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LONDON (Alliance News) - Tritax EuroBox PLC on Monday said it intends to declare a maiden interim dividend in February after deploying its funds raised in its initial public offering in July well ahead of the timeline.
The company, which invests in logistics real estate assets, said it is targeting a dividend of 4.75 pence a share for the full year, as it has successfully deployed EUR558.4 million into eight prime logistics assets.
Tritax EuroBox said it is now well positioned in Germany, Spain, Italy, Belgium and Poland and is in advanced talks to acquire one additional prime logistics asset in an undisclosed location.
The portfolio has a value of EUR485.4 million, the company said, with contracted annual rental income of EUR24.5 million as at December 31. The portfolio is well diversified by quality tenant, sector and geography and has a weighted average unexpired lease term of 12 years, Tritax EuroBox highlighted.
In addition, the company said its portfolio manager continues to work proactively to reduce vacant space within the portfolio and is in advanced discussions with regard to the letting of two of the three vacant units.
"Following the company's IPO in July 2018, we have successfully deployed EUR558.4 million into eight prime Big Box logistics assets, all situated in key Continental European logistics locations," said Fund Manager Nick Preston.
"We believe that this best in class portfolio is well positioned for income growth through a combination of embedded annual indexation, growth in market rental values and further income improvements created through identified value enhancement opportunities, supporting our objective of delivering secure and growing income and attractive capital returns for shareholders," added Preston.
Tritax EuroBox shares were trading 1.0% higher on Monday at 94.90 pence each.
