Tritax EuroBox sells Germany warehouse to ‘prominent’ investor

by | Aug 9, 2023

(Sharecast News) – Logistics-focussed real estate investor Tritax EuroBox announced on Wednesday that it has finalised the sale of its warehouse asset in Hammersbach, Germany.
The FTSE 250 company said the successful transaction, valued at €64.6m, was completed with an unnamed prominent pan-European real estate investment manager.

It said the sale price closely aligned with the asset’s valuation as at 31 March.

The warehouse property, encompassing 43,200 square metres, was initially acquired by Tritax EuroBox in June 2019 for €50.6m.

Over the ensuing years, the company said it had executed a number of asset management strategies, with an initiative undertaken last summer yielding a 23.7% uptick in total rental income.

That transformation also ushered in improved indexation terms and introduced an open market rent review slated for the conclusion of the seven-year fixed lease term.

Tritax said the sale price and March valuation translated to a net initial yield of 4.45%.

It said funds generated from the sale were expected to primarily contribute to the repayment of its revolving credit facility.

“The completion of this sale supports our strategy of crystallising value and recycling proceeds into reducing leverage and funding existing portfolio opportunities,” said investment director Alina Iorgulescu.

“The sale to a leading pan-European real estate investor, broadly in line with valuation, highlights the attractiveness of the properties in our portfolio, and evidences the continued investor interest and market stabilisation for high-quality logistics assets.

“This provides us with confidence to complete further disposals as we continue to recycle capital within our business.”

Reporting by Josh White for

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!