(Alliance News) - Tritax EuroBox PLC on Wednesday said it has acquired its thirteenth asset in Nivelles, Belgium for EUR31.2 million from Logisitics Capital Partners Ltd, one of its development partners.
The UK-based real estate investor's new asset is a newly built 34,125 square metre logistics facility comprising two units. The first one is 18,140 sqm and is let to Belgian omni-channel pharmacy retailer Medi-Market Group SA on a nine-year lease, and the other unit is 15,985 sqm and is currently vacant.
Tritax EuroBox is in discussions with various parties interested in leasing the space and said it is confident that it will be able to lease the unit quickly.
The company said that the acquisition price reflects a net initial yield of 4.8% based on the income from the in-place lease and the rental guarantee.
Fund Manager Nick Preston said: "We are delighted to acquire our thirteenth asset which meets all of our stringent investment criteria as well as offering additional asset management upside through the leasing of the second unit. Following this acquisition, we have achieved the leverage target and are continuing to deliver on our investment goals set out at our IPO."
Shares in Tritax EuroBox were at 101.00 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Tritax Eurobox (EBOX)