Tritax EuroBox PLC Tritax EuroBox -BOXE - Sale of asset in Gothenburg, Sweden for SEK 385m

Tritax EuroBox

14/05/2024 07:00

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RNS Number : 2578O  Tritax EuroBox PLC  14 May 2024

 

Sale of asset in Gothenburg, Sweden for SEK 385 million

Tritax EuroBox plc (the "Company"; tickers: EBOX (Sterling), BOXE (Euro)) has
successfully exchanged contracts for the disposal of its warehouse asset in
Gothenburg, Sweden for a price of SEK 385 million 1  (#_ftn1) to a leading
pan-European real estate investment manager. The sale price is broadly in line
with the valuation as at 30 September 2023 and supports the Company's planned
disposal programme primarily aimed at reducing the Company's leverage.

Highlights

·      The 28,900 sqm building was purchased in June 2021 and is in the
port of Gothenburg.

·     Headline sale price of SEK 385 million(1) is broadly in line with
the latest September 2023 external valuation. The deal is conditional on
approval in accordance with the Swedish Foreign Direct Investments Act.

·     The divestment represents the Company's second disposal in Sweden,
following the sale of the asset in Malmo at the end of 2023.

·    Proceeds will be mainly used to reduce net debt, as part of the
programme to improve balance sheet metrics, as well as providing scope for
investment into existing portfolio opportunities.

 

Overview

The Company acquired the 28,900 sqm prime logistics property in Gothenburg,
Sweden in 2021. It is situated in the Gothenburg region, a strategic location
between Stockholm, Oslo and Copenhagen. In the Interim Results announcement in
May 2023, the Company outlined its intention to undertake asset disposals of
at least €150 million over the following 12-18-month period. The programme
was launched with two principal aims: namely, to improve balance sheet
metrics, particularly reducing the LTV percentage towards the low 40s, and to
fund existing opportunities from within the portfolio.

 

Company commentary

Alina Iorgulescu, Investment Director, Tritax EuroBox plc, commented:

"This transaction marks the fourth successful sale since we announced our
disposal programme in May 2023 and takes gross proceeds realised over the past
12 months to c.€173 million. The positive progress made on our disposal
programme is testament to our proactive approach while the Gothenburg sale,
which was agreed at a price broadly in line with the valuation, underlines the
attractiveness of our high-quality portfolio to investors."

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.

 

 1  (#_ftnref1) c.€34 million.

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