Tritax EuroBox PLC Interim Results

Data : 28/03/2019 @ 08:51
Fonte : UK Regulatory (RNS & others)
Titolo : Tritax Eurobox Plc (BOXE)
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Tritax EuroBox PLC Interim Results

Grafico Azioni Tritax Eurobox (LSE:BOXE)

1 Anno : Da Gen 2019 a Gen 2020

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RNS Number : 2977U

Tritax EuroBox PLC

28 March 2019


28 March 2019

Tritax EuroBox plc

(the "Company")


Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in Continental European logistics real estate assets, is today reporting its results for the period from 1 July 2018 to 31 December 2018.

Financial highlights

-- Successfully raised gross proceeds of EUR339.3 million or GBP300 million, through significantly oversubscribed IPO in July 2018. The Company's shares were admitted to trading on the specialist fund segment of the main market of the London Stock Exchange on 9 July 2018.

   --      Basic net asset value ("NAV"): EUR326.0 million 
   --      EPRA NAV(1) : EUR326.3 million 
   --      EPRA NAV(1) per share: EUR1.09 
   --      Basic earnings per share(1) : -2.3 cents 
   --      Adjusted earning per share(1) : 0.5 cents 
   --      Adjusted Total Return for the period(1) : 1.0% 
   --      Unsecured revolving credit facility agreed of EUR300 million 
   --      Loan to value ("LTV") of 37%, against the Company's medium-term target of 45% LTV(1) 

-- The Portfolio had a contracted annualised passing rent of EUR24.5 million as at 31 December 2018

Operational highlights

-- Acquired six prime Big Box logistics assets during the period for a combined net purchase price EUR475.9 million

   --      58% acquired off market by value 
   --      The weighted average purchase yield of the portfolio is 5.1% 
   --      Independent valuation of the six assets acquired of EUR475.7 million 
   --      Portfolio weighted average unsecured lease term(1) of 12.2 years 

Post period activity

   --      Completed on two pre-let forwarded funded developments 

-- EUR82.5m total capital commitment for these two further investments located in Germany and Poland

   --      Two units acquired with the benefit of rental income cover have been let 

-- Interim dividend declared of 0.4 cents per ordinary share for the period from IPO until 31 December 2018. Future dividends will be paid quarterly

Robert Orr, Chairman of Tritax EuroBox, commented:

"The portfolio is well positioned for income growth, through a combination of embedded annual indexation, growth in market rents and income improvements created through asset management. This supports our objective of delivering secure and growing income and attractive capital returns for shareholders.

There are good prospects for further portfolio growth in 2019. The Continental European logistics market has strong fundamentals, driven by growth in e-commerce and occupiers optimising their supply chains. By leveraging the long-established relationships of Tritax Group and our local asset managers, we see an attractive pipeline of off-market investment opportunities. Our unsecured revolving credit facility will provide a flexible source of committed capital, helping us to build and diversify the portfolio."


   1              See Key Performance Indicators 


 Tritax Group 
  Nick Preston 
  James Dunlop                            +44 (0) 20 7290 1616 
 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 
 Maitland/AMO (Communications Adviser)    +44 (0) 20 7379 5151 
  James Benjamin                  


Tritax EuroBox plc invests 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'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. The appointed asset managers Logistics Capital Partners ("LCP") and Dietz AG ("Dietz") are logistics specialists and offer the Company exposure to high quality asset management expertise and access to their respective development pipelines, providing acquisition opportunities across 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

1. Euro denominated returns, by reference to IPO issue price, on a fully invested and geared basis. 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, investors should not place any reliance on the targets in deciding whether or not to invest in the Company and should not assume that the Company will make any distributions at all and should decide themselves whether or not the targets are reasonable or achievable

Meeting for investors and analysts and audio recording and webcast of results available

A meeting for investors and analysts will be held at 8.45am today at:


Havas Building

3 Pancras Square



The presentation will also be accessible via a live conference call and on-demand via the Company website:

The Interim Report 2018will be available on the Company's website at In accordance with Listing Rule 9.6.1, copies of these documents will also be submitted today to the UK Listing Authority via the National Storage Mechanism and will be available for viewing shortly at

Hard copies of the Interim Report 2018 will be sent to Shareholders.


This was a highly successful and active first period for the Group. Following our oversubscribed IPO, we invested the proceeds ahead of schedule and have created a high-quality and well-diversified portfolio in key logistics locations in Europe.

Implementing the investment strategy

The Company's IPO was significantly oversubscribed and raised gross proceeds of approximately EUR339.3 million or GBP300 million. We were able to invest these proceeds ahead of our planned timeline of six to nine months, acquiring six prime Big Box logistics assets and exchanging conditional contracts on two further assets by the period end, with all eight assets totalling EUR558.4 million, net of purchase costs. This portfolio comprises six standing assets and two pre-let forward funded investments, in key logistics hubs across Germany, Spain, Italy, Belgium and Poland, within or close to densely populated areas. The weighted average purchase yield of the portfolio of the eight assets is 5.1% and they were acquired at a low blended acquisition cost of just 1.7%. The portfolio, including the two further assets acquired post period end, has a contracted annual rental income of EUR29.1 million. The weighted average unexpired lease term was 12.0 years across all eight assets, ahead of our target of more than five years.

Our progress in this initial period demonstrates the strength of the platform created by our Manager. Their relationship-driven acquisition model draws on the Manager's extensive connections with key developers, occupiers and owners, and the on-the-ground intelligence of our specialist asset managers. This has enabled us to secure value for shareholders at the point of acquisition, in part through a number of off-market transactions.

At the period end, the six standing assets acquired were independently valued at EUR475.7 million net of transaction costs with the underlying assets valued at EUR485.4 million excluding Real Estate Transfer Tax ("RETT"), representing an uplift of 2.0% over the aggregate net purchase price, on a like-for-like purchase structure basis. In addition, we entered into conditional contracts totalling EUR82.5 million, net of acquisition costs, on two forward funded developments, which are currently under construction.

Attractive debt financing

The Company was able to take advantage of favourable debt market conditions during the period, with logistics property yields continuing to offer a significant premium over the risk-free rate. In October 2018, we passed a significant milestone for the Company as we agreed a EUR200 million unsecured revolving credit facility with HSBC Bank plc and BNP Paribas, London Branch, for an initial term of five years. This offers us a highly attractive cost of debt and, significantly, is unsecured. This structure provides operational flexibility, scope for expansion and underlines our banking syndicate's support for our strategy and the strong sector fundamentals. In December 2018, we announced that Bank of America Merrill Lynch had agreed to provide an additional EUR100 million commitment, alongside HSBC and BNP Paribas, giving us a total unsecured facility at the period end of EUR300 million.

At 31 December 2018, we had drawn EUR174 million against the facility, giving us an LTV ratio of 37%. This compares with our medium-term LTV target of 45%. When the loan is drawn further to fund the development of two post period end acquisitions the LTV ratio will rise to 48%.

Financial results

At the period end, the basic NAV attributable to owners of the Company was EUR326.0 million with an EPRA NAV of EUR326.3 million, both of which equated to EUR1.09 per share. The adjusted NAV excluding transfer taxes was EUR1.12 per share. IFRS earnings per share ("EPS") reflected a loss of cents due to transaction costs incurred on purchase. While EPRA EPS was 0.6 cents, the adjusted EPS was slightly lower at 0.5 cents, reflecting adjustments for non-cash items in the profit and loss.

Dividends and total returns

At IPO, we set an initial dividend target of 4.75% per annum, on a fully invested and geared basis. On 7 March 2019, we declared the Company's first interim dividend for the period from admission to 31 December 2018, of 0.4 cents per share. The dividend will be paid on Friday 29 March 2019, to shareholders on the register at 15 March 2019. The dividend is 1.2x covered by adjusted earnings. Looking forward, we intend to pay dividends quarterly and expect to increase the dividend progressively, supported by growing income and the regular indexation events in the underlying lease agreements. Shareholders can elect whether to receive dividends in Sterling or Euro.

The dividend is an important component of our medium- term total return target of 9.0% per annum.

Move to the premium segment to of the Main Market

The Company con rms its intention to apply to the FCA for the Company's Ordinary Shares to be admitted to the premium segment of the Of cial List of the UK Listing Authority and to the London Stock Exchange for the Ordinary Shares to be admitted to the premium segment of the Main Market, anticipated in the second quarter of 2019. In this regard, the Company intends to prepare a property valuation and an unaudited NAV per share as at 31 March 2019, for publication by no later than 28 June 2019. The move to the premium segment is expected to facilitate the Company's eligibility for inclusion in the FTSE UK and the FTSE EPRA NAREIT Index Series.

Corporate governance

We believe that good corporate governance is integral to the Company's success and its continued growth and development. The Company has a strong and fully independent Board, comprising me as Chairman and two further Non-Executive Directors. Between us we have a diverse range of skills, including extensive European real estate experience. The Directors work well together, and we look forward to continuing to develop and embed the Company's governance processes.

