The Board of Tritax EuroBox plc, which invests in Continental European logistics real estate assets, is pleased to announce that significant progress on its investment pipeline has been made by Tritax Management LLP in the period since the Company’s IPO in July 2018.
In particular, the Manager has entered into exclusivity arrangements on behalf of the
Company in relation to the acquisition of eight well located assets in Germany, Italy, Spain, Poland and Belgium valued at, in aggregate, approximately €550 million. Each of these assets is currently under offer and at an advanced stage of due diligence. The assets under offer have an average size in excess of 85,000 sq. m., a weighted average unexpired lease term of 12.4 years and a weighted average net initial yield of over 5.0%. The assets comprise seven standing assets and one forward funded development. All of the buildings are let or pre-let to high quality tenants and are, or will be once completed, of modern specification.
In addition, the Manager is pursuing discussions in relation to the potential acquisition of a further significant pipeline of investment opportunities, predominantly on an off-market basis.
The Manager is progressing discussions with several potential lenders in relation to
arranging debt financing to support the acquisition of the Company’s investment pipeline.
Noting the significant progress made on the investment pipeline, the Board and the Manager remain confident that the net proceeds of the Company’s IPO will be substantially invested or committed within the Company’s stated target of six to nine months following launch.