TIDMEBOX TIDMBOXE
RNS Number : 0912V
Tritax EuroBox PLC
04 August 2020
4 August 2020
STRONG RENT COLLECTION CONTINUES - INVESTMENT ACTIVITY TO
RESUME
INTERIM DIVIDEND DECLARATION
Tritax EuroBox plc (EuroBox or the Company), which invests in a
high-quality portfolio of very large, prime logistics real estate
assets strategically located across Continental Europe today
provides an update on its rent collection, strong financial
position and declares its interim dividend.
High quality portfolio underpins strong rent collection
Our buildings are key operating assets for tenants' businesses
providing the goods and services that the underlying customers
continue to require.
-- As at 31 July 2020, 100% of agreed rent due by that date has been received.
-- There have been no new requests from occupiers to waive or
defer rent since the previous rent collection update and all rent
due has been received.
-- Approximately two thirds of the Company's rental income is
payable in advance on a monthly basis with the remainder payable on
a quarterly basis in accordance with local practice.
-- All four tenants with whom rent deferrals were agreed in the
March to June 2020 quarter have honoured the agreements made and,
to date, have paid all amounts as agreed in full.
Recommencing investment activity on back of Company's
strength
The Company suspended investment activity in April 2020 as part
of range of prudent measures to mitigate the immediate economic and
operational uncertainty created in the early stages of the
pandemic. The Company has access to an attractive pipeline
comprising prime, large scale logistics assets in favourable
locations and has taken the decision to recommence investment
activity.
The Group has a strong financial position with cash and undrawn
facilities against its unsecured revolving credit facility (RCF)
totalling in excess of EUR100 million as at 30 June 2020. The
Company's LTV ratio as at 31 March was 41.8%, well below the
Company's medium-term target of 45% debt to gross assets and its
maximum permitted borrowings under its Investment Policy of
50%.
Interim Dividend
The Board of EuroBox has today declared an interim dividend in
respect of the period from 1 April 2020 to 30 June 2020 of 1.10
cents per Ordinary Share, payable on 7 September 2020 to
shareholders on the Register on 14 August 2020. The ex-dividend
date will be 13 August 2020.
0.26 cent of each 1.1 cent dividend per Ordinary Share will be
designated as interest distribution.
In accordance with the Company's dividend policy, dividends are
declared in Euro and paid, by default, in Sterling. However,
shareholders are able to elect to receive dividends in Euro by
written notice to Computershare Investor Services PLC, the
Company's Registrar (such election to remain valid until written
cancellation or revocation is given to the Registrar).
Copies of the currency election form are available via the
Company's website or the link below:
https://www.uk.computershare.com/Content/download
The latest date for receipt by the Registrar of completed
currency election forms is 17 August 2020. Instructions on how to
complete and return the form are set out in the currency election
form.
The Euro/Sterling exchange rate for dividend payments made in
Sterling will be determined and announced on or around 19 August
2020.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
" As our consistently strong rent collection figures
demonstrate, the logistics sector remains resilient despite the
impact of the COVID pandemic. The combination of the sound
financial position of the Company and the stable and growing nature
of the European logistics market has allowed the Board to relax the
Company's short term suspension of investment activity.
"Across Europe, we see significant and attractive opportunities
to invest in high-quality, modern, well-located assets with strong
sustainability credentials. The COVID pandemic has emphasised the
critical nature of the European logistics real estate sector and
the combination of growing online retail and increased focus on
supply chain resilience give us confidence of continued growth in
the sector. Our high quality portfolio and the opportunities in our
pipeline will allow us to capture further value for our
investors."
For further information please contact:
Tritax Group
+44 (0) 20 8051 5070
Nick Preston
Mehdi Bourassi
Jo Blackshaw / Ian Brown (Investor Relations)
Maitland/AMO (Media inquiries)
James Benjamin
+44 (0) 20 7379 5151
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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END
MSCUPUAPRUPUGUC
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