The Manager

Our Manager, Tritax Management LLP, is part of the Tritax Group, a leading real estate fund management house with particular specialism in acquiring and managing logistics property portfolios. The Manager has put in place an experienced team, with the capability and capacity to build up and manage a substantial portfolio of logistics assets across Continental Europe. We have already benefited from the Manager's extensive network of contacts, which has helped us to access off-market transactions at attractive valuations in diverse key European locations.


The portfolio is well positioned for income growth, through a combination of embedded annual indexation, growth in market rents and income improvements created through asset management. This supports our objective of delivering secure and growing income and attractive capital returns for shareholders.

There are good prospects for further portfolio growth in 2019. The Continental European logistics market has strong fundamentals, driven by growth in e-commerce and occupiers optimising their supply chains. By leveraging the long-established relationships of Tritax Group and our local asset managers, we see an attractive pipeline of off-market investment opportunities. Our unsecured revolving credit facility will provide a flexible source of committed capital, helping us to build and diversify the portfolio.

Robert Orr Chairman 28 March 2019

Who we are and what we do

We invest in and manage a well-diversified portfolio of large Continental European logistics real estate assets, which fulfil key roles in the logistics and distribution supply chain.

Our assets are focused on the most- established logistics markets and major population centres, across core Continental European countries. This focus differentiates us from other UK-listed real estate companies.

Potential for attractive returns

We aim to deliver an attractive, secure and growing level of income along with capital growth. On a fully invested and geared basis we are targeting a dividend of 4.75%(1) per annum, which is expected to increase progressively, and a total return of 9.0% per annum over the medium term. Our expertise in mitigating risk and managing properties helps to maximise the return on our assets.

2 Euro denominated returns, by reference to IPO issue price, on a fully invested and geared basis. 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, investors should not place any reliance on the targets in deciding whether or not to invest in the Company and should not assume that the Company will make any distributions at all and should decide themselves whether or not the targets are reasonable or achievable.

A long-term growth opportunity

Occupier demand for Continental European logistics assets is undergoing a major long- term structural change, principally driven by the need to optimise supply chains and technological innovation; the growth and spread of e-commerce across Europe is leading these changes. At the same time, supply is constrained, with limited availability of suitable land in key logistics locations.

Our Manager, Tritax Management LLP, has assembled a full-service European capability. This combines the Manager's outstanding stock-picking intelligence and portfolio management expertise with dedicated on-the-ground asset and property managers, with strong market standings.

Our Strategically Located Portfolio

We are assembling a portfolio that delivers performance for Shareholders, by exploiting the Manager's logistics real estate expertise and our dedicated European platform. Together, these give us a deep understanding of market dynamics and the ability to implement our strategy.

Value creation requires us to own the right assets, in the right locations. We therefore target the most-established logistics markets in Continental Europe. Within those markets, we target key logistics hubs, close to major population centres, which are supported by strong transport links and sufficient labour supply. We then acquire large, modern, simple and flexible properties, which are appealing to occupiers, and as they are located in areas of constrained supply are likely to deliver rental growth.

"We focus on key logistics hubs, well positioned for regional, national and global distribution occupiers, in areas of constrained supply providing the best platform for rental growth to help secure strong future returns."

Nick Preston, Fund Manager

A High-Quality and Growing Portfolio

We acquire strategically located, large, simple, modern assets that provide highly flexible warehouse space. This makes them attractive to a wide range of occupiers, allowing them to configure the space to their needs and to adjust how they use it as their requirements change. This can include significant investment in sophisticated automated stocking systems.


59% of our assets are over 150,000sq m. The average size of our assets is 94,000sq m(1)

Highly specified

61% of our portfolio is automated, with the remaining 44% being high quality, flexible distribution space(2)


84% of our portfolio has been built since 2016. The average age of our assets is 2.8 years(1)

Well located

100% of our portfolio is located in key logistics locations within our target investment markets throughout Continental Europe.

1 Split by Gross Internal Area

2 Split by Investment Volume


During the period, we made good progress towards the Group's objective of building a portfolio to deliver attractive, secure and growing income, underpinned by sound property fundamentals and financially strong tenants.


Significant occupier demand and constrained supply means that market conditions are favourable for owners of large prime logistics properties.

Structural change is driving occupational demand

Supply chain optimisation: Occupiers are strategically moving to fewer, larger and more modern distribution assets. This provides them with economies of scale and the opportunity to automate processes which would not be possible in smaller properties, helping them to improve their systems and reduce costs. Larger units also tend to be higher, allowing for mezzanine floors and more efficient automated racking and storage systems.

Meeting the needs of the modern consumer: Occupier demand for Continental European logistics assets is undergoing major long-term structural growth. Changes in the retail market and the move to online shopping are one of the key drivers of this. Faced with high costs of occupying shops and rising online retail spending, retailers are looking to consolidate their operations and have a combined in-store and online presence. Big Boxes are fundamental to this, enabling retailers to offer consumers access to their entire product range and then quickly, flexibly and cheaply deliver those orders and manage returns.

Online sales are now increasing rapidly in many Continental European countries, following the trend seen in the UK, which began a similar growth trajectory around five years ago.

The need for sustainable assets: Modern Big Boxes help our Tenant Partners meet their sustainability objectives. By occupying assets built with state-of-the-art design and materials, and which incorporate initiatives such as low-carbon technologies and energy efficiency, they can minimise their environmental footprint and optimise their use of natural resources.

Supply remains constrained

Unlike the UK market, where Big Boxes are located along logistics 'corridors' created by major motorways, in Continental Europe the prime logistics locations are typically close to densely populated conurbations. There are comparatively few sites in these locations which can accommodate very large Big Box facilities, which have a suitable and affordable labour supply, and which can also meet the requirements for power and transport links. In our experience, municipalities are often reluctant to zone for the largest properties, due to the associated traffic disruption, impact on local infrastructure and relatively lower level of job creation due to automation, instead preferring development of smaller units.

More generally, the amount of available land zoned for industrial uses has decreased, particularly around major urban centres, as developers have preferred to convert ageing industrial properties to higher-value uses such as residential. This, combined with a lack of speculative development over the last decade, is forcing occupiers to pursue pre-let or build-to-suit solutions. The consequence is that logistics vacancies in Continental Europe are at, or near, all-time lows.

Rental growth is expected

The basic economics of the combination of strong occupational demand in areas of limited supply and inflating build costs would normally be expected to lead to rents rising. We have observed that historically the European industrial and logistics development market has been able to create supply through zoning more land for logistics use, thereby suppressing any rent rises. However, looking forward, we believe that the situation is likely to be different, particularly when considering the very largest buildings, and the sites on which they are built. The supply of these very large sites, in the locations where occupiers typically want to be, is extremely limited. Hence the developers who source these land parcels are having to pay ever higher prices.

In addition to land price inflation, the other key component of the development cost is the rising cost of construction. This is being caused by raw materials and labour costs inflating.

The combination of both of these factors is already leading to upward pressure on rents. It is worth noting that until recently these increasing input costs have not led to strong rental growth. The principal reason being that the values at which developers can sell the finished property have been rising, due to the falling investment yields in the sector. This has meant that developers have not needed to increase rents, as the higher costs have been offset by higher sale prices. However, investment yields in the sector are plateauing which means that developers are being forced to demand higher rents from occupiers to maintain their profitability on projects and cover the increased input costs.

Increasingly institutional lease terms

The other important effect that is now evident in some European logistics markets is the improvement of lease terms in favour of the property owner.

In most European markets it is usual for there to be a number of occupier-friendly lease clauses, such as restricted indexation provisions, certain expenditure which has to be paid for by the landlord as well as options to renew leases on favourable terms to the occupier.

Leases in Continental Europe have typically been for five to ten years. However, occupiers are increasingly keen to retain control of strategically important assets, particularly given their often substantial investment in fitting out and automation. They are therefore signing longer leases to secure their occupation and amortise costs over a longer period.

This change is part due to the number of large international companies wanting to harmonise their lease obligations across different geographies and also, more importantly, the balance of the market dynamic now shifting in favour of the landowner granting the lease. As a result lease terms mentioned above and the length of the leases are being improved in favour of the owner.

Investment demand is robust

The attractions of the market for investors mean that investment demand is universally strong and looks set to remain so. Hence competition is fierce for openly marketed opportunities.

Effectively sourcing investment opportunities at favourable prices therefore requires a different strategy. The Manager has broad network of strong pan-European relationships spanning occupiers, developers and other investors. The Manager has built a long-term reputation for providing security, reliability and speed in transacting and this provides the opportunity to acquire suitable assets directly from sellers, without properties being openly marketed. The evidence of this approach is that five out of the eight assets acquired to date have been secured in this off- market manner.

The Manager will continue to maintain and develop relationships to ensure a continuing high-quality pipeline of assets to support future portfolio expansion particularly with top quality European development companies. These long-term relationships are particularly fruitful with developers who are keen to generate repeat business with reliable counterparties.


