Tritax EuroBox PLC Acquires third asset in Italy in key logistics hub (9476T)
November 30 2021 - 2:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 9476T
Tritax EuroBox PLC
30 November 2021
30 November 2021
Acquisition of a third sustainable asset in a key logistics hub
in Italy
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 the acquisition of a EUR49.65 million
asset in Piacenza, Northern Italy, part of a major logistics
hub.
The property comprises a modern logistics warehouse arranged as
two units (DC4 and DC5) constructed in 2016 and 2020 with a total
gross internal area of 47,800 sqm.
The asset fronts the A1 motorway and has good access to this
principal north to south corridor connecting Milan to Rome. The A21
east to west route, linking Turin and Brescia, runs in close
proximity.
The asset meets several of the Company's sustainability
objectives with units DC4 and DC5 obtaining BREEAM Very Good and
BREEAM Excellent, respectively, as well as having roof mounted
photovoltaic systems installed.
The units are let on two separate leases to OVS SpA, an Italian
fashion brand which uses the property as its European distribution
hub. The lease on DC4 is for a further 8 years and on unit DC5 for
9 years. Both leases are subject to annual indexation. The gross
annual rent of EUR2.01 million reflects an average of EUR44 per sqm
which is below prevailing headline rents of EUR47 per sqm.
This acquisition forms part of the deployment strategy for
Tritax EuroBox following the successful equity raise in September
2021 and the Green Bond issuance in June 2021.
Freddie James, Assistant Fund Manager of Tritax EuroBox,
commented:
"We are delighted to acquire our third property in Italy,
complementing our existing asset near Rome and development near
Turin. Piacenza is a key logistics hub within the Italian logistics
sector, a market experiencing high levels of occupational demand
and low vacancy rate, which is leading to rental growth. The asset
is let below the prevailing rental tone, offering potential for
enhanced future income returns. The addition of BREEAM Very Good
and Excellent certification complements and further reinforces the
Company's ESG credentials.
In line with other markets, Italy is seeing growing online
retailing and supply chain optimisation, leading to increased
demand for the best located logistics properties. The pandemic
continues to accelerate these trends and further enhances prospects
for the sector. We remain confident these long-term positive
structural tailwinds, combined with our high-quality portfolio and
our ability to unlock value from it, will help ensure that we will
continue to deliver shareholder value."
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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