(Alliance News) - Tritax EuroBox PLC said Tuesday it has acquired two logistics facilities in Bremen, Germany for EUR60.3 million, reflecting a net initial yield of 4.8%.
Shares in the logistics property investor were up 0.9% at 94.60 pence on Tuesday.
The two facilities were purpose built in 2013 and 2019, respectively, and have a combined gross internal area of 57,537 square metres.
The 2019 property is exclusively let to logistics operator Kieserling Spedition & Logistik on a ten-year lease starting from February.
The 2013 asset is let to Kieserling, THIMM Packaging Systems and Bremer Spirituosen on shorter leases.
Tritax EuroBox said its current portfolio value totals EUR670 million, of which EUR212 million in Germany.
"Situated in Bremen, one of the strongest logistics locations in Germany, these two modern, high specification facilities provide attractive income with scope for reversionary income growth and identified value enhancement through asset management. Bremen benefits from excellent transport and infrastructure connectivity, strong occupier demand and extremely low vacancy rates which underpin the rental growth evidenced in the region," said Tritax EuroBox fund manager Nick Preston.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tritax Eurobox (EBOX)