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(Alliance News) - Tritax EuroBox PLC on Monday said it has agreed to buy land and fund the development of an asset in the Rhine-Ruhr region in western Germany.
The total cost of land and development expenditure will be capped at EUR117.9 million, the logistics real estate investor said.
The asset is currently let to logistics firm Rhenus Warehousing Solutions SE & Co KG.
The development will comprise of a single building, with six logistics units. It is expected to be completed in February 2023.
"The optimal location of Bonen in the Rhine-Ruhr metropolitan region allows the asset to access motorway infrastructure and be a part of the most important logistics hub in Europe, where one quarter of all logistics centers in Germany are located," Tritax EuroBox explained.
Tritax shares were trading flat at 112.60 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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