Tritax EuroBox PLC Land Sale in Bornem, Belgium (4210G)

TIDMEBOX TIDMBOXE

RNS Number : 4210G

Tritax EuroBox PLC

17 March 2020

Tritax EuroBox plc

(the "Company")

LAND SALE IN BORNEM, BELGIUM

The Board of Tritax Eurobox plc (tickers: EBOX (Sterling), BOXE (Euro)) , which invests in Continental European logistics real estate assets, announces it has sold a 16,400 sqm plot of development land at its asset in Bornem, Belgium. The total proceeds, after the deduction of transaction costs, amount to EUR2.32 million, which reflect a premium of 53% to the book value of EUR1.52 million.

Having acquired two modern warehouses, and three vacant plots of land totalling 4.5 hectares at the site in 2018, the Company has already carried out several asset management activities including two leasing initiatives. The configuration of this plot of land was not suitable for large format logistics development and was therefore a non-core asset for the Company.

The Company continues to pursue additional opportunities to optimise further value at this location and plans to recycle the proceeds of the sale into the development of a new logistics unit on site.

Nick Preston, Fund Manager of Tritax EuroBox, commented:

"This sale demonstrates our ability to identify and sell surplus assets that sit outside our core strategy in a profitable way. Working closely with our asset management team we have created immediate value, and by investing the proceeds in the development of the neighbouring site we are able to generate further returns for our investors."

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
 Tritax Group                       +44 (0) 20 7290 1616 
 Nick Preston 
  Mehdi Bourassi 
 
 Jefferies International Limited    +44 (0) 20 7029 8000 
 Gary Gould 
  Stuart Klein 
  Tom Yeadon 
 
 Kempen & Co                        +31 (0) 20 348 8500 
 Dick Boer 
  Thomas ten Hoedt 
 Akur Limited                       +44 (0)20 7493 3631 
 Anthony Richardson 
  Tom Frost 
  Siobhan Sergeant 
 
 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 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, 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 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 pays 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.tri taxeurobox.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. Accordingly, potential investors should not place any reliance on the target in deciding whether or not to invest in the Company and should not assume that the Company will make any distributions at all and should decide themselves whether or not the target is reasonable or achievable.

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END

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March 17, 2020 03:52 ET (07:52 GMT)

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