Tritax Eurobox to acquire German logistics asset
Tritax Eurobox (GBP)
54.30p
16:45 28/03/24
Real estate investment trust Tritax EuroBox has entered into a conditional agreement with a subsidiary of German property investor Dietz Aktiengesellschaft for the speculative forward funding acquisition of a €76.41m logistics asset in Dormagen, located between Cologne and Düsseldorf.
FTSE 250
19,884.73
17:14 28/03/24
FTSE 350
4,383.21
17:14 28/03/24
FTSE All-Share
4,338.05
16:50 28/03/24
Real Estate Investment & Services
2,264.74
17:14 28/03/24
Tritax Eurobox said on Friday that the asset, which was currently being constructed, was held freehold and once built will comprise three adjacent units with a total gross internal area of approximately 36,437 square metres. The three units will offer flexible leasing options to be let to either multiple tenants or a single tenant.
The FTSE 250-listed company highlighted that the asset benefits from an eighteen-month rental guarantee from Dietz at a rent reflecting €5.60 per square metre per month for warehouse space. Market rental levels in the location were expected to exceed €6.00 per square metre per month.
The acquisition price reflects a net initial yield of 3.3% based on the rental guarantee income.