We understand that the European logistics market is not a single market. There is a considerable variation between the different geographical markets, as well as the type and quality of logistics properties.

We aim to deliver superior investment performance through applying our logistics expertise and local insight to ensure strong stock selection and effective portfolio management.

Strong stock selection

In our search for high-quality investments, as part of our due diligence process we appraise each potential investment's long-term prospects. The Group's focused investment policy therefore focuses on logistics assets which are typically:

-- well located in established distribution hubs, within or close to densely populated areas, and should fulfil a key part of the occupiers' logistics and distribution supply chain.

-- large and modern, in locations with limited supply that are likely to benefit from structural changes in occupational demand.

   --      benefit from index-linked leases. 
   --      maintain a weighted average unexpired lease term of more than five years. 

A proportion of the portfolio may offer exposure to urban distribution hubs, which help fulfil the final mile part of the distribution chain.

Our four pillar investment policy

When implementing this policy, the Group follows a clear investment philosophy in which Foundation assets provide our core, low-risk income, and Value Add assets and Growth Covenant assets offer the potential for enhancing returns. This strategy supports our objective of delivering secure, attractive and growing dividends whilst capturing capital growth for our Shareholders.

Our four pillar investment philosophy:

-- Foundation assets. These are modern buildings in prime locations, let on long leases to institutional grade tenants. They provide the Group's core rental income.

-- Value Add assets. These are let to strong tenant covenants and offer opportunities to add value through asset management initiatives.

-- Growth Covenant assets. These are undervalued due to the financial strength of the occupier, but are fully let and well-located assets. Asset value is expected to be driven by an improvement in tenant credit quality.

-- Strategic land. The Group can invest in land zoned for logistics use, with the opportunity to deliver enhanced returns through pre-let forward funded developments. The Group will not speculatively develop buildings.

A focus on quality and capital discipline

Since our IPO, in line with the Group's investment policy, we have diligently deployed cash of EUR478.3 million into assets, with commitments to a further EUR82.5 million in two assets which will be completed in April 2019, demonstrating our capacity to deploy and execute a pan- European strategy. Five of the eight assets were secured on an off-market basis through one on one relationships with the vendors.

During the period, of the six assets acquired three were Foundation, two were Value Add and one was a Growth Covenant. The two pre-let forward funded developments acquired post-period end will be Foundation assets on practical completion (see page 26 of Interim Report).

The portfolio of six assets is well-diversified by tenant and has high-quality occupiers, with 86% of the tenants being multi-billion Euro businesses. All leases within the portfolio benefit from indexation. Unexpired lease terms at the period end range from 3.0 years to 17.2 years, with a weighted average of 12.2 years.

The Group has benefited from our expertise in structuring transactions, in order to reduce costs, mitigate risk and preserve long-term income. This requires a detailed understanding of Europe's disparate legal and taxation regimes, as we look to minimise tax and income leakage.

Capturing embedded value

There are opportunities to add value to assets across the portfolio. Prior to acquisition we had identified a number of additional opportunities to add value across the wider portfolio, which offers the potential to improve both the income generated and also the capital value of the portfolio. On purchase we had expected these opportunities to materialise over the medium to longer term; however we have been surprised by the acceleration of a number of these projects. These have been driven by the fast moving nature of our occupiers businesses and their need to adapt their logistics operations.

While a number of these initiatives are still evolving, we can give an indication of the nature and scale of them.

Leasing opportunities

The portfolio has three units totalling 34,633 sq m which were bought unoccupied, but with the benefit of rental guarantees from the vendors. Two of the units are situated in Germany's industrial heartland Bochum, with the third unit located in the prime logistics corridor in Belgium between Antwerp and Brussels.

Upon acquisition, noting the strong occupier demand and constrained supply in these sought-after logistics locations, we were confident of letting these units quickly, delivering the identified business plans to produce further value from these assets.

Following the period end, we have successfully let two of these units, both ahead of the timescale expected at acquisition, and on terms which have exceeded our expectations.

At Unit 1, Bochum we have signed a five-year lease with Gruber Logistics GmbH and are in active discussions in relation to the remaining unlet unit. The vacant unit in the Bornem property has been let to BD myShopi NV within just over four months of acquisition.

Expansion opportunities

Extensions to existing properties: We are currently in detailed discussions with the occupiers of two properties to build extensions to their existing buildings. In total these extensions comprise approximately 71,000 sq m, and we are proposing to fund these extensions at an attractive yield on cost.

Adjacent expansion land: There are a number of plots of land situated adjacent to the properties in Bornem and Rumst which together could accommodate the construction of 28,000 sq m of logistics space. There are three vacant plots of land at the Bornem site, totalling 4.5 hectares, along with two unutilised plots of land at the Rumst site, totalling c.3.4 hectares that offer attractive development potential. These projects are currently being appraised, with the expectation of delivering value enhancing opportunities in the medium term.


The portfolio was independently valued by JLL as at 31 December 2018, in accordance with the RICS Valuation - Global Standards 2017.

The six standing assets owned at the period end were collectively valued at EUR475.7 million. This includes an assumption of EUR9.7 million of real estate transaction tax ("RETT") that would arise if sold as assets outside a corporate structure. The Group bought five out of six of its assets in corporate structures. The prevailing European market practice is to transact assets such as these within SPV structures, to reduce RETT costs for the seller and the purchaser. For this reason, the Group adjusts the EPRA NAV of EUR1.09 to exclude these RETT costs in its calculation of the adjusted Net Asset Value. The valuation excluding these costs would be EUR485.4 million, representing an uplift of c.EUR10 million or 2.0% between the relevant acquisition date and the valuation date. This is an encouraging performance, given the limited time the Group has owned these assets. The Group has also made binding commitments of EUR82.5 million to acquire two further assets in Wunstorf and Lodz after the period end, giving a total capital commitment, net of costs, for the portfolio of EUR558.4 million.

Equity and debt financing

On IPO, the Group issued 300 million Ordinary Shares at a price of 113.11 cents (or 100 pence per share), through a placing, offer for subscription and intermediaries offer. This raised gross proceeds of EUR339.3 million (or GBP300 million). The issue was significantly oversubscribed.

On 22 October 2018, the Group announced that it had agreed a debt facility, with HSBC Bank plc and BNP Paribas, London Branch. The EUR200 million revolving credit facility had an opening margin over the higher of zero or Euribor of 1.55%. This increases up to 2.2% depending on the loan to value ratio. The loan has an initial maturity of five years, which can be extended for a further two years with lender support. Importantly, the facility is unsecured, providing operational flexibility for the Group.

On 17 December 2018, the Group announced that Bank of America Merrill Lynch had agreed to provide a further EUR100 million commitment alongside HSBC and BNP Paribas, increasing the unsecured revolving credit facility to EUR300 million.

At 31 December 2018, EUR174 million had been drawn against the facility. This resulted in an LTV ratio of 37% at that date.

The Group has a hedging strategy for its variable-rate debt, which includes the use of interest rate caps to allow it to benefit from current low interest rates, while minimising the effect of a significant rise in underlying interest rates. The Group therefore holds derivative instruments, which hedge 100% of all Group borrowing commitments. The derivative instruments comprise two interest rate caps running coterminous with the debt facilities, with a total weighted average cap of 0.67%.

Financial results

Rental income for the period was EUR4.9 million. The Group's operating and administrative costs were EUR1.8 million. These costs primarily comprise the Asset Management fee payable to the Manager of EUR0.9 million, a fee for running an SGR structure in Italy, the Administration fee and the Directors' fees. The loss before tax was EUR6.4 million; after adding back the property revaluation loss of EUR8.0 million, the profit was EUR1.6 million. The one-off costs associated with the IPO have been written off the share premium account. EUR0.6 million was paid to SG Commercial LLP in the period comprising acquisition agency fees.(1)

The taxation charge for the period was 3.8% of the net property income.

The Basic EPS, which reflects the reduced valuation after including RETT and transaction costs, was a loss of 2.3 cents. The basic EPRA EPS, which excludes this revaluation movement was, showed a profit of 0.6 cents. Given the income-focused nature of the Company, the Board have adopted adjusted EPS as a key performance measure. This adjusts the income shown in the consolidated income statement to reflect the underlying cash movements. The adjusted EPS was 0.5 cents per ordinary share for the period.


Information on the Company's initial interim dividend of 0.4 cents, which was declared on 7 March 2019, can be found in the Chairman's Statement.

Tritax Management LLP Manager 28 March 2019

1 See note 21 to the Condensed consolidated financial statements



Barcelona, Spain

   Tenant partner:              Mango 
   Acquisition price:          EUR150.0 million 
   Net initial yield:              5.0% 
   --      Well located to the north east of Barcelona, close to major road infrastructure. 
   --      High specification, purpose-built, logistics facility with maximum eaves height of 40m. 
   --      Constrained logistics/industrial land supply in the Barcelona region. 
   --      Long lease to established instore/online retailer Mango. 
   --      Significant capital commitment from the tenant. 
   --      Embedded expansion land allowing extension. 

