Tritax EuroBox PLC Trading update and net asset value (4053D)
26 Giugno 2019 - 08:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 4053D
Tritax EuroBox PLC
26 June 2019
26 June 2019
TRITAX EUROBOX PLC
(the "Company")
TRADING UPDATE AND NET ASSET VALUE AS AT 31 MARCH 2019
Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)),
which invests in Continental European logistics real estate assets,
is pleased to announce a trading update and its unaudited net asset
value as at 31 March 2019.
Highlights
-- Basic net asset value ("NAV") increased to EUR329.4 million
(31 December 2018: EUR326.0 million)
-- Basic NAV per share increased to EUR1.10 (31 December 2018:
EUR1.09). During the period, the Company distributed 0.4 cents per
share, in respect of the period between 9 July 2018 and 31 December
2018
-- Portfolio of seven assets (the "Portfolio") independently
valued at EUR486.6 million, reflecting a like-for-like valuation
increase of EUR3.2 million or 0.7% over the three months ended 31
March 2019
-- The Portfolio is 100% income producing with contracted annual
rental income of EUR26.1 million as at 31 March 2019. Two lettings
have been secured during the period, providing the Company with
long term income to replace rental guarantees previously in
place
-- The Portfolio is well diversified by tenant, sector and
geography and has a weighted average unexpired lease term ("WAULT")
of 12.2 years as at 31 March 2019
-- Since 31 March 2019, the Company has completed the
acquisition of two further assets, in Lodz in Poland and
Hammersbach in Germany, with an aggregate acquisition price of
EUR105.6 million, resulting in a current portfolio of nine
assets
-- The current portfolio of nine assets has a contracted annual
rental income of EUR31.7 million and a WAULT of 11.1 years
-- The Company is focused on the deployment of the proceeds of
its recent Placing, and Tritax Management LLP (the "Manager") is
engaged in detailed discussions with the owners of potential new
investments comprising high quality, large scale logistics real
estate assets sourced on an off-market-basis
-- Furthermore, a number of asset management initiatives have
been identified within the Company's current portfolio of nine
assets, including leasing and building extension opportunities
-- 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 by
increasing rents through asset management initiatives, and a total
return on the Ordinary Shares of 9.0% p.a.(1) over the
medium-term
For further information, please contact:
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-maitland@maitland.co.uk
The Company's LEI is: 213800HK59N7H979QU33.
NOTES:
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 and
Dietz AG 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 by increasing
rents through asset management initiatives, and a total return on
the Ordinary Shares of 9.0% p.a.(1) over the medium-term. The
Company intends to pay dividends on a quarterly basis with
shareholders able to receive dividends in Sterling or Euro.
Further information on Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
(1) Euro denominated returns, by reference to IPO issue price.
These are targets only and not profit forecasts. There can be no
assurances that these targets will be met and they should not be
taken as indications of the Company's expected or actual future
results. Accordingly, potential investors should not place any
reliance on the target 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 target is reasonable or achievable.
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END
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