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(Alliance News) - Logistics real estate firm Tritax EuroBox PLC on Tuesday said its dividend will be heading to the target level amid a strong market.
Tritax, following a recent EUR52 million deal in Poland, said most of its available cash has now been invested. However, the rental income generated by its portfolio means it is on track to increase dividends towards the target level.
In mid-February, Tritax declared a dividend of 1.10 euro cents per share for the quarter ended December, after a 1 cent dividend the quarter prior.
The company now has twelve "large" logistics assets in across continental Europe, it said, with annual rental income now standing at EUR40.4 million.
The market is strong, Tritax continued, with demand for prime logistics assets in Europe increasing. Vacancy rates and the supply of new sites are at "historic" lows. This supply/demand imbalance has led to upward pressure on rents for Tritax.
Nick Preston, fund manager at Tritax, said: "We are pleased to be able to report that the portfolio we have assembled since IPO continues to provide us with opportunities to create additional shareholder value through active asset management.
"Working closely with our management teams and tenants, we have already delivered a number of these opportunities adding further income as well as value to the portfolio. We continue to identify further initiatives and look forward to providing further updates in due course."
Shares closed 3.2% higher on Tuesday in London at a price of 85.07 pence each.
By George Collard; georgecollard@alliancenews.com
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