-- EPC rating of A, sustainable re-use of excavation land and forest biomass, sustainable management of rainwater.

Rome, Italy

   Tenant partner:              Amazon 
   Acquisition price:          EUR118.0 million 
   Net initial yield:              5.0% 
   --      Highly specified new logistics building. 
   --      Significant capital investment by tenant in automation and robotics. 
   --      Tenant's principal 'small items' fulfilment centre in Italy. 
   --      Long lease to Amazon, institutional grade covenant. 
   --      On-site expansion potential, internal and external. 
   --      BREEAM "Very Good" certification. 

Bornem, Antwerp, Belgium

   Tenant partners:            Alcon-Couvreur and Pharma-Distri Center 
   Acquisition price:          EUR26.0 million 
   Net initial yield:              5.3% 
   --      Positioned between Antwerp, Europe's second largest port, and Brussels. 
   --      Two modern, well-specified logistics warehouses. 

-- The vacant building was acquired with the benefit of a 12-month income cover from the vendor.

-- Three development plots provide the opportunity to create additional value and grow income return.

   --      Solar panels providing a sustainable source of energy to the warehouse. 

Post period event: The Company signed a nine-year lease with BD myShopi on the vacant unit.

Rumst, Antwerp, Belgium

   Tenant partner:              Cummins 
   Acquisition price:          EUR58.2 million 
   Net initial yield:              5.70% 
   --      Positioned between Antwerp, Europe's second largest port, and Brussels. 
   --      Two modern, well-specified logistics warehouses with 10m eaves plus an office building. 
   --      Buildings entirely let to the substantial covenant of Cummins NV for over seven years. 
   --      Building functions as a principal EMEA distribution hub for the tenant. 
   --      Two plots of development land included totalling >35,000 sq m. 
   --      Solar panels providing a sustainable source of energy to the warehouse. 

Peine, Hannover, Germany

   Tenant partner:              Action 
   Acquisition price:          EUR86.0 million(1) 
   Net initial yield:              4.8% 
   --      Established logistics location close to Hannover with excellent road and rail connectivity. 
   --      Central location between Hamburg, Berlin and the Ruhr. 
   --      Newly built, well-specified, purpose-built asset. 

-- Let to Action, the fastest growing non-food discount retailer in Europe, on a long index-linked lease.

   --      Building fulfils a key part of the logistics and distribution supply chain for occupier. 
   --      Expected to achieve DGNB Gold standard, offices heated and cooled by heat exchange pumps. 

Bochum, Rhine-Ruhr, Germany

   Tenant partners:            SVH Handels and WM Group 
   Acquisition price:          EUR37.8 million(1) 
   Net initial yield:              4.9% 
   --      Located in the Rhine-Ruhr region, a core logistics location with excellent transport links. 

-- 37,000 sq m newly built logistics warehouse comprising four units, one of which is let to SVH Handels for a fixed term of seven years and the other to WM Group GmbH for a fixed term of five years.

   --      The two vacant units each benefited from a five-year rental guarantee from acquisition. 
   --      Strong potential to capture rental growth. 
   --      The energy usage of the warehouse is approximately 20% below the EPC requirement. 

Post period event: Signed a five-year lease with Gruber Logistics GmbH (see page 25 of Interim Report). Advanced discussions with potential occupiers for the one unit still available to let.

1 Purchase price corresponds to 100% of the shares in the SPV holding the assets and excludes a non-controlling interest.



"We are delighted that we have been able to lease these units so swiftly following acquisition, and on terms exceeding our expectations. These new lettings demonstrate not only the strength of these prime logistics locations, but also the benefits of our strategy of working closely with our market-leading asset managers, Dietz and LCP. Their deep local knowledge, when coupled with our in-house expertise, helps to ensure we move quickly to find occupiers and deliver on the Company's strategy. We look forward to a long and productive relationship with our new tenant partners, BD myShopi NV in Bornem and Gruber Logistics at Bochum."

Nick Preston, Fund Manager

Bornem, Antwerp, Belgium

Within approximately four months from acquisition, the Group successfully let the vacant unit, ahead of the timescale expected at acquisition, and on terms which exceeded our expectations. The unit, which has a gross internal area of 16,835 sq m had been vacant for over 18 months prior to the Group's acquisition of the property.

The tenant, Belgische Distributiedienst NV ("BD NV"), is part of the BD myShopi NV group, who will act as guarantor to the lease. The lease has been agreed for a nine-year term from 1 July 2019 at an initial annual headline rent in line with our expected rental value and 30% above the level of the income cover secured at acquisition. The new rent is indexed from 1 July 2019 and will compound annually at 100% of the Belgian Health Index. Works are ongoing to facilitate the tenant's extensive fit out plans in advance of the lease commencement date.

Bochum, Rhine-Ruhr, Germany

Within approximately four months of acquisition, the Group secured the letting of the vacant unit to Gruber Logistics GmbH ("Gruber Logistics"), an established transportation and logistics service provider in the German market and a subsidiary of Gruber Logistics.

The lease has been agreed for a five-year term commencing on 1 April 2019. The initial rent is in line with the level of the rental guarantee provided by Dietz AG at acquisition and is subject to annual CPI uplifts reflecting 100% of the German Consumer Price Index with a hurdle of 2%.

Gruber Logistics will occupy the property alongside the two existing tenants, SVH Handels GmbH and WM Group GmbH. Advanced discussions with potential occupiers for the one unit still available to let on the property are ongoing.



Wunstorf, Hannover, Germany

   Tenant partner:                          HAVI Logistics 
   Acquisition price:                      EUR27.5 million 
   Net initial yield:                          4.9% 

Practical completion expected: January 2020

   --      Established urban logistic location, 20km from the centre of Hannover. 
   --      Forward funding of a new cold store facility to complete in December 2019. 
   --      Let to Havi Logistics with security from the parent company. 

-- Well-specified, with only 25% site cover and opportunity to extend the building by c.10,000 sq m.

Lodz, Poland

   Tenant partner:                          Castorama 
   Acquired:                                  24 December 2018 (conditional contract) 
   Acquisition price:                      EUR55.0 million 
   Net initial yield:                          5.7% 

Practical completion expected: May 2019

   --      Optimum location in Central Poland adjacent to A2 and A1 motorway intersection. 
   --      Poland provides competitive labour supply and property costs compared to Western Europe. 
   --      Good growth prospects from low rent per sq m with annual indexation. 

-- New, well specified 50,000 sq m building which is doubling in size as a result of the development work undertaken between exchange and completion.

   --      Let to strong Castorama covenant with just under nine years remaining on the lease term. 

-- Second warehouse in Lodz for tenant that has consolidated distribution functions to this location, therefore critical to supply chain.

Key Highlights

                                                                             Purchase           Size        Contracted 
                                                          Investment            price           sq m            annual 
   Location                Tenant(s)                          pillar           net of                          passing 
                                                                                costs                             rent 
                                                                                 EURm                           EUR000 
====================  =====================  =======================  ===============  =============  ================ 
  Spain                  Mango                            Foundation              150        186,138             7,553 
====================  =====================  =======================  ===============  =============  ================ 
 Rome, Italy             Amazon                           Foundation              118        158,373             6,182 
====================  =====================  =======================  ===============  =============  ================ 
                         Alcon-Couvreur and 
 Bornem, Belgium          Center                           Value Add               26         30,914             1,384 
====================  =====================  =======================  ===============  =============  ================ 
 Rumst, Belgium          Cummins                           Value Add               58         61,568             3,337 
====================  =====================  =======================  ===============  =============  ================ 
 Peine, Germany          Action                               Growth               86         92,693             4,184 
====================  =====================  =======================  ===============  =============  ================ 
                         SVH Handels and WM 
 Bochum, Germany          Group                           Foundation               38         37,037             1,886 
====================  =====================  =======================  ===============  =============  ================ 
 Total for assets completed at 
  period end                                                                      476        566,723            24,526 
===========================================  =======================  ===============  =============  ================ 
 Post period 
====================  =====================  =======================  ===============  =============  ================ 
 Wunstorf, Germany1      HAVI                             Foundation               27         16,423             1,353 
====================  =====================  =======================  ===============  =============  ================ 
 Lodz, Poland2           Castorama                        Foundation               55        101,556             3,195 
====================  =====================  =======================  ===============  =============  ================ 
                                                                                   82        117,979             4,548 
  ==================================================================  ===============  =============  ================ 
 Total                                                                            558        684,702            29,074 
====================================================================  ===============  =============  ================ 

1 Exchanged contracts to forward fund a cold store and primary distribution facility in Wunstorf near Hannover, Germany, conditional on receiving a building permit.

2 Exchanged contracts to forward fund a new logistics facility in Lodz, Poland, conditional on receiving tax clearance.

Post period events:

1 A building permit has been received for our asset at Wunstorf, Germany. This triggered the acquisition of the building for EUR27.5 million under the conditional contract. Construction has now started.

