Tritax EuroBox PLC Acquisition (1753C)
14 Junio 2019 - 1:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 1753C
Tritax EuroBox PLC
14 June 2019
14 June 2019
Tritax EuroBox plc
(the "Company")
ACQUISITION OF A NEW BIG BOX LOGISTICS ASSET IN A PRIME
LOCATION,
NEAR FRANKFURT, IN GERMANY FOR EUR50.6 MILLION
Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)),
which invests in Continental European logistics real estate, is
pleased to announce that it has acquired a prime, modern logistics
facility near Frankfurt in Germany for a total consideration of
EUR50.6 million, reflecting a net initial yield of 4.75% on the
corporate acquisition.
This brand new, well specified, purpose-built facility has a
gross internal area of c.43,000 sqm, an eaves height of 12 metres,
a significant yard area and parking facilities. It is situated in
the prime logistics location at Hammersbach, near Frankfurt, which
benefits from exceptional logistics links and has high occupier
demand, a low vacancy rate and limited availability both of
logistics buildings and land for development.
The new facility, developed by Dietz AG ("Dietz"), the Company's
asset manager in Germany, is let to ID Logistics, an international
contract logistics group and listed on Euronext Paris with
approximately 300 sites worldwide across 17 countries. Dietz has
retained a small interest in the acquired asset.
This facility is entirely let to ID Logistics on a new 10-year
lease term, with breaks after years five and six. The lease is
subject to annual upward only indexation of 100% of German CPI,
after year three of the lease. ID Logistics will be servicing a
financially robust world leading retailer from this facility.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"We are delighted with our ninth investment for Tritax EuroBox
plc, bringing our total amount invested to over EUR600 million.
This off-market acquisition is of a brand new, well specified,
purpose-built big box logistics asset in a prime logistics location
in Germany that benefits from excellent transport and
infrastructure connectivity and strong supply/demand
fundamentals.
We expect this property to generate an attractive income return
with good income growth potential. This is our third investment
through our relationship with Dietz, which demonstrates the
high-quality of their development assets in prime locations."
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
("LCP") and Dietz AG ("Dietz") 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 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.
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END
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