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(Alliance News) - Tritax EuroBox PLC on Wednesday said it will invest EUR30.5 million to extend a Barcelona warehouse currently let to fashion retailer Mango.
The company, which invests in European logistics real estate assets, said it will fund an 88,000 square metre extension to its global distribution centre at Llica d'Amunt. The distribution centre, which distributes to Mango's worldwide store network, was acquired off-market by Tritax in September 2018 for EUR150 million.
"Upon practical completion, targeted for Spring 2023, the extension will be incorporated into the existing full repairing and insuring lease that commenced in December 2016 on a 30-year term, reflecting an unexpired lease term on completion of the extension of approximately 14 years to the first tenant break option in 2036, with further break options in 2039 and 2042," Tritax said.
Nick Preston, fund manager of Tritax, said: "This extension will enhance both the rental income generated and also the capital value of the investment, supporting the company's delivery of secure long-term income to shareholders and an attractive total return."
Tritax shares were up 1.1% at 93.00 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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