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Trading Update ahead of the publication of the Company’s results for the period from 1 July 2018 to 31 December 2018

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automation-at-mango-eurobox-barcelona

Key facts

Location: Lliçà d’Amunt, Barcelona, Spain
Investment pillar: Foundation
Acquisition price: €150.0 million
Net initial yield: 5.0% on the corporate acquisition
GIA: 186,138 sqm
Eaves height: 40 metres and multi-level mezzanines
Lease expiry: unexpired lease term of over 18 years to the first tenant break option in 2036 (further break options in 2039 and 2042)
Acquisition date: September 2018

aerial-view-of-mango-eurobox

Further information

  • A state-of-the-art global distribution centre which distributes to Mango’s worldwide store network is located 25km north of Barcelona and is directly accessible from the European motorway network. Barcelona’s port and airport are within a 25-minute drive.
  • Purpose-built in 2016, this high specification logistics facility has a gross internal area of 186,138 sqm, a maximum eaves height of 40 metres and multi-level mezzanines. The building has benefited from significant capital investment incorporating a high level of automation and racking.
  • The property is let on a 30 year full repairing and insuring lease that commenced on 20 December 2016, reflecting an unexpired lease term of over 18 years to the first tenant break option in 2036, with further break options in 2039 and 2042. The rent is subject to annual upward only indexation.
  • This investment also benefits from two options to extend the property on an adjacent plot of land. If implemented, these extensions would increase the size of the asset by over 55,000 sqm.

For related information see Our Properties and Portfolio Summary