2 Polish tax authorities granted tax clearance in relation to the purchase distribution centre in Lodz, Poland, which resulted in the purchase becoming unconditional and the contract is now legally binding.


Set out below are the key performance indicators we use to track our strategic progress.

 KPI                                Relevance to strategy            Performance 
 1. Dividend                        The dividend reflects            0.4 cents per share 
  Dividends paid to                  our ability to deliver           for the period to 
  shareholders and declared          a growing income stream          31 December 2018 
  in relation to the                 from our portfolio 
  period.                            and is a key element 
                                     of our TR. 
                                   -------------------------------  -------------------------- 
 2. EPRA NAV                        The EPRA NAV reflects            EUR326.3m / 
  Basic NAV adjusted                 our ability to grow              EUR1.09 / share 
  for mark-to-market                 the portfolio and                at 31 December 2018 
  valuation of derivatives.          to add value to it 
                                     throughout the lifecycle 
                                     of our assets. 
                                   -------------------------------  -------------------------- 
 3. Total return (TR)               TR measures the ultimate         1.0% for the period 
  TR measures the change             outcome of our strategy,         to 31 December 2018 
  in the adjusted net                which is to create 
  asset value over the               value for our shareholders 
  period plus dividends              through our portfolio 
  paid.                              and to deliver a secure 
                                     and growing income 
                                   -------------------------------  -------------------------- 
 4. EPRA earnings                   A key measure of the             EUR1.819m / 
  Earnings from operational          Group's underlying               0.6 cents / share 
  activities.                        results and an indication        for the period to 
                                     of the extent to which           31 December 2018 
                                     current dividend payments 
                                     are supported by earnings. 
                                   -------------------------------  -------------------------- 
 5. Adjusted earnings               Adjusted EPS reflects            EUR1.385m/ 
  Post-tax adjusted                  our ability to generate          0.5 cents / share 
  EPS attributable to                earnings from our                for the period to 
  shareholders adjusting             portfolio, which ultimately      31 December 2018 
  for other earnings                 underpins our dividend 
  not supported by cash              payments. 
  See note 14 for reconciliation. 
                                   -------------------------------  -------------------------- 
 6. Total expense ratio             This is a key measure            1.4% for the period 
  (TER)                              of our operational               to 31 December 2018 
  The ratio of total                 performance. Keeping 
  administration and                 costs low supports 
  property operating                 our ability to pay 
  costs expressed as                 dividends. 
  a percentage of average 
  net asset value on 
  an annualised basis. 
                                   -------------------------------  -------------------------- 
 7. Loan to value ratio             The LTV measures the             37% at 31 December 
  (LTV)                              prudence of our financing        2018 
  The proportion of                  strategy, balancing 
  our gross asset value              the additional returns 
  (including cash) that              and portfolio diversification 
  is funded by borrowings.           that come with using 
                                     debt against the need 
                                     to successfully manage 
                                   -------------------------------  -------------------------- 
 8. Weighted average                The WAULT is a key               12.2 years at 31 December 
  unexpired lease term               measure of the quality           2018 
  (WAULT)                            of our portfolio. 
  The average unexpired              Long lease terms underpin 
  lease term of the                  the security of our 
  property portfolio,                income stream. 
  weighted by annual 
  passing rents. 
                                   -------------------------------  -------------------------- 
 9. Adjusted NAV                    Makes adjustments                EUR336.0m/ 
  EPRA NAV adjusted                  to EPRA NAV to provide           EUR1.12/share 
  to include the impact              stkeholders with the             As at 31 December 
  of transfer taxes                  most relevant information        2018 
  estimation.                        on the current fair 
                                     value of the property 
                                     assets assuming a 
                                     corporate sale and 
                                     saving of real estate 
                                     transfer taxes. 
                                   -------------------------------  -------------------------- 


The principal risks that are specific to the Company's and its industry are set out on pages 23-44 of the Company's prospectus. In summary, the principal risks include the following:

Property Risk

Increasing competition for investment properties in the European logistics real estate market may adversely affect the Company's performance.

Property valuation is inherently subjective and uncertain and the appraised value of the Group's properties may not accurately reflect the current or future value of the Group's assets. This may have a material adverse effect on the Group's financial condition, business, prospects and results of operations.

The Group's due diligence may not identify all risks and liabilities in respect of an acquisition.

A default by a major tenant could result in a significant loss of letting income, void costs, a reduction in asset value and increased bad debts, and may affect the Group's income and its ability to meet its banking covenants.

The Investment Policy does not restrict the Company's exposure to individual assets or tenants and includes only limited restrictions on its exposure to individual geographies. Concentration risk could make the Company's performance more sensitive to the returns on individual investments, tenants and countries than might otherwise be the case.

Any forward funded projects will be subject to the hazards and risks normally associated with constructing and developing commercial real estate, any of which could result in increased costs and/or damage to persons or property.

Corporate Risk

The Company is dependent on the performance and expertise of the Manager, the Investment Committee and the investment team.

As an externally managed company, the Company relies on the services and reputations of the Manager, or any asset managers appointed by the Group.

The Group will be dependent on the performance of third-party contractors and sub-contractors, who may fail to perform their contractual obligations.

Taxation Risk

A change in the Company's tax status or in taxation legislation could adversely affect the Company's profits and portfolio value and/or returns to shareholders.

If the Company fails to receive or maintain approval as an investment trust, its income and gains will be subject to UK corporation tax and it will be unable to designate dividends as interest distributions to minimise UK corporation tax on interest and other taxable income.

Political/Economic Risk

Adverse developments in general economic and political conditions (whether globally, in the Targeted Countries, in the UK or resulting from instability in the Eurozone), may adversely affect the Group.

Financial Risk

The Company's investment strategy includes the use of leverage, which will expose the Group to risks associated with borrowing.

The Company must be able to operate within its banking covenants and failure to do so could lead to default and the Company's bank funding being recalled.


We confirm that to the best of our knowledge:

--   the consolidated set of financial statements has been prepared 
      in accordance with IAS 34 Interim Financial Reporting as adopted 
      by the EU; 
--   the interim management report includes a fair review of the 
      information required by: 
(a)    DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, 
        being an indication of important events that have occurred 
        during the first six months of the year and their impact 
        on the consolidated set of financial statements; and a description 
        of the principal risks and uncertainties for the remaining 
        nine months of the year; and 
(b)    DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, 
        being related party transactions that have taken place in 
        the first six months of the year and that have materially 
        affected the financial position or performance of the entity 
        during that period; and any changes in the related party 
        transactions that could do so. 

Approved by the Board on 28 March 2019 and signed on its behalf by:

Robert Orr



                                                 From 1 July  From 17 May 
                                                     2018 to      2018 to 
                                                 31 December      30 June 
                                                        2018         2018 
                                          Note       EUR 000      EUR 000 
Rental income                                          4,936            - 
Service charge income                                    462            - 
                                                ------------  ----------- 
Gross property income                                  5,398            - 
Direct property costs                                  (511)            - 
                                                ------------  ----------- 
Net property income                                    4,887            - 
Fair value loss on investment property       8       (8,036)            - 
Administrative expenses                              (1,806)            - 
                                                ------------  ----------- 
Operating loss                               6       (4,955)            - 
Finance costs                                7       (1,133)            - 
Change in fair value of interest rate 
 caps                                                  (349)            - 
                                                ------------  ----------- 
Loss before tax                                      (6,437)            - 
Income tax expense                                     (186)            - 
                                                ------------  ----------- 
Total comprehensive loss for the period              (6,623)            - 
                                                ============  =========== 
Total comprehensive loss attributable 
Shareholders of the Company                          (6,566)            - 
Non-controlling interests                               (57)            - 
                                                ------------  ----------- 
                                                     (6,623)            - 
                                                ============  =========== 
Basic (and Diluted) Loss Per Share 
 (Cents)                              14  (2.3)  - 
EPRA Earnings per share               14    0.6  - 
Adjusted Earnings per share           14    0.5  - 

There are no items of comprehensive income other than the loss for the year and therefore, no condensed consolidated statement of comprehensive income is presented.


