REG - Tritax EuroBox PLC Tritax EuroBox -BOXE - Tritax EuroBox agrees new lease of asset in Sweden

Tritax EuroBoxAnnouncement

04/01/2024 07:00

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RNS Number : 5887Y  Tritax EuroBox PLC  04 January 2024

 

Tritax EuroBox secures new lease of speculatively developed asset in Sweden

Tritax EuroBox plc (the "Company"), which invests in Continental European
logistics real estate assets, has agreed a new five-year lease at the first
phase of its two-unit development in Rosersberg, a prime logistics location
near Stockholm. The inflation-linked lease has been secured with a leading
Scandinavian photovoltaic company.

 

Summary

·     The letting is for the 5,007 sqm unit at the Company's 13,611 sqm
two-unit development, well-located close to Arlanda airport, an established
logistics and industrial hub 32km north of Stockholm.

·     The five-year green lease will commence in March 2024, with 100%
CPI indexation, reviewed annually and includes a further five-year extension
option.

·     The rent agreed is 3% above the Estimated Rental Value (ERV) as at
September 2023 and 20% above the underwrite level.

·     The building includes electric vehicle charging and other
sustainability features that reduce its environmental impact, along with the
opportunity for a roof-mounted solar PV scheme. The development is targeting a
BREEAM Very Good rating.

·     The combination of this letting and the recent second letting at
Settimo Torinese reduces the portfolio ERV vacancy rate to 4.3%, down from
5.5% at 30 September 2023.

 

Background

This recently completed speculative forward funding development was acquired
by the Company in August 2022 from Verdion, with each unit subject to a
12-month rental guarantee from practical completion. The strategic location is
adjacent to Motorway E4, providing immediate access to Arlanda airport -
Sweden's largest and busiest passenger and freight airport.

 

Company commentary

James Charlesworth, Asset Management Director of Tritax EuroBox plc,
commented:

"This letting successfully demonstrates our strategy of both identifying good
speculative development opportunities and attracting strong customers to our
high-quality, sustainable buildings, developed close to major population
centres and with good transport connections. Securing this lease above ERV and
rental guarantee levels to a new customer in a growing sub-sector, underlines
the attractiveness of our assets. We look forward to welcoming the tenant to
the portfolio."

 

Further information

Tritax EuroBox plc

+44 (0) 20 8051 5070

Phil Redding - CEO

Mehdi Bourassi - CFO

Charles Chalkly - Investor Relations

 

Kekst CNC (Media enquiries)

Tom Climie / Guy Bates

+44 (0) 7760 160 248 / +44 (0) 7581 056 415
tritax@kekstcnc.com (mailto:tritax@kekstcnc.com)

 

Notes:

Tritax EuroBox plc invests in and manages a well-diversified portfolio of
Continental European logistics real estate. These assets fulfil crucial roles
in logistics and distribution supply chains, and are located in established
logistics markets near major population centres across core Continental
European countries.

Our high-quality portfolio is highly sustainable, offers predictable and
predominantly inflation-linked income and has opportunities for capital growth
through active asset management. These attributes underpin our ability to
generate attractive returns for Shareholders over the long term.

The Manager, Tritax Management LLP, has assembled a full-service, pan-European
capability for the Company, combining in-house leadership and strategic
expertise with close partnerships with leading European developers and asset
managers.

The Manager comprises a skilled, diverse team of real estate professionals
with expertise across investment, asset management, development, finance,
business analysis, research and communications. This is supplemented with
specialist, on-the-ground developers, and asset and property managers with
strong market standings in the Continental European logistics sector.

Further information on the Company is available at: tritaxeurobox.co.uk
(http://www.tritaxeurobox.co.uk)

The Company's LEI is: 213800HK59N7H979QU33.

 

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