Tritax EuroBox PLC Tritax EuroBox agrees new lease of asset in Sweden (5887Y)
January 04 2024 - 1:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
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
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
The Company's LEI is: 213800HK59N7H979QU33.
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