                                             31 December   30 June 
                                                    2018      2018 
                                       Note      EUR 000   EUR 000 
Non-current assets 
Investment properties                   8        475,730         - 
Derivative financial instruments        20         1,497         - 
Trade and other receivables             9          6,617         - 
                                             -----------  -------- 
                                                 483,844         - 
                                             -----------  -------- 
Current assets 
Trade and other receivables             9         18,591        57 
Cash and cash equivalents               10        17,916         - 
                                             -----------  -------- 
                                                  36,507        57 
                                             -----------  -------- 
Total assets                                     520,351        57 
                                             -----------  -------- 
Current liabilities 
Trade and other payables                11      (19,141)         - 
Income tax liability                               (948)         - 
                                                (20,089)         - 
                                             -----------  -------- 
Non-current liabilities 
Loans and borrowings                    12     (171,489)         - 
Tenant deposit                          13       (1,167)         - 
                                             -----------  -------- 
                                               (172,656)         - 
                                             -----------  -------- 
Total liabilities                              (192,745)         - 
                                             -----------  -------- 
Net assets                                       327,606        57 
                                             ===========  ======== 
Share capital                           16         3,000        57 
Retained earnings                                322,977         - 
                                             -----------  -------- 
Equity attributable to owners of the 
 company                                         325,977        57 
Non-controlling interests               18         1,629         - 
                                             -----------  -------- 
Total equity                                     327,606        57 
                                             ===========  ======== 


Net Asset Value per share (expressed 
 in cents per share) 
 Basic NAV                                15  1.09  - 
EPRA NAV                                15    1.09  - 
Adjusted NAV                            15    1.12  - 

Approved by the Board on 28 March 2019 and signed on its behalf by:

Robert Orr



                                   Share capital  Share premium  Retained earnings        interests  Total equity 
                                         EUR 000        EUR 000            EUR 000          EUR 000       EUR 000 
At incorporation                               -              -                  -                -             - 
                                   -------------  -------------  -----------------  ---------------  ------------ 
Profit for the period                          -              -                  -                -             - 
                                   -------------  -------------  -----------------  ---------------  ------------ 
Total comprehensive income                     -              -                  -                -             - 
New preference shares subscribed              57              -                  -                -            57 
                                   -------------  -------------  -----------------  ---------------  ------------ 
At 30 June 2018                               57              -                  -                -            57 
                                   =============  =============  =================  ===============  ============ 
                                                                                        Non- controlling 
                                       Share capital  Share premium  Retained earnings         interests  Total equity 
                                             EUR 000        EUR 000            EUR 000           EUR 000       EUR 000 
At 1 July 2018                                    57              -                  -                 -            57 
                                       -------------  -------------  -----------------  ----------------  ------------ 
Loss for the period                                -              -            (6,566)              (57)       (6,623) 
                                       -------------  -------------  -----------------  ----------------  ------------ 
Total comprehensive loss                           -              -            (6,566)              (57)       (6,623) 
New share capital subscribed                   3,000        336,330                  -                 -       339,330 
Share issue costs                                  -        (6,787)                  -                 -       (6,787) 
Cancellation of preference shares               (57)              -                  -                 -          (57) 
Share premium cancelled by special 
 resolution                                        -      (329,543)            329,543                 -             - 
Non-controlling interest in 
 of subsidiary                                     -              -                  -             1,686         1,686 
                                       -------------  -------------  -----------------  ----------------  ------------ 
At 31 December 2018                            3,000              -            322,977             1,629       327,606 
                                       =============  =============  =================  ================  ============ 


                                             Notes   From 1 July  From 17 May 
                                                         2018 to      2018 to 
                                                     31 December      30 June 
                                                            2018         2018 
                                                         EUR 000      EUR 000 
Loss for the period                                      (6,623)            - 
Adjustments for 
Fair value adjustments - investment 
 property                                        8         8,036            - 
Financing Costs                                  7         1,121            - 
Fair value adjustments - financial 
 assets                                         20           349            - 
Income tax expense                                           186            - 
                                             -----  ------------  ----------- 
Cash generated from operating activities 
 before working capital changes                            3,069            - 
Receivables and prepayments                             (27,507)            - 
Payables and accrued expenses                             17,463            - 
                                             -----  ------------  ----------- 
Cash used in operating activities                        (6,975)            - 
Tax paid                                                   (215)            - 
Interest paid                                              (398)            - 
                                             -----  ------------  ----------- 
Net cash used in operating activities                    (7,588)            - 
Cash flows from investing activities 
Purchase of investment property                  8     (478,279)            - 
Net cash used in investing activities                  (478,279)            - 
Cash flows from financing activities 
IPO costs                                       17       (6,787)            - 
Investment in caps                              20       (1,846)            - 
Loan issue costs                                12       (2,601)            - 
Shares issued in the year                       17       339,330            - 
Loans received                                  12       174,001            - 
Minority interest                               18         1,686            - 
                                             -----  ------------  ----------- 
Net cash generated from financing 
 activities                                              503,783            - 
                                             -----  ------------  ----------- 
Net movement in cash and cash equivalents                 17,916            - 
Cash and cash equivalents at beginning 
 of period                                                     -            - 
                                             -----  ------------  ----------- 
Cash and cash equivalents at end 
 of period                                                17,916            - 
                                             =====  ============  =========== 


1  Corporate information 

The condensed consolidated financial statements of the Group for the six month period ended 31 December 2018 comprise the results of Tritax EuroBox plc ("the Company") and its subsidiaries (together "the Group") and were approved by the Board for issue 28 March 2019. The Company has elected to have its year end as 30 September. Prior to the listing of the Company on the London Stock Exchange, the Company filed dormant company financial statements as of and for the period to 30 June 2018. The Company is a public limited company incorporated and domiciled in England and Wales. The Company's Ordinary Shares were listed on the Official List of the UK Listing Authority and admitted to trading on the Main Market of the London Stock Exchange on 4 July 2018. The registered address of the Company is disclosed in the Company information.

The company will be releasing a property valuation and a NAV Calculation for the quarter ending 31 March 2019 as part of the proposed step up to a premium listing.

The nature of the Group's operations and its principal activities are set out in the Manager's Report.

2  Accounting policies 

Basis of preparation

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union and as issued by the International Accounting Standards Board (IASB).

These are the first financial statements prepared by the Company in accordance with principals of International Financial Reporting Standards ("IFRS"), as endorsed by the European Union. The previous financial statements as of and for the period ended 30 June 2018 were dormant company accounts.

The Group's financial information has been prepared on a historical cost basis, as modified for valuation of the Group's investment properties and interest rate derivatives, which have been measured at fair value through the Condensed Consolidated Income Statement.

The consolidated financial statements are presented in Euros and all values are rounded to the nearest Euro (EUR'000), except when otherwise indicated.

The financial information contained in this interim report does not constitute full statutory accounts as defined in Section 434 of the Companies Act 2006.

Going concern

The Directors have made an assessment of the Group's ability to continue as a going concern and are satisfied that the Group has the resources to continue in business for at least 12 months from the date of approval of these financial statements. Furthermore, the Directors are not aware of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern.

3  Significant accounting judgements, estimates and assumptions 

In the process of applying the Group's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial information:


Business combinations

The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. The Group accounts for acquisitions as asset acquisition where the acquired property company is revenue-generating but limited or no processes have been transferred.

The Group has determined that for all acquisitions disclosed, limited processes were transferred as all investment property processes including marketing, portfolio management, financial management and more sophisticated property management services are delivered by the Group. As a consequence, all acquisitions are based on the fair value of property at the acquisition date with no goodwill or recognition of deferred tax on the property asset arising for valuation gains prior to the acquisition date.


Investment property

The fair value of investment property is determined, by independent property valuation experts, to be the estimated amount for which a property should exchange on the date of the valuation in an arm's length transaction. Properties have been valued on an individual basis. The valuation experts use recognised valuation techniques, applying the principles of both IAS 40 and IFRS 13.

The valuations have been prepared in accordance with the Royal Institution of Chartered Surveyors ("RICS") Valuation - Global Standards January 2017 ("the Red Book"). Factors reflected include current market conditions, annual rentals, lease lengths and location. The significant methods and assumptions used by valuers in estimating the fair value of investment property are set out in note 8.

4  Standards issued but not yet effective 

The following are new standards, interpretations and amendments, which are not yet effective and have not been early adopted in this financial information, that will or may have an effect on the Group's future financial statements:

IFRS 16: Leases (effective 1 January 2019). The Directors are currently assessing the impact on the financial statements of this standard; however, at present they do not anticipate that the adoption of this will have a material impact on the Group's financial statements as the Group does not hold any material operating leases as lessee.

Other standards 

The following amended standards and interpretations are not expected to have a significant impact on the Group's consolidated financial statements:

--  IFRIC 23 Uncertainty over Tax Treatments. 
5  Summary of significant accounting policies 

Basis of consolidation

The consolidated financial statements incorporate the financial results of the Company and its subsidiaries, as at the period end date.


A subsidiary is an entity controlled by the Group. Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The accounting policies of subsidiaries are brought into line with those used by the Group.

Segmental information

The Directors are of the opinion that the Group is engaged in a single segment business, being the investment in the European logistics assets. The Directors consider that these properties have similar economic characteristics and management information utilised by the Executive Committee to monitor and review performance and is considered at a total level.

Investment property

Investment property comprises property that is owned, or held under a lease, to earn rentals or for capital appreciation, or both.

Investment property is recognised when the risks and rewards of ownership have been transferred and is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from changes in the fair values are included in the Condensed Consolidated Income Statement.

Additions to properties include costs of a capital nature only. Expenditure is classified as capital when it results in identifiable future economic benefits, which are expected to accrue to the Group. All other property expenditure is expensed in the Condensed consolidated income statement as incurred.

In the event of a disposal or retirement of all or part of own investment property, the difference between the net disposal proceeds and the carrying amount of the asset result in either gains or losses which are recognised in the Condensed consolidated income statement in the period of retirement or disposal.

