REG - Tritax EuroBox PLC Tritax EuroBox -BOXE - Tritax EuroBox secures new lease in Italy

Tritax EuroBoxAnnouncement

28/11/2023 07:00

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RNS Number : 8306U  Tritax EuroBox PLC  28 November 2023

Tritax EuroBox secures a new lease of speculatively developed asset in Italy

Tritax EuroBox plc (the "Company"), which invests in Continental European
logistics real estate assets, has agreed a second lease at its two-unit asset
in Settimo Torinese, a prime logistics location near Turin. The new six-year
lease has been secured with the same leading Italian logistics provider which
signed a lease for the other unit in August 2023.

 

Summary

·      The letting is for the second unit (14,197 sqm) at the Company's
28,287 sqm two-unit development, well-located adjacent to the A4
'Turin-Trieste' motorway in Settimo Torinese, 14km east of Turin and 125km
west of Milan.

·      The six-year green lease includes a further six-year extension
option and includes annually reviewed inflation-linked uplifts.

·      The agreement of this second unit, to the same leading Italian
logistics specialist which leased the other half of the property, means the
asset is now fully let and de-risks income previously subject to rental
guarantees.

·      The rent agreed is 8% above both the Estimated Rental Value (ERV)
as at March 2023 and the rent agreed for the first unit, which was signed in
August 2023 and commenced on 1(st) October.

·      The building includes a roof-mounted solar PV scheme and other
sustainability features that reduce its environmental impact. These support
the targeted BREEAM Very Good rating.

·      Brownfield regeneration of a former tyre manufacturing warehouse,
with the completed development improving the local environment and providing
new employment opportunities for local communities.

 

Background

This speculative forward funding development was acquired by the Company in
June 2021 from LCP, with each unit subject to a rental guarantee of 12 months'
rent from Practical Completion in July 2023. Arranged as two units, with c.6%
office content and a design which offers further flexibility with roof-mounted
solar PV scheme options.

 

Company commentary

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

"This letting provides further evidence of the successful delivery of our
strategy of purchasing high-quality and sustainable buildings, developed in
sought-after locations, close to major population centres and with easy access
to great transport links. Securing this lease ahead of the rental guarantees
expiry to an existing strong customer, further demonstrates the attractiveness
of our assets, the continuing good occupier demand in Italy and our ability to
add long-term rental income 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) 7760160248 / +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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