Tritax EuroBox PLC Acquires logistics asset in Rhine-Ruhr in Germany (8835P)
22 Octubre 2021 - 1:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 8835P
Tritax EuroBox PLC
22 October 2021
22 October 2021
Ninth investment in Germany for Tritax EuroBox
ACQUISITION OF LOGISTICS ASSET IN THE RHINE-RUHR REGION OF
GERMANY FOR EUR32 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 EUR32 (1) million asset in the Rhine-Ruhr region in Germany.
The asset, held freehold, has a total gross internal area of
approximately 16,632 sqm and comprises three purpose-built
logistics facilities located in the heart of the prime logistics
location in the Rhine-Ruhr region. Unit 1 is expected to be
completed in December 2021 whilst units 2 and 3 will be delivered
in January-February 2022.
The optimal location of Gelsenkirchen in the Rhine-Ruhr
metropolitan region allows the asset to access motorway
infrastructure and be a part of the most important logistics hub in
Europe, where one quarter of all logistics centers in Germany are
located.
This project presents a strong opportunity to meet several of
the sustainability objectives via redevelopment of a brownfield
site to a DGNB Gold in use sustainability standard.
Of the building's three units, Units 1 and 2 are let to strong
tenants with robust covenants, whilst Unit 3 is currently vacant
with the benefit of a rental guarantee. Noting the sought-after
logistics location, which benefits from strong occupier demand and
constrained supply, the Manager will be seeking to let the vacant
unit in the near term.
The asset will generate a total annual rent of EUR1.21 million
on leases with a weighted average unexpired lease term of six
years.
The acquisition price of EUR32 million reflects a net initial
yield of 3.7% based on the income from the existing leases and
rental guarantee, with the opportunity to capture upside from the
letting of the vacant unit under rental guarantee.
This acquisition forms part of the deployment strategy for
Tritax EuroBox following a successful equity raise in September
2021and the Green Bond issuance in June 2021.
Completion of the acquisition is subject to practical completion
of the construction of Unit 1, anticipated in December 2021. Given
Dietz AG is the developer and vendor of the asset and considered a
related party to the Company under the Listing Rules, the
Gelsenkirchen Proposal is subject to shareholder approval. A
circular containing further information about the proposed
transaction and a notice convening a General Meeting of the Company
at which shareholders will be asked to vote in favour of a
resolution to approve the Gelsenkirchen Proposal will be posted to
shareholders as soon as practicable.
Alina Iorgulescu, Assistant Fund Manager of Tritax EuroBox,
commented:
"We are delighted to be acquiring this asset, which is the ninth
German investment for Tritax EuroBox, bringing our total amount
invested in the country to just over EUR600 million. This
off-market acquisition of a new, purpose-built asset is at an
attractive yield which also offers opportunities to add value
through capturing the convincing rental growth in the area.
The asset is in a prime logistics location in the Rhine-Ruhr
region of Germany, the largest population centre in the country and
an area which benefits from excellent transport connectivity and
strong supply / demand fundamentals."
Notes
1 The Company will acquire the asset by way of a share deal,
purchasing 89.9% of the shares in Dietz 26. Grundbesitz GmbH.
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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