Fair value hierarchy

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. The Group holds no Level 1 financial instruments.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. The Group's interest rate cap (note 20) is a Level 2 fair value measurement provide by the banking counterparty.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. All the Group's investment property is a Level 3 fair value measurement.

Derivative financial instruments

Derivative financial instruments refer to interest rate caps purchased for hedging purposes which are initially recognised at fair value plus costs of acquisition and are subsequently measured at fair value, being the estimated amount that the Group would receive or pay to terminate the agreement at the period end date, taking into account current interest rate expectations of the Company and its counterparties. The Group does not apply hedge accounting and hence the gain or loss at each fair value remeasurement date is recognised in the Condensed consolidated income statement.

The Group's estimate of the mark to market valuation value is based on an estimate provided by the banking counterparty.

Trade and other receivables

Trade and other receivables are initially recognised at their fair value and subsequently measured at the lower of their original invoiced value and recoverable amount. Impairments are assessed on the Expected Credit Loss method in accordance with IFRS 9.

Trade and other payables

Trade payables are initially recognised at their fair value, being at their invoiced value inclusive of local VAT costs that maybe applicable. Payables are subsequently measured at amortised cost.

Foreign exchange

Sterling costs are booked at the rate purchased in Euros; period end balances are converted into Euros at the Bloomberg rate. All Group companies have Euros as their functional currency.

Share issue costs

Costs directly attributable to the issue of share capital are charged to the Share Premium Account.


The Company has an unsecured Revolving Credit Facility ("RCF") which is initially recognised at fair value less costs of issue and subsequently at amortised cost. Costs of issue of the RCF are amortised over the period of the loan.

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

Dividends payable to Shareholders

Equity dividends are recognised as liabilities when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the Shareholders at an Annual General Meeting.

Property income 

Rental income

Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is included in revenue in the Condensed consolidated income statement. Rental income is invoiced, either monthly or quarterly in advance and for all rental income that relates to a future period this is deferred and appears within current liabilities on the Condensed consolidated statement of financial position.

Tenant lease incentives are recognised as a reduction of rental revenue on a straight-line basis over the term of the lease. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option.

A rental adjustment is recognised from the rent review date in relation to unsettled rent reviews, where the Directors are reasonably certain that the rental uplift will be agreed. For leases which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the lease term.

When the Group enters into a forward funded transaction, the future tenant signs an agreement for lease. No rental income is recognised under the agreement for lease, but once practical completion has taken place the formal lease is signed at which point rental income commences to be recognised in the Condensed consolidated income statement.

Service charges, insurances and other expenses recoverable from tenants

Income arising from expenses recharged to tenants is recognised in the period in which the compensation becomes receivable. Service and insurance charges and other such receipts are included in revenue gross of the related costs, as the Directors consider that the Group acts as principal in this respect.

Finance costs

Finance costs consist of interest and other costs that the Group incurs in connection with bank and other borrowings and the holding of deposits in Euro bank accounts. These costs are recognised as an expense in the Condensed consolidated income statement on an effective interest basis.


Investment trusts which have approval as such under section 1158 of the Corporation Taxes Act 2010 are not liable for taxation on capital gains. The Company has taken advantage of modified UK tax treatment in respect of its qualifying interest income for an accounting period and will designate as an "interest distribution" all or part of any amount it distributes to the Shareholders as dividends, to the extent that it has qualifying interest income for the accounting period. As such, the Company will be able to deduct such interest distributions from its income in calculating its taxable profit for the relevant accounting period. It is expected that the Company will have qualifying interest income and therefore may decide to designate some or all of the dividends payable as interest distributions.

The income tax expense recognised in each interim period is based on the best estimate of the weighted-average annual income tax rate expected for the full year applied to the pre-tax income of the interim period. If different income tax rates apply to different categories of income e.g. capital gains or to different tax jurisdictions, then a separate rate is applied to each category in the interim period, to the extent practicable. However, a weighted-average rate across jurisdictions and income categories may be used if it is a reasonable approximation of the effect of using more specific rates.

6  Operating loss 

Operating loss is stated after charging

                              From 1 July  From 17 May 
                                  2018 to      2018 to 
                              31 December      30 June 
                                     2018         2018 
                                  EUR 000      EUR 000 
Investment management fees            902            - 
Directors' remuneration                95            - 
Auditor's fees                         95            - 
                             ============  =========== 
7                                        Finance costs 
                                           From 1 July          From 17 May 
                                               2018 to              2018 to 
                                           31 December              30 June 
                                                  2018                 2018 
                                               EUR 000              EUR 000 
Finance costs 
Bank charge for Euros held on deposit              355                    - 
Interest expense                                   677                    - 
Amortisation of loan arrangement costs              89                    - 
                                          ------------  ------------------- 
Financing costs                                  1,121                    - 
Foreign exchange loss                               12                    - 
Total finance costs                              1,133                    - 
                                          ============  =================== 
8                                        Investment properties 
                                                         land and buildings 
                                                                    EUR 000 
Fair value 
At 1 July 2018                                                            - 
Acquisition of property                                             469,124 
Deferred consideration                                                5,487 
Additional costs capitalised                                          8,133 
Fixed rental uplift                                                     596 
Rent guarantees                                                         426 
Purchase of Investment Property                                     483,766 
Fair value loss on investment property                              (8,036) 
Market value per external valuation report                          475,730 
Fair value at 31 December 2018                                      475,730 

The Group has elected to include within the carrying value of investment property EUR596,000 in respect of accrued income arising from the spreading of rents and up to EUR426,000 in respect of expected receipts under rent guarantees.


On 25 September 2018 the Group purchased its first asset in Barcelona, Spain, of a retail distribution centre let to Mango for EUR150 million. This property was acquired with the benefit of a tenant deposit of EUR1.16 million and also a rent guarantee from Banco Sabadell of up to EUR6.25 million.

On 16 October 2018 the Group purchased a unit let to Amazon in Rome, Italy, for EUR118 million.

On 25 October 2018 the Group purchased two units in Belgium in Rumst and Bornem for EUR83.4 million.

On 4 December 2018 the Group purchased a unit let to Action in Peine, Germany, for EUR86 million.

On 10 December 2018 and 7 November 2018, the Group purchased four units in Bochum, Germany. Two were let and the other two were purchased with the benefit of a five year rent guarantee from Dietz AG. One of these units has been let since the year end.

Valuation of investment property

Valuation of investment property is performed by Jones Lang LaSalle, an accredited external valuer with recognised and relevant professional qualifications and recent experience of the location and category of the investment property being valued.

The valuation of the Group's investment property at fair value on the basis of market value in accordance with the internationally accepted RICS Valuation - Global standards 2017 published by the Royal Institute of Chartered Surveyors ("RICS") in accordance with IFRS 13 Fair Value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

9                                         Trade and other receivables 
                                                31 December      30 June 
                                                       2018         2018 
Non-current trade and other receivables             EUR 000      EUR 000 
Cash in public institutions                           1,167            - 
VAT receivable                                        5,450            - 
                                           ----------------  ----------- 
                                                      6,617            - 
                                           ================  =========== 

The Cash in public institutions is for a deposit received of EUR1,166,666 given by the tenant for the property in Barcelona, Spain.

                                      31 December   30 June 
                                             2018      2018 
Current trade and other receivables       EUR 000   EUR 000 
Trade receivables                           2,146         - 
VAT recoverable                            14,016         - 
Other receivables                           2,429        57 
                                      -----------  -------- 
                                           18,591        57 
                                      ===========  ======== 

All current assets have been reviewed and none of them were considered to be impaired at the period end.

VAT receivable relates to VAT on the purchase of the property in Italy which is recovered over two years until 2020.

10             Cash and cash equivalents 
                  Note   31 December   30 June 
                                2018      2018 
                             EUR 000   EUR 000 
Cash at bank                  17,916         - 
                        ============  ======== 
11                       Trade and other payables 
                             31 December     30 June 
                                    2018        2018 
                                 EUR 000     EUR 000 
Trade payables                     6,430           - 
Sundry payables                    2,912           - 
Accrued expenses                   4,312           - 
Deferred consideration             5,487           - 
                          --------------  ---------- 
                                  19,141           - 
                          ==============  ========== 
12                       Loans and borrowings 
                             31 December     30 June 
                                    2018        2018 
                                 EUR 000     EUR 000 
Non-current loans and borrowings 
Bank borrowings                  171,489           - 
                          ==============  ========== 

On 19 October 2018, the Group agreed a long-term, Revolving Credit Facility ("RCF") of EUR200 million with HSBC Bank PLC and BNP Paribas. The facility is for five years, with an option to extend for a further two years. The loan has a margin of 1.55% to 2.2% depending on the drawn level and the prevailing LTV (loan-to-value) ratio. The RCF was extended on 11 December 2018 to include EUR100 million of accordion funding from BAML.

