
earlier asset purchases, 15% ahead of the latest book value, has
delivered strong returns to our investors and is in line with our
refined strategy of taking full advantage of these trends and
crystalising profit, allowing us to redeploy capital into higher
returning investment opportunities.
These attractive value-add opportunities include asset
management initiatives within our existing high-quality portfolio
and also the funding of new assets from the attractive pipeline we
have access to through our development partners. This development
pipeline enables us to acquire new high-quality logistics assets in
a more cost-effective manner than competing in the open market,
delivering enhanced value to our shareholders."
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) 7747 113 930
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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