Tritax EuroBox is pleased to announce a trading update and its unaudited net asset value as at 31 March 2019.
Highlights
• Basic net asset value ("NAV") increased to €329.4 million (31 December 2018: €326.0 million)
• Basic NAV per share increased to €1.10 (31 December 2018: €1.09). During the period, the Company distributed 0.4 cents per share, in respect of the period between 9 July 2018 and 31 December 2018
• Portfolio of seven assets (the "Portfolio") independently valued at €486.6 million, reflecting a like-for-like valuation increase of €3.2 million or 0.7% over the three months ended 31 March 2019
• The Portfolio is 100% income producing with contracted annual rental income of €26.1 million as at 31 March 2019. Two lettings have been secured during the period, providing the Company with long term income to replace rental guarantees previously in place
• The Portfolio is well diversified by tenant, sector and geography and has a weighted average unexpired lease term ("WAULT") of 12.2 years as at 31 March 2019
• Since 31 March 2019, the Company has completed the acquisition of two further assets, in Lodz in Poland and Hammersbach in Germany, with an aggregate acquisition price of €105.6 million, resulting in a current portfolio of nine assets
• The current portfolio of nine assets has a contracted annual rental income of €31.7 million and a WAULT of 11.1 years
• The Company is focused on the deployment of the proceeds of its recent Placing, and Tritax Management LLP (the "Manager") is engaged in detailed discussions with the owners of potential new investments comprising high quality, large scale logistics real estate assets sourced on an off-market-basis
• Furthermore, a number of asset management initiatives have been identified within the Company's current portfolio of nine assets, including leasing and building extension opportunities
• 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 by increasing
rents through asset management initiatives, and a total return on the Ordinary Shares of 9.0% p.a.1 over the medium-term.
