Tritax EuroBox PLC Acquires asset in Port of Gothenburg, Sweden (0195C)
16 Junio 2021 - 1:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 0195C
Tritax EuroBox PLC
16 June 2021
16 June 2021
First Nordic investment for Tritax EuroBox
ACQUISITION OF LOGISTICS ASSET IN PRIME LOCATION IN THE PORT OF
GOTHENBURG, SWEDEN FOR SEK474 MILLION (EUR47 MILLION)
Tritax EuroBox plc ("Tritax EuroBox" or the "Company") (ticker:
EBOX (Sterling) and BOXE (Euro)), which invests in high-quality,
prime logistics real estate strategically located across
continental Europe, announces that it has agreed the acquisition of
a SEK474 million (EUR47 (1) million) asset in the Port of
Gothenburg, Sweden.
The asset, held freehold, has a total gross internal area of
approximately 28,900 sqm and comprises two purpose built logistics
facilities (one of 16,200 sqm and the other 12,700 sqm), located in
the heart of the prime logistics location in the Port of
Gothenburg.
The Port of Gothenburg has been ranked as the most attractive
logistics location in the Nordics for 20 years by Intelligent
Logistik, the leading Nordic logistics media platform. There are
currently no vacant logistics buildings in the port area. The Port
is home to Scandinavia's largest container terminal, which is
forecast to grow over the coming years.
The buildings are fully let to the tenants Agility AB, Nordicon
AB and Vink Essåplast Group AB, generating a total annual rent of
SEK18.04 million (EUR1.79 million) on leases with a weighted
average unexpired lease term of six years. The rent reflects a rate
of SEK630 (EUR62.50) psm per annum. All leases are annually indexed
to 100% of Swedish CPI.
The acquisition price of SEK474 million reflects a net initial
yield of 3.6% based on the income from the existing leases, with
the opportunity to increase the yield to around 4.25% as the rental
levels on the buildings are marked to market levels.
This acquisition forms part of the deployment strategy for
Tritax EuroBox following the successful equity raise in March 2021,
and the subsequent Green Bond issuance in June 2021.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"We are delighted to acquire our first asset in the Nordics
which aligns with our disciplined investment approach and our long
term strategic goals. The asset, held freehold, is located in the
region's strongest logistics market, and offers asset management
upside through working closely with the occupiers to achieve their
business plans and increase rents to market levels.
We expect to see continued strong market rental growth in the
Port of Gothenburg, due to the natural constraint of land supply in
the port area, and the increasing demand from occupiers. The Port
of Gothenburg has a clear plan for growth, with significant
infrastructure investment committed, further strengthening this
location."
Notes
1 Exchange rate assumed at 1SEK = EUR 0.099
For further information please contact:
Tritax Group
+44 (0) 20 8051 5070
Nick Preston
Mehdi Bourassi
Jo Blackshaw (Investor Relations)
Maitland/AMO (Media inquiries)
James Benjamin
+44 (0) 7747 113 930
tritax-maitland@maitland.co.uk
The Company's LEI is: 213800HK59N7H979QU33.
Notes:
Tritax EuroBox plc invests in and manages a well-diversified
portfolio of well-located Continental European logistics real
estate assets that are expected to deliver an attractive capital
return and secure income to shareholders. These assets fulfil key
roles in the logistics and distribution supply-chain focused on the
most established logistics markets and on the major population
centres across core Continental European countries.
Occupier demand for Continental European logistics assets is in
the midst of a major long-term structural change principally driven
by the growth of e-commerce. This is evidenced by technological
advancements, increased automation and supply-chain
optimisation.
The Company's Manager, Tritax Management LLP, has assembled a
full-service European logistics asset management capability
including specialist "on the ground" asset and property managers
with strong market standings in the Continental European logistics
sector.
Further information on Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
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