Tritax EuroBox has been firing on all cylinders as it looks to cement its place as the leading logistics investor in continental Europe.
It has checked off several key milestones in the past six months, as it looks to take advantage of favourable demand-supply dynamics in the sector. In March 2021, it raised €230m in a bumper equity issue and attained an investment grade credit rating.
Using its exclusive partnership with leading developers, EBOX has already secured two investments in off-market deals and has a strong near-term pipeline that will be both NAV- and earnings-accretive. The investment grade credit rating has opened access to alternative forms of financing and the group is working on issuing a green bond that will be used to refinance existing debt on far superior terms.
Since we published our initiation note on EBOX in November 2020, the company has reached several milestones on its growth journey. It has moved at pace to take advantage of the burgeoning logistics sector in Europe, which is characterised by strong occupational demand – especially from online retailers – and extremely low supply of property. It raised €230m in March 2021 in a substantially oversubscribed equity issue and attained investment grade credit rating that not only reduces the cost of its current debt but also opens access to cheaper, long-term financing.
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