The Group has been in compliance with all of the financial covenants of the Group's bank facilities as applicable throughout the period covered by these interim financial statements.

The costs of arranging the RCF that are unamortised as at the year-end are offset against amounts drawn on the facilities as shown in the table below:

                                             31 December   30 June 
                                                    2018      2018 
                                                 EUR 000   EUR 000 
Bank borrowings drawn: due in more than 
 one year                                        174,001         - 
Loan issue costs paid                            (2,601)         - 
Non-cash amortisation of loan issue costs             89         - 
                                             -----------  -------- 
                                                 171,489         - 
                                             ===========  ======== 
13                                          Tenant deposit 
                                             31 December   30 June 
                                                    2018      2018 
                                                 EUR 000   EUR 000 
Non-current liabilities 
Tenant deposit                                     1,167         - 
                                             ===========  ======== 

This balance relates to a cash deposit given by the tenant for the property in Barcelona, Spain.

14  Earnings per share 

Earnings per share

Earnings per share (EPS) are calculated by dividing loss for the period attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period.

                                        Weighted     Net Profit attributable     Earnings 
                                         average     to Ordinary Shareholders    per share 
                                         number              EUR 000               Cents 
                                       of Ordinary                              31 December 
                                         Shares                                    2018 
Total Comprehensive Loss                                              (6,566) 
Weighted average number of Ordinary 
 Shares                                 286,885 
Basic (and Diluted) Loss Per 
 Share                                                                                (2.3) 
                                      ------------  -------------------------  ------------ 
Adjustments to remove: 
Change in fair value of investment 
 properties                                                             8,036 
Change in value of interest 
 rate derivatives                                                         349 
                                                    -------------------------  ------------ 
EPRA Earnings                                                           1,819           0.6 
Rent guarantee receipts excluded 
 from property income                                                      73 
Fixed rental uplifts recognised 
 in rental income                                                       (596) 
Amortisation of loan arrangement 
 costs                                                                     89 
                                                    -------------------------  ------------ 
Adjusted Earnings                                                       1,385           0.5 
                                                    =========================  ============ 

There were no earnings in the period to 30 June 2018.

Adjusted earnings is a performance measure used by the Board to assess the level of the Group's dividend payments. The metric amends EPRA earnings for non-cash items credited or charged to the Condensed consolidated income statement, such as fixed rental uplift adjustments and amortisation of loan arrangement fees. The Board reviews the Adjusted earnings when considering the level of dividend to pay.

Fixed rental uplift adjustments relate to adjustments to net rental income on leases with fixed or minimum uplifts embedded within their review profiles. The total minimum income recognised over the lease term is recognised on a straight-line basis and therefore not supported by cash flows during the early term of the lease, but this reverses towards the end of the lease.

Rental guarantee adjustments relate to acquired assets with leases which have had an income guarantee attached to them as part of the acquisition of the asset. The rental guarantee is released as distributable income over the period of the lease which it is intended to cover, however, this release does not go through rental income in the Condensed consolidated income statement, and as such an adjustment is made to recognise the receipt.

15  Net Asset Value (NAV) per share 

Basic NAV per share is calculated by dividing net assets in the Condensed Consolidated Statement of Financial Position attributable to ordinary equity holders of the parent by the number of Ordinary Shares outstanding at the end of the period.

                                      Number of ordinary     Net Assets    Assets Per 
                                                  shares   attributable         Share 
                                                    '000    to Ordinary   31 December 
                                                           Shareholders          2018 
Number of Ordinary Shares                        300,000 
Net assets per Condensed Group 
 statement of financial position                                325,977 
Basic NAV                                                                        1.09 
Mark-to-Market adjustment of 
 derivatives                                                        349 
                                                          -------------  ------------ 
EPRA NAV                                                        326,326          1.09 
Impact of transfer taxes estimation                               9,650 
                                                          -------------  ------------ 
Adjusted NAV                                                    335,976          1.12 
                                                          =============  ============ 

There were no Ordinary Shares in issue at 30 June 2018.

The adjusted NAV is after adding back the EUR9.65 million of additional transfer taxes that were included within the valuation to reflect an assumption that assets will be sold by the property companies in which they sit. In most European markets the established practice is to sell the assets within a corporate structure which means that this high frictional cost is not incurred.

16  Share capital 

Allotted, called up and fully paid shares

                               31 December 2018      30 June 2018 
                              No. 000   EUR 000  No. 000  EUR 000 
Ordinary shares of EUR0.01 
 each                         300,000     3,000        -        - 
Preference shares of 
 EUR1 each                          -         -       57       57 

On 26 September 2018, the Group cancelled 57,100 redeemable preference shares with a nominal value of EUR57,100. The preference shares did not carry any rights to a dividend.

The Group has one class of Ordinary Shares which carry no right to fixed income.

17                                             Share premium account 
                                                  31 December   30 June 
                                                         2018      2018 
                                                      EUR 000   EUR 000 
Balance at the beginning of the period                      -         - 
Issued on admission to trading on the London 
 Stock Exchange on 9 July                             336,330         - 
Share issue costs                                     (6,787)         - 
Cancellation of share premium                       (329,543)         - 
                                                -------------  -------- 
Balance at the end of the period                            -         - 
                                                =============  ======== 

The 1 cent shares listed on the Main Market of the London Stock Exchange on 4 July 2018 were issued for GBP1. Following a Special Resolution of Tritax EuroBox plc the High Court cancelled this share premium on 25 September 2018. This resulted in the full balance being transferred into distributable reserves.

18  Non-controlling interests 

The non-controlling interests reserve reflects a 5.1% non-controlling interest held in two German asset holding SPV's.

19  Guarantees and commitments 

Operating leases

The Company has entered into commercial property leases on its investment property portfolio. These non-cancellable leases have a remaining term of between 1 and 18 years.

The total future value of minimum lease payments is as follows:

                       31 December   30 June 
                              2018      2018 
                           EUR 000   EUR 000 
Within one year             26,330         - 
In two to five years       117,317         - 
In over five years         230,648         - 
                       -----------  -------- 
                           374,295         - 
                       ===========  ======== 

Purchase of property in Wunstorf

In the period the Group exchanged contracts to provide forward funding for the development of a new cold store and primary distribution facility at Wunstorf, near Hannover in Germany. The development represents an investment of EUR27.5 million, reflecting a net initial yield of 4.9% on the acquisition. The Group completed the acquisition of the land in February 2019 and the building is expected to be delivered to the tenant, HAVI Logistics GmbH, in January 2020.

Purchase of property in Poland

In the period the Group exchanged contracts to purchase a forward funding development of a logistics warehouse in Lodz, Poland. The three phase development has a price of EUR55m net of costs, reflecting an anticipated net initial yield of 5.7%. The purchase is conditional on a VAT ruling from the Polish tax authorities, which is expected in March 2019. Phase I of the development has completed and the vendor is onsite progressing the development of phases II and III. Once fully complete the building will be entirely let to Castorama Polska Sp. Zoo for a term expiring in November 2027.

20                   Derivative financial instruments 
                           31 December 
                                  2018      30 June 2018 
                               EUR 000           EUR 000 
Interest rate caps               1,497                 - 
                      ================  ================ 

This reflects EUR200 million of interest rate CAPS at 0.75% for the five-year period to October 2023.

These were acquired for EUR1.846 million in December but were revalued at the 31 December resulting in a revaluation loss of EUR0.349 million which was recognised in the Condensed consolidated income statement for the period.

21  Related party transactions 

The fees calculated and payable for the period to the Investment Manager and Directors were as follows:

                                              31 December 
                                                     2018  30 June 2018 
                                                  EUR 000       EUR 000 
Tritax Management LLP Investment Management 
 Fees                                                 902             - 
SG Commercial LLP* Agency Fees                        594             - 
Directors' remuneration                                95             - 
                                              -----------  ------------ 
                                                    1,591             - 
                                              ===========  ============ 

*Of the four controlling members of the Investment Manager, namely Mark Shaw, Colin Godfrey, James Dunlop and Henry Franklin, all except Henry Franklin are also controlling members of SG Commercial LLP Agency Fees. The agency fees to SG Commercial represents 19% of the agency costs incurred by the Group during the period. There are no existing contractual arrangements between the Group and SG Commercial although they may choose to use them in the future. Any such appointment would be on the market based arm's length terms and the Board has and shall continue to be consulted and asked for their approval.

There have been no other related party transactions during the period.

22  Non adjusting events after the financial period 

A further GBP100 million cap was purchased on 22 February 2019 to protect the Group from interest rates in excess of 0.5% for the period to October 2023.

In relation to the purchase of a property in Wundstorf set out in note 15, the Group completed the acquisition of the land in February 2019 and the building is expected to be delivered to the tenant, HAVI Logistics GmbH, in January 2020.

The Group completed the acquisition of a building pre-let to Castorama Polska Sp. Zoo in Poland for EUR55 million net of costs.

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 or visit



(END) Dow Jones Newswires

March 28, 2019 03:51 ET (07:51 GMT)

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