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(Alliance News) - Logistics properties investor Tritax EuroBox PLC on Thursday said it has completed a lease re-gear at a company property near Antwerp, Belgium.
Tritax negotiated a re-geared lease which will see the laboratory unit of eye care business Alcon-Couvreur NV occupy the entire premises and remove a break option that was in place for August 2022. Tritax said this would deliver a weighted average unexpired lease term of 7.2 years.
Before the re-gear, Alcon-Couvreur and logistics supplier Pharma Distri Centre NV occupied the property on leases expiring on August 2027 and January 2020 respectively. Alcon's lease had the August 2022 break option.
The property in Bornem is in a "prime logistics location", Tritax said, and benefits from being roughly 35 kilometres away from both the Antwerp port and Brussels airport. The company acquired the property in October 2018.
Fund Manager Nick Preston said: "We are delighted to continue to deliver our identified business plans in Belgium so soon after acquisition, demonstrating not only the quality of the property and its location, but also the value of our informed stock picking, identifying assets where we can add value in the near term."
Shares in Tritax ended flat at 93.60 pence each in London on Thursday.