Tritax EuroBox PLC New lease agreements (6936L)
May 17 2022 - 10:04AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 6936L
Tritax EuroBox PLC
17 May 2022
TRITAX EUROBOX PLC
ASSET MANAGEMENT AND DEVELOPMENT ACTIVITY ENHANCING PORTFOLIO
INCOME GENERATION
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 it has successfully agreed new leases
on two of its assets which together add EUR1.3 million to
contracted annual rent.
Hammersbach, Germany - adding value through asset management
We have realised significant value through asset management by
securing a new lease to an established German third party logistics
provider on our 43,000 sqm building near Frankfurt.
Key highlights include:
-- Growing rents by 24% to EUR3.1 million from EUR2.5 million
per annum.
-- New lease includes annual and uncapped CPI linked indexation
uplifts.
-- New seven year term, with tenant option to extend the lease
by a further five years (subject to a market rent review at
extension).
-- Inclusion of our standard Green Lease clauses.
Bornem, Belgium - adding value through development
In line with our strategy to increase our exposure to attractive
development opportunities, we have successfully let a newly
constructed 15,000 sqm building to a leading online grocery
retailer.
Key highlights include:
-- Nine year lease, tenant break options at year three and six
including annual indexed rent generating EUR0.7m per annum
initially.
-- Rental levels achieved represent a 14% increase on previous
rents secured on the site.
-- Delivers significant value to shareholders with a profit on
cost of 70% and yield on cost of 7%.
-- Meets our ESG objectives through implementation of a green
lease, installation of 250kw per annum of solar renewable energy as
well as energy efficient LED lighting.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"These leases demonstrate the successful implementation of our
strategy, delivering attractive levels of rental growth to our
shareholders through a combination of asset management and
development activity. Our proactivity complements the attractive
long-term and inflation linked income generating characteristics of
our portfolio. In addition, these leases provide further evidence
of the accelerating levels of rental growth within key European
logistics locations. Through a combination of our strong existing
portfolio, asset management and increasing development activity we
are well placed to capture the strong fundamentals that are driving
rental and valuation growth."
Notes
For further information please contact:
Tritax Group
+44 (0) 20 8051 5070
Nick Preston
Mehdi Bourassi
Jo Blackshaw (Investor Relations)
Kekst CNC (Media enquiries)
Neil Maitland/Tom Climie
07971 578 507 / 07760 160 248
tritax@kekstcnc.com
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.
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
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