Tritax EuroBox PLC New lease completion at asset in Germany (8773Y)
07 January 2020 - 6:00PM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 8773Y
Tritax EuroBox PLC
07 January 2020
7 January 2020
Tritax EuroBox plc
(the "Company")
COMPLETION OF A NEW LEASE AT ASSET NEAR BOCHUM IN
RHINE-RUHR REGION OF GERMANY
The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE
(Euro)), which invests in Continental European logistics real
estate assets, is delighted to announce the completion of a new
lease at the Company's property in Bochum, a prime logistics
location in the Rhine-Ruhr region of Germany.
This modern, multi-let property situated in the centre of
Germany's densely populated industrial heartland, was acquired by
the Company in November 2018 with two leases in place and two
unoccupied units benefiting from five-year rental guarantees.
Following the letting of the first vacant unit in March 2019 to
Gruber Logistics GmbH ("Gruber Logistics"), the Company has now let
the second vacant unit of 8,335 sqm to Recht Logistik GmbH ("Recht
Logistik"), an established German logistics and transportation
company based in Nord Rhein Westphalia.
This new lease has been agreed for a five-year term from 1
February 2020 at a headline rent which is higher than both the
previous rental guarantee and current passing rent at the
neighbouring units. This demonstrates the quality of both the asset
and location, as well as the reversionary potential of the
remainder of the building. The new rent will be subject to full
annual indexation reflecting 100% of the German Consumer Price
Index.
Following the completion of this new letting, this
well-specified property is now fully let with Recht Logistik and
Gruber Logistics occupying the property alongside the two existing
tenants, SVH Handels GmbH and WM Group GmbH.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"This additional letting at Bochum further diversifies our
tenant base and also further validates our strategy of buying high
quality assets, situated in prime logistics locations benefiting
from favourable supply/demand dynamics.
In line with our identified strategy, we have delivered income
and value enhancement by securing this leasing ahead of previous
passing rents, as well as highly attractive indexation provisions.
We look forward to a long and productive working relationship with
Recht Logistik."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group +44 (0) 20 7290 1616
Nick Preston
James Dunlop
Jefferies International Limited +44 (0) 20 7029 8000
Gary Gould
Stuart Klein
Kempen & Co N.V. +31 (0) 20 348 8500
Dick Boer
Thomas ten Hoedt
Akur Limited +44 (0)20 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
Maitland/AMO (Communications
Adviser) +44 (0) 20 7379 5151
James Benjamin tritax-maitland@maitland.co.uk
The Company's LEI is: 213800HK59N7H979QU33.
NOTES:
Tritax EuroBox plc invests in and manages a well-diversified
portfolio of well-located Continental European logistics real
estate assets that are expected to deliver an attractive capital
return and secure income to shareholders. These assets fulfil key
roles in the logistics and distribution supply-chain focused on the
most established logistics markets and on the major population
centres across core Continental European countries.
Occupier demand for Continental European logistics assets is in
the midst of a major long-term structural change principally driven
by the growth of e-commerce. This is evidenced by technological
advancements, increased automation and supply-chain optimisation,
set against a backdrop of resurgent economic growth across much of
Continental Europe.
The Company is targeting, on a fully invested and geared basis,
an initial Ordinary Share dividend yield of 4.75% p.a.(1) , which
is expected to increase progressively through regular indexation
events inherent in underlying lease agreements, and a total return
on the Ordinary Shares of 9.0% p.a.(1) over the medium-term. The
Company intends to pay dividends on a quarterly basis with
shareholders able to receive dividends in Sterling or Euro.
Further information on Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
1. Euro denominated returns, by reference to IPO issue price.
These are targets only and not profit forecasts. There can be no
assurances that these targets will be met and they should not be
taken as indications of the Company's expected or actual future
results. 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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