Sale of asset in Gothenburg, Sweden for SEK 385
million
Tritax EuroBox plc (the "Company";
tickers: EBOX (Sterling), BOXE (Euro)) has successfully exchanged
contracts for the disposal of its warehouse asset in Gothenburg,
Sweden for a price of SEK 385 million[1] to a leading
pan-European real estate investment manager. The sale price is
broadly in line with the valuation as at 30 September 2023 and
supports the Company's planned disposal programme primarily aimed
at reducing the Company's leverage.
Highlights
· The
28,900 sqm building was purchased in June 2021 and is in the port
of Gothenburg.
·
Headline sale price of SEK 385
million1 is broadly in line with the latest September
2023 external valuation. The deal is conditional on approval in
accordance with the Swedish Foreign Direct Investments
Act.
· The
divestment represents the Company's second disposal in Sweden,
following the sale of the asset in Malmo at the end of
2023.
· Proceeds will be mainly used to reduce net debt, as part of
the programme to improve balance sheet metrics, as well as
providing scope for investment into existing portfolio
opportunities.
Overview
The Company acquired the 28,900 sqm
prime logistics property in Gothenburg, Sweden in 2021. It is
situated in the Gothenburg region, a strategic location between
Stockholm, Oslo and Copenhagen. In the
Interim Results announcement in May 2023, the Company outlined its
intention to undertake asset disposals of at least €150
million over the following 12-18-month period. The programme
was launched with two principal aims: namely, to improve balance
sheet metrics, particularly reducing the LTV percentage towards the
low 40s, and to fund existing opportunities from within the
portfolio.
Company commentary
Alina Iorgulescu, Investment Director, Tritax EuroBox plc,
commented:
"This transaction marks the fourth
successful sale since we announced our disposal programme in May
2023 and takes gross proceeds realised over the past 12 months to
c.€173 million. The positive progress made on our disposal
programme is testament to our proactive approach while the
Gothenburg sale, which was agreed at a price broadly in line with
the valuation, underlines the attractiveness of our high-quality
portfolio to investors."
Further information
Tritax EuroBox plc
+44 (0) 20 8051 5070
Phil Redding - CEO
Mehdi Bourassi - CFO
Charles Chalkly - Investor Relations
Kekst CNC (Media
enquiries)
Tom Climie / Guy Bates
+44 (0) 7760 160 248 / +44 (0) 7581 056
415
tritax@kekstcnc.com
Notes
Tritax EuroBox plc invests in and
manages a well-diversified portfolio of Continental European
logistics real estate. These assets fulfil crucial roles in
logistics and distribution supply chains, and are located in
established logistics markets near major population centres across
core Continental European countries.
Our high-quality portfolio is highly
sustainable, offers predictable and predominantly inflation-linked
income and has opportunities for capital growth through active
asset management. These attributes underpin our ability to generate
attractive returns for Shareholders over the long term.
The Manager, Tritax Management LLP,
has assembled a full-service, pan-European capability for the
Company, combining in-house leadership and strategic expertise with
close partnerships with leading European developers and asset
managers.
The Manager comprises a skilled,
diverse team of real estate professionals with expertise across
investment, asset management, development, finance, business
analysis, research and communications. This is supplemented with
specialist, on-the-ground developers, and asset and property
managers with strong market standings in the Continental European
logistics sector.
Further information on the Company is
available at: tritaxeurobox.co.uk
The Company's LEI is:
213800HK59N